Answered>Order 6894

Can someone check if the answers I am choosing are correct.

I choose C,D,C

Fred and Sam are presented with two dessert options: ice cream or cookies. Fred values ice cream at 5 utils and cookies at 10 utils. Sam values ice cream at 10 utils and cookies at 5 utils. What can we assume with certainty?

a.Fred and Sam’s preferences are the same

b.Sam prefers cookies over ice cream

c.Fred prefers cookies and Sam prefers ice cream

d.Fred prefers ice cream over cookies

Consumer optimum

a.occurs when utility is declining

b.is the combination of goods and services that minimizes utility for a given income

c.occurs when a consumer buys more of a good as a result of a price change

d.is the combination of goods and services that maximizes utility for a given income

The poverty rate is defined as the percentage of the population

a.who qualify to receive welfare programs and food stamps

b.that is exempt from paying federal income taxes

c.that is poor according to the federal government’s definition of poverty

d.that is wealthy according to the federal government’s definition of wealthy