If the consumer gets 90 utils from consuming four movies, 120 utils from consuming five movies, and 140 utils from consuming six movies, calculate the consumer's marginal utility from the fifth and sixth movies.
What will be an ideal response?
The fifth movie gives the consumer 30 additional utils (120-90) and the sixth movie provides the consumer with 20 additional utils (140-120) of utility.
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From 1950-1970, labor productivity growth in the Soviet Union was driven primarily by
A) capital accumulation. B) population increases. C) total factor productivity. D) Capital, population increases, and total factor productivity contributed about equally to labor productivity growth.
If the U.S. government were to relax its restrictions on offshore oil well drilling and open drilling in Alaskan national parks, the result to aggregate supply would be to
A) cause a shift in the SRAS to the left. B) cause a shift in the LRAS to the left. C) cause no long-term shifts in AS. D) cause a shift in both LRAS and SRAS to the right.
Suppose Al, Betty, and Carl own the only fishing companies in your village. Suppose the market price today is $10 per fish. Suppose Al catches 4,000 fish with an average total cost of $7.50, Betty catches 6,000 fish with an average total cost of $6, and Carl catches 10,000 fish with an average total cost of $7 . How much would Betty's average total cost have to fall in order for her to make as
much total profit as Carl? a. $1 b. $2 c. $4 d. $5 e. Betty cannot make as much profit as Carl with only 6,000 fish.
Monopolies are inefficient because they (i) eliminate barriers to entry. (ii) price their product at a level where marginal revenue exceeds marginal cost. (iii) restrict output below the socially efficient level of production
a. (i) and (ii) only b. (ii) and (iii) only c. (iii) only d. (i), (ii), and (iii)