Homework Answers
The general pattern that consumption of the first few units of any good tends to bring a higher level of UTILITY to a person than consumption of later units is a common pattern.
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QUESTION 4 The general pattern that consumption of the first few units of any good tends...
The determines the for a customer who is to make a consumption decision for two goods,...
The determines the for a customer who is to make a consumption decision for two goods, knowing the prices of the goods and how much s/he can afford. 1. The set of personal preferences; affordable budget 2. Utility level; opportunity set 3. Budget constraint; opportunity set 4. Opportunity set; sunk costs If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause equilibrium price to: 1. Rise and the equilibrium quantity to fall....
How many units of consumption of good 1 maximizes utility? 37.5 units of good 1 24.34...
How many units of consumption
of good 1 maximizes utility?
37.5 units of good 1
24.34 units of good 1
16.67 units of good 1
5 units of good 1
None of the above
50.5 units of good 1
How many units of consumption of good 2 maximizes utility?
None of the above
37.5 units of good 2
16.67 units of good 2
5 units of good 2
24.34 units of good 2
37.5 units of good 2
What is...
Question 18 Excess profit is the profit: necessary to continue a business. necessary to recover implicit...
Question 18 Excess profit is the profit: necessary to continue a business. necessary to recover implicit costs. Question 20 1 pts above what is necessary to continue a business. necessary to recover explicit costs. The total utility from consuming three units of a good is equal to: the total utility from consuming two units plus the marginal utility from consuming the third unit. Question 19 both of the above O none of the above If an action by an individual...
Which of the following is an example of an inferior good? A famous brand of leather...
Which of the following is an example of an inferior good? A famous brand of leather good produces a handbag that costs as much as a used car. Although it is far from cheap, it is one of the brand's most popular items. Every once in a while, Nelly treats herself to a manicure and pedicure with a massage. Chris just graduated from college and sometimes eats ramen noodles when his finances get tight. After he gets his paycheck, he...
Cole is about to purchase 4 units of good A and 6 units of good B....
Cole is about to purchase 4 units of good A and 6 units of good B. The price of A is $3 and the price of B is $2. Cole has only $24 to spend. Assume that the marginal utility of the fourth unit of A is 18 and the marginal utility of the sixth unit of B is 6. If Cole wants to maximize utility he should buy less of B and more of A. Cole cannot maximize utility...
This Question: 4 pts A change in a marginal benefit or cost wil 0 A. increase...
This Question: 4 pts A change in a marginal benefit or cost wil 0 A. increase sunk costs OB. change incentives. O C. increase consumption O D. decrease production O E. cause an individual to make a rational choice
Marginal cost is the opportunity cost of a good or service divided by the number of...
Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. If the United States can increase its production of automobiles...
Question 9 Question 6 Define opportunity cost In marginal analysis, if possible, the optimal outcome is...
Question 9 Question 6 Define opportunity cost In marginal analysis, if possible, the optimal outcome is found when Select the correct answer below: Select the correct answer below O All possible consumption combinations of goods that someone can afford when all income is spent O A cost that is made in the past and cannot be recovered, O All possible combinations of consumption that someone can afford given the prices of goods and the individual's income. O The measure of...
68. AFC: A) will fall in the early stages of production but rise when capacity is maximized. B) is constant at any give...
68. AFC: A) will fall in the early stages of production but rise when capacity is maximized. B) is constant at any given level of output. C) falls continuously as output increases. D) increases due to diminishing marginal returns. 48. If a firm has $10,000 in variable costs and no fixed cost, then the time period referred to is the: A) market period. B) short run. C) long run. D) very long run 43. A decrease in the price of...
Question 14 1 pts If the price elasticity of supply was calculated as 0.40 for a...
Question 14 1 pts If the price elasticity of supply was calculated as 0.40 for a product and the price increases by 12%, what would happen to the quantity supplied? O Quantity supplied would increase by 8%. O Quantity supplied would increase by 6.3%. O Quantity supplied would increase by 4.8%. Question 15 1 pts As we move along a typical negatively sloping, linear demand curve O the elasticity is constant. it results in elasticity and slope being the same....
The determines the for a customer who is to make a consumption decision for two goods, knowing the prices of the goods and how much s/he can afford. 1. The set of personal preferences; affordable budget 2. Utility level; opportunity set 3. Budget constraint; opportunity set 4. Opportunity set; sunk costs If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause equilibrium price to: 1. Rise and the equilibrium quantity to fall....
How many units of consumption
of good 1 maximizes utility?
37.5 units of good 1
24.34 units of good 1
16.67 units of good 1
5 units of good 1
None of the above
50.5 units of good 1
How many units of consumption of good 2 maximizes utility?
None of the above
37.5 units of good 2
16.67 units of good 2
5 units of good 2
24.34 units of good 2
37.5 units of good 2
What is...
Question 18 Excess profit is the profit: necessary to continue a business. necessary to recover implicit costs. Question 20 1 pts above what is necessary to continue a business. necessary to recover explicit costs. The total utility from consuming three units of a good is equal to: the total utility from consuming two units plus the marginal utility from consuming the third unit. Question 19 both of the above O none of the above If an action by an individual...
Cole is about to purchase 4 units of good A and 6 units of good B. The price of A is $3 and the price of B is $2. Cole has only $24 to spend. Assume that the marginal utility of the fourth unit of A is 18 and the marginal utility of the sixth unit of B is 6. If Cole wants to maximize utility he should buy less of B and more of A. Cole cannot maximize utility...
This Question: 4 pts A change in a marginal benefit or cost wil 0 A. increase sunk costs OB. change incentives. O C. increase consumption O D. decrease production O E. cause an individual to make a rational choice
Question 9 Question 6 Define opportunity cost In marginal analysis, if possible, the optimal outcome is found when Select the correct answer below: Select the correct answer below O All possible consumption combinations of goods that someone can afford when all income is spent O A cost that is made in the past and cannot be recovered, O All possible combinations of consumption that someone can afford given the prices of goods and the individual's income. O The measure of...
68. AFC: A) will fall in the early stages of production but rise when capacity is maximized. B) is constant at any given level of output. C) falls continuously as output increases. D) increases due to diminishing marginal returns. 48. If a firm has $10,000 in variable costs and no fixed cost, then the time period referred to is the: A) market period. B) short run. C) long run. D) very long run 43. A decrease in the price of...
Question 14 1 pts If the price elasticity of supply was calculated as 0.40 for a product and the price increases by 12%, what would happen to the quantity supplied? O Quantity supplied would increase by 8%. O Quantity supplied would increase by 6.3%. O Quantity supplied would increase by 4.8%. Question 15 1 pts As we move along a typical negatively sloping, linear demand curve O the elasticity is constant. it results in elasticity and slope being the same....
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