Refer to the information provided in Table 6.4 below to answer the question(s) that follow.
Table 6.4Number ofDonuts per DayTotal UtilityMarginal Utility180?2150?3200?4230?5?10Number ofBurritos per DayTotal UtilityMarginal Utility160?2108?3144?4168?5?12Refer to Table 6.4. The total utility of five donuts per day is
A. 230.
B. 240.
C. 260.
D. indeterminate from this information.
Answer: B
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Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered its price to $20, the quantity sold increased to 60 pairs. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula
A) 1.67 B) 1.0 C) 0.6 D) 0.53
When you borrow money from a bank, your bank charges you interest on the loan to compensate for all of the following except
A) inflation. B) liquidity risk. C) the risk of default. D) the opportunity cost of other uses for the loaned money.
If firms in a competitive market are not identical, then an increase in cost will
A) shift marginal cost to the right. B) push the most inefficient firms out of the market. C) push the most efficient firms out of the market. D) There is not enough information to answer.
Which of the following statements is true about hidden unemployment?
a. Some people have only temporary jobs and are looking for permanent employment and are counted as employed, although they are not employed in the way they need to be. b. Some people have only part time jobs and are looking for full-time employment and are counted as unemployed because they are not employed in the way they need to be. c. Discouraged workers, those who have stopped looking for employment, are counted as unemployed. d. Underemployed individuals, who are trained for one type of work but are working in a lower paying job or one that does not utilize their skills, are counted as unemployed.