Keith is meeting his friends at the lake for a camping trip. he bought a case of beer but only plans to drink half of it on friday night and the other half on saturday night. by the end of friday night, to keith's surprise he only drank seven beers, all of which occurred after dinner while sitting by the campfire. from this scenario, keith's drinking behavior is best described as

Which of the following best describes the economic effect that results when the government increases interest rates and restricts the lending of money? a. borrowing money becomes more expensive and there is less investment in production. b. the economy grows as investments result in larger profits. c. government spending drives up prices because of greater competition for goods and services. d. consumers save more money and spend less buying goods and services.

Define the marginal rate of substitution between two goods (x and y). if a consumer’s preferences are given by u(x,y) = x3/4y1/4, compute the consumer’s marginal rate of substitution as a function of x and y. calculate the mrs if the consumer has chosen to consumer 48 units of x and 16 units of y. show your work. (use the back of the page if necessary.

Experienced problem solvers always consider both the value and units of their answer to a problem. why?