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. The marginal utility of the second candy bar per day is
A. 10.
B. 15.
C. 35.
D. 55.
Answer: C
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What will be an ideal response?
When quantities of two goods belong to the same indifference curve, which of the following is true?
a. The combinations of the two goods along the indifference curve yield the same total utility. b. Prices of the two goods are equal. c. Marginal utilities of both goods are equal. d. The total utility of all combinations above the curve equal zero.
Variable costs:
A. do not vary with output. B. are positive even when a firm produces no output. C. change as output changes. D. exist only in the short run.
Inventories are goods that can be considered as “purchased” by
A. the firms that produce them. B. the consumers that ultimately buy them. C. the government since they are tax deductible. D. no one since they are not counted as part of GDP.