For the Jones household it has been estimated that for every ten degrees increase in the outdoor temperature the consumption of ice tea increases by 5 glasses
What type of relationship exists between temperature change and the consumption of ice tea? A) negative relationship
B) positive relationship
C) no relationship
D) maximum relationship
B
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By focusing the customers on the price of a product, you make
a. The demand for the product more inelastic b. The customers less price sensitive to the product c. Both A & B d. None of the above
The Kahneman-Tversky value function shows that a gain of $100
A. would be offset in one's mind by a loss of more than $100. B. would be offset in one's mind by a loss of less than $100. C. would be offset by a gain of $100. D. is valued less than two gains of $50.
Which is the correct match of an economic resource and payment for that resource?
a. Entrepreneurial ability and wages b. Capital and interest income c. Land and profit d. Labor and rental income
At an output of 19, MC = $39 and AVC = $44. At an output of 20, MC = $50 and AVC = $45. At the shutdown point, AVC is
A. more than $45. B. $45. C. between $44 and $45. D. less than $44.