ECON 204 Final Exam Fall 2017 Multiple choice. Choose the best answer to each qu
ID: 1130596 • Letter: E
Question
ECON 204 Final Exam Fall 2017 Multiple choice. Choose the best answer to each question and write the correet answer on the answer sheet provided 1. Michael is maximizing utility by consuming three colas at $3 a piece and four hot dogs. The last cola gave him 300 units of utility, and the last hot dog gave him 500 units of utility. The price of each hot dog is: A. $3.00. B. $2.50. C. $4.00 D. $5.00 2. Refer to the following table, At this level of consumption of goods A and B, the consumer MU Price Good A 150 Good B 200 $20 A. is maximizing satisfaction for the given expenditure. B. could increase total satisfaction for a given expenditure by increasing the consumption of A and decreasing that of B. C. could increase total satisfaction for a given expenditure by increasing the consumption of B and decreasing that of A. should consume only A. D. Refer the following table for question 3 uantity M S3 l Cost Refer to the table above. If the market price is $8, a perfectly competitive profit-maximizing firm will produce: A. 1 unit of output. B. 2 units of output. C. 3 units of output. D. 4 units of output. 3. business 4. Ifa college student's demand for magazine subscriptions is more price-elastic than a executive's demand for magazine subscriptions, which of the following pricing strategies would a price-discriminating magazine publisher follow? A. Charge the same rate to college students and business executives B. Set price according to the marginal cost of printing the magazinesExplanation / Answer
Answer:
Q1. Option C $4.00
Q2. Option B.
Q3. Option C. Three units of output.
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