Lionel's Lawn Care is a company that maintains residential yards. Lionel's cost for his standard package of mowing, edging, and trimming is $15, and he charges $25 for this service
For a total price of $40, Lionel will also trim shrubs, a service that adds an additional $10 to the total cost of the standard package. What is Lionel's marginal cost of adding the shrub-trimming service to the standard package?
A) $15 B) $40 C) $10 D) $25
C
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East Northland has forgiven the debt it was owed by South Westland. This would be reflected in the ________ account.
A. current B. financial C. reserve D. capital
Studies indicate that the price elasticity of demand for beer is about 0.9 . A government policy aimed at reducing beer consumption changed the price of a case of beer from $10 to $20 . According to the midpoint method, the government policy should have reduced beer consumption by
a. 30%. b. 40%. c. 60%. d. 74%.
Select the graph above that best shows the change in the market specified in the following situation: In the market for chicken, when the price of a substitute, such as beef, decreases.
Graph A Graph B Graph C Graph D
If the market for a product is broadly defined, then
A) the good has many complements. B) there are few substitutes for the product and the demand for the product is relatively inelastic. C) there are many substitutes for the product and the demand for the product is relatively elastic. D) the expenditure on the good is likely to make up a large share of one's budget.