What causes a decrease in income in this graph?
a. The total of areas d + f is less than the total of areas e + d.
b. The total of areas d + f is more than the total of areas e + d.
c. The total of areas e + f is less than the total of areas e + d.
d. The total of areas e + f is more than the total of areas e + d.
c. The total of areas e + f is less than the total of areas e + d.
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If demand is price elastic, then when price decreases, total revenue:
a. decreases. b. increases. c. does not change. d. is less than one. e. is negative.
If average total cost equals $15 at 20 units of output and average total cost equals $15 at 21 units of output, then the marginal cost of the 21st unit is ____
a. zero b. $15 c. $20 d. $21
Answer the following statements true (T) or false (F)
1. The study of economics is not useful for consumers because economic analysis focuses only on businesses and the economy. 2. The scientific method does not apply to economics because economics studies human behavior which cannot be generalized. 3. Economic principles are value judgments about what the economy should be like or the way the economic world ought to be. 4. If falling gasoline prices are good for the consumers, then it must be good everyone in the economy.
Why do you think that the demand for coffee is less elastic than the demand for restaurant meals?
What will be an ideal response?