Refer to the following table. If Jane's hourly wage rose from $2 per hour to $4 an hour and Jane had 6 hours to work or play, Jane would:SpendingTotal Utility of spending($)Hours of leisureTotal utility of leisure$260130$4110254$6148370$8172478$10180578$12186670
A. work 4 hours and play 2 hours when her wage is $2/hour but then work 3 hours and play 3 hours when her wage is $4 an hour.
B. not work at $2 an hour and not play at $6 an hour.
C. not play at either wage.
D. work 4 hours and play 2 hours when her wage is $2/hour but then work 6 hours when her wage is $4 an hour.
Answer: A
You might also like to view...
Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year. Christine's opportunity cost of working as a consultant last year was ________.
A. $15,000 B. $51,000 C. $36,000 D. $40,000
The additional payment a borrower has to make on a loan is referred to as:
A) credit. B) stock. C) principal. D) interest.
In Table 9.1, Market 1 would be in equilibrium if buyers believed lemons accounted for:
A. 60% of the market. B. 55% of the market. C. 45% of the market. D. 40% of the market.
Which of the following is NOT a necessary condition for price discrimination?
A) preventing resale of the product B) downward sloping demand curve C) separating markets for the good D) having a constant marginal cost