An example of a public good that is difficult to make excludable is:
A. toll roads.
B. city buses.
C. state universities.
D. police protection.
D. police protection.
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From the table below, choose the optimum option using marginal analysis
Option Total Cost ($) 1 150 2 100 3 80 4 70 5 90 6 120
Assume there is an improvement in the technology used to produce Blu-ray disc players. What could be expected to happen to the equilibrium price and quantity in the market for Blu-ray disc players?
A) Equilibrium price would increase and equilibrium quantity would decrease. B) Equilibrium price and quantity would both decrease. C) Equilibrium price would decrease and equilibrium quantity would increase. D) Equilibrium price and quantity would both increase.
Use the above table. The income elasticity of artisan bread is
A) 1.285. B) 0.780. C) 0.012. D) 8.330.
Fernando allocates his lunch money between pizza and Coke. A Coke has a price of $1 and a slice of pizza has a price of $1.50 . The marginal utility of the last slice of pizza Fernando ate today was 30, and the marginal utility of his last Coke was 25 . Fernando spent all of his lunch money. From this information we can conclude that
a. Fernando allocated his money in a way that maximized his total utility b. Fernando's total utility would have been greater if he had purchased more Coke and less pizza c. Fernando's total utility would have been greater if he had purchased more pizza and less Coke d. Fernando could have increased his total utility by purchasing more Coke but the same quantity of pizza e. Fernando could have increased his total utility by purchasing more pizza but the same quantity of Coke