If the price of action figures was $10 each, his total utility would be ____ and your marginal utility would be ____.
Table-Demand and Utility Table for action figures
A. $30 and $10
B. $36 and $12
C. $36 and $10
D. $26 and $12
C. $36 and $10
You might also like to view...
In recent years, Taiwan has experienced increases in savings and investment. As a result of the higher investment and saving, we expect i. increases in physical capital. ii. increases in the inflation rate. iii. advances in technology
A) i and iii B) i and ii C) ii only D) ii and iii E) i, ii and iii
A financial contract in which a bank agrees to sell the expected future returns from an underlying bank loan to a third party is referred to as:
A) loan sale B) loan commitment C) credit rationing D) microlending
A key lesson from the payroll tax is that the
a. tax is a tax solely on workers. b. tax is a tax solely on firms that hire workers. c. tax eliminates any wedge that might exist between the wage that firms pay and the wage that workers receive. d. true burden of a tax cannot be legislated.
What is wrong in an economy when society can transform 1,000 apples into a tent or a tent into 1,000 apples, but the marginal rate of substitution of apples for tents by consumers is 500? Explain how the market automatically will solve this problem.
What will be an ideal response?