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The following is Clyde's monthly schedule of how many mini hamburgers he eats, depending upon the price of the hamburger.Quantity Purchased / Consumed Price Total Utility5 $5 10 utils10 $4 20 utils20 $3 30 utils35 $2 35 utils55 $1 35 utilsThe price of hamburgers decreases from $3 to $2 during the next month. This represents an elasticity of demand that is between ______.a) 0 and 1 (inelastic)b) 1 and 2 (elastic)c) 2 and 3 (elastic)d) 3 and 4 (elastic)The following is Clyde's monthly schedule of how many mini hamburgers he eats, depending upon the price of the hamburger.Quantity Purchased / Consumed Price Total Utility5 $5 10 utils10 $4 20 utils20 $3 30 utils35 $2 35 utils55 $1 35 utilsThe price of hamburgers is $5 this month. The total revenue the hamburger seller receives from Clyde this month is ______.a) $5b) $10c) $25d) $50If the price of an inferior good decreases, ____________.a) the substitution effect would lead the consumer to buy more of the goodb) the substitution effect would lead the consumer to buy less of the goodc) the income effect would lead the consumer to buy more of the goodd) it depends; any of the above may or may not occurThe following is Clyde's monthly schedule of how many mini hamburgers he eats, depending upon the price of the hamburger.Quantity Purchased / Consumed Price Total Utility5 $5 10 utils10 $4 20 utils20 $3 30 utils35 $2 35 utils55 $1 35 utilsClyde reaches the satiation point if ______.a) he consumes 10 hamburgers during the monthb) he consumes 20 hamburgers during the monthc) he consumes 35 hamburgers during the monthd) he consumes 55 hamburgers during the monthKaiden buys chocolate and donuts, which are both normal goods. When the price of chocolate rises, the substitution effect tells Kaiden to buy ____________.a) more chocolate and less donutsb) less chocolate and less donutsc) less chocolate and more donutsd) more chocolate and more donutsThe rule of utility maximization states, "To maximize utility, a consumer adjusts spending until _________."a) the total utility from the last dollar spent on each good is the sameb) the marginal utility from the last dollar spent on each good is the samec) the total utility from each good is the samed) the marginal utility from the last unit of each good is the sameEconomists often use "marginal analysis" in making decisions. Marginal refers to _________.a) a shift in a curveb) an incremental changec) a movement along a curved) the total amountWhich of the following might influence a person's marginal utility and thus their choices?a) product information they readb) addictive tendenciesc) advertisingd) all of the aboveIn Mexico, it takes 3 days to produce a bulldozer and 12 days to produce an airplane. In Brazil, it takes 2 days to produce a bulldozer and 10 days to produce an airplane. The opportunity cost of producing an airplane is lower in ________.a) Mexicob) Brazilc) neither; it is the same in both countriesd) either; it depends upon the elasticity of demand for airplanesIf the elasticity of demand equals 1, ____________.a) the quantity demanded changes proportionally to changes in priceb) the quantity demanded is relatively unresponsive to pricec) the quantity demanded is relatively responsive to priced) the quantity demanded is unrelated to priceKatie has a lemonade stand. She is currently charging 50 cents for a glass of lemonade. If the price elasticity of demand is 1.5, which of the following statements is true?a) If Katie raises her price, she will not lose very many new customers, and her total revenue will increase.b) If Katie raises her price, she will lose a lot of customers, and her total revenue will decrease.c) If Katie lowers her price, she will not get very many new customers, and her total revenue will decrease.d) none of the aboveThe reason the midpoint formula is used to calculate a percent change for elasticity is that with the midpoint formula ___________.a) elasticity is independent of the direction in which variables are changingb) elasticity is always a negative numberc) elasticity is always a number between -1 and 1d) elasticity is always a number between 0 and 1Money in the economy today ________.a) is needed in order for barter to occurb) is primarily commodity moneyc) facilitates the circular flow of economic activityd) is an economic resource from the input marketMarkets are efficient to the extent that they maximize _______.a) consumer surplusb) producer surplusc) social surplusd) deadweight lossScotts income rises by 10%. Due to his higher income, his demand for antique clocks increases by 25%. For Scott, antique clocks are ______ goods.A. normal ?B. inferior ?C. superiora) A and B onlyb) A and C onlyc) B and C onlyd) None of the above
Many argue that breaking up a monopoly is a Pareto-efficient change. This interpretation cannot be so because breaking up a monopoly makes its owners (or shareholders) worse off. Do you agree or disagree.
Explain how low must a quota be in effect to have an impact. Using a demand-and-supply diagram, illustrate and explain the net welfare loss from imposing such a quota.
hire many more employee than were available on the island. As a result, prices for goods and services rose dramatically across the board.
What is the importance of the World Trade Organization. What are the advantages/disadvantages of WTO member and those non-member. What are the five main operational aspects of a business.
Suppose that the income tax in a certain nation is computed as a flat rate of 5 percent, but no tax is levied above $50,000 in taxable income.
Assume , at its present rate of output, a perfectly competitive firm's marginal revenue exceeds both its marginal cost and its average variable cost. To maximize profit, the firm should.
Illustrate would be its profit-maximizing cost if the company were to build the bridge.
If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable.
the central bank raises the actual inflation rate to 4% which sequence is most such way to occur.
Assuming that no currency leakage occurs, how much will the bank be able to lend to its customers following the Fed's purchase?
The price elasticity of demand for Royal Crown Cola is equal to the price elasticity of demand for soft drinks in general It is invalid to make inter product elasticity comparison
How do the salaries of major league baseball rookies and free agents demonstrate the market principles of supply and demand?
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