There are two closely related crops, X and Y, with the following demand functions QX = 180 - 2PX + PY and QY = 150 + PX - PY where QX is the quantity of X, PX is the price of X, QY is the quantity of Y, and PY is the price of Y. These two crops are grown in two widely separated countries so there is no interrelationship between the supply curves. The short-run perfectly inelastic supply for X is
150 while the short-run perfectly inelastic supply for Y is 100. In equilibrium, the prices are
A) PX = 80, PY = 130.
B) PX = 40, PY = 65.
C) PX = 60, PY = 120.
D) PX = 30, PY = 80.
A
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If total utility from consuming two cups of coffee is 20 utils, and if the total utility from consuming three cups of coffee is 25 utils, then which of the following is the marginal utility of the third cup of coffee? a. 0
b. 5. c. 10. d. 20. e. 25.
Firms can make decisions using marginal analysis even if they do not know the shape of a demand curve
a. True b. False Indicate whether the statement is true or false
According to 2014 data on the U.S. population, which of the following was correct for the adult population of prime working age, ages 25-54?
a. Black males had higher labor-force participation rates and lower unemployment rates compared to white males. b. Black males had both higher labor-force participation rates and higher unemployment rates compared to white males. c. Black males had both lower labor-force participation rates and lower unemployment rates compared to white males. d. Black males had lower labor-force participation rates and higher unemployment rates compared to white males.
Refer to Figure 17-6 The domestic country is China.
Refer to Figure 17-6 With trade, China will
a. import 100 pencil sharpeners.
b. import 250 pencil sharpeners.
c. export 150 pencil sharpeners.
d. export 250 pencil sharpeners.