Economics Past Questions and Answers

\begin{array}{|l|l|l|l|l|l|l|l|l|}<br/>\hline \(\mathrm{Q}\) & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\<br/>\hline \(\mathrm{Mu}\) & 16 & 14 & 12 & 10 & 8 & 6 & 4 & 2 \\<br/>\hline Mus & 11 & 10 & 9 & 8 & 7 & 6 & 5 & 4 \\<br/>\hline<br/>\end{array}<br/><br/>In the above. The price of commodity \(\mathrm{y}\) is \(\mathrm{N} 2\) and that of \(x\) is \(\mathrm{H} 1\) while the individual has an income of \(+12\). Determine the combination of the two commodities the individual should consume to maximize his utility

The production possibility function can illustrate one of the following

The quantity demanded (Qd) of a soft drink brand \(X\) has decreased. This could be because ____________

Economics used the term 'utility' to mean ____________

If the cross-price elasticity of demand between two goods is negative, then the two goods are ____________