Total utility is
A. the additional satisfaction gained by consuming one more unit of something.
B. used to compare different people's likes and dislikes.
C. relatively easy to measure.
D. the total amount of satisfaction yielded by the consumption of a good or service.
Answer: D
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Which of the following is ALWAYS true for a profit-maximizing single-price monopolist?
A) p > Mc B) MR = MC C) p= MR D) all of the choices are always true
What role does the price elasticity of demand play in markup pricing, i.e., how does it affect the firm's ability to mark up price over marginal cost?
What will be an ideal response?
Labor productivity can be increased with
A) education and training of the workforce. B) an increase in capital goods used. C) improvements in management. D) all of the above
Suppose that you can schedule a worker up to four hours per day. The benefit function is given by B(H) = 500H - 22.5H2 and the cost function is given by C(H) = 100 + 15H2. The corresponding marginal benefit and marginal cost functions are given by MB(H) = 500 - 45H and MC(H) = 100 + 30H. What is the best choice of hours for this worker?
What will be an ideal response?