The marginal utility of your fourth milk shake would be
Demand and Utility Table for Milk Shakes
A. $13.
B. $2.50.
C. $2.00.
D. $.50.
B. $2.50.
You might also like to view...
Most economists agree that ________ are the single most important source of economic growth.
A. increases in physical capital B. technological advances C. increases in human capital D. discoveries of natural resources
If the demand for a good is unit elastic
A) a 5 percent increase in price results in a 5 percent increase in total revenue. B) a 5 percent increase in price results in a 5 percent decrease in total revenue. C) a 5 percent increase in price does not change total revenue. D) the demand curve is a straight line with slope of -1.
The income distribution is a more accurate measure of economic inequality than the wealth distribution because income excludes human capital
Indicate whether the statement is true or false
Which of the following statements best serves as a summary of the other statements?
a. Low income can mean poor nutrition during the formative years, which can retard mental and physical development b. Low income and low productivity may reinforce each other in a cycle of poverty c. Low productivity obviously results in low income d. Low income means less saving and less saving means less investment in human and physical capital e. Poverty can result in less education, less capital formation, a poor diet, and little health care