Refer to the information provided in Table 6.2 below to answer the question(s) that follow.
Table 6.2Number ofCandy Bars per DayTotal UtilityMarginal Utility140?275?3100?4115?5?5Number ofHot Dogs per DayTotal UtilityMarginal Utility130?254?372?484?5?6Refer to Table 6.2. Diminishing marginal utility sets in after the ________ candy bar per day.
A. first
B. second
C. third
D. fourth
Answer: A
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Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. If the price of corn feed is $4 and the price of soybean feed is $5, what is the cost-minimizing feed combination producing P = 200?
a. C = 100 b. S = 40 c. C = 50, S = 20 d. C = 20, S = 50
Table 11-2 QTRTC89590910293 10110100 11112105 12115110 ? In Table 11-2, average cost at the profit-maximizing output is how much?
A. $5 B. $8 C. $10 D. $11
Which of the following would likely cause the greatest deadweight loss?
a. a tax on cigarettes b. a tax on salt c. a tax on cruise line tickets d. a tax on gasoline
Return on investment is calculated as:
a) the amount invested divided by earnings. b) the amount invested divided by the interest rate. c) earnings divided by the amount invested. d) earnings divided by the interest rate.