Table 21.4Output (Units per Day)Total Cost (Dollars per Day)016130242358478At 2 units of output in Table 21.4, the average variable cost is
A. $12.
B. $6.
C. $21.
D. $13.
Answer: D
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Which of the following would be of particular interest to a microeconomist?
a. amount of fruit the typical household consumes b. nation's inflation rate c. nation's rate of unemployment d. budget of the national government e. growth rate of the economy
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For Adrian, the marginal utility of the 5th energy drink in a day is positive and the marginal utility of the 6th energy drink in a day is zero. This
A. implies that at a zero price Adrian's demand curve will intersect the quantity axis at 6. B. implies that Adrian's demand curve for energy drinks per day will become upward sloping at 6 energy drinks per day. C. is impossible because each additional unit of consumption of any good must provide positive marginal utility. D. implies that Adrian maximizes utility by consuming 5 energy drinks per day.