This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.BundleNumber of popsiclesUtility from popsiclesNumber of ice cream conesUtility from ice cream conesA1070000B87201500C66502700D45503750E24004760F005760 Considering the information in the table shown, the bundle of goods that will derive the highest total utility for Jack is:
A. D.
B. E.
C. B.
D. C.
Answer: D
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Indicate whether the statement is true or false
Suppose the quantity demanded of ice cream cones increases from 400 to 425 cones a day when the price is reduced from $1.50 to $1.25. In this situation, the elasticity of demand, calculated using the average method, is
A) 3. B) 1. C) 0.33. D) 1.33.
Apple has continued to be innovative to ensure that the demand for its products stays or becomes
a. More inelastic b. More elastic c. Unitary elastic d. None of the above
If an improvement in production technology causes a decrease in production costs, the result is a(n)
a. decrease in quantity supplied b. increase in demand c. increase in supply d. improvement is working conditions e. increase in quantity supplied