Question 7 1.32 pts A college charges a basic fee of $100 per semester plus an a

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Question 7 1.32 pts A college charges a basic fee of $100 per semester plus an additional fee of $50 per credit hour. You take 10 credit hours this semester. The marginal cost to you of the 10th credit hour this semester is: zero. o $600 $100 $50 $60 DQuestion 8 1.32 pts If two groups agree to trade with each other: O both parties end up with more than they started with. neither party can gain more than the other. both parties end up with the same as what they started with. one trader's gain must be the other's loss.

Explanation / Answer

7) 9th credit hour cost 100+(9*50)=$550

10th credit hour cost 100+(10*50)=$600. So the marginal cost of the 10th credit hour is (600-550)=$50. hence the fourth option is correct.

8) the two parties agree to trade with each other when they can gain from trade. That is both parties gain. The first option is correct.

9) A fungal disease destroys the potato. Supply of potato decreases and there will be a left shift of the supply curve of potato which increases the price of potatoes. Potatoes remain input for making potato chips. As the cost of input increases, the supply of potato chips will be decreased. The second option is correct

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