4) Demand and Utility Table for Milk Shakes -$6.00. -$3.50. -$1.50. -$10.50 5).
ID: 2440119 • Letter: 4
Question
4) Demand and Utility Table for Milk Shakes
-$6.00.
-$3.50.
-$1.50.
-$10.50
5).
-$9.60.
-$9.20.
-$8.50.
-$9.00.
6)
-$250.
-$333.
-$300.
-$400.
7) When marginal utility is __________, total utility is __________.
-positive; increasing
-zero; maximized
-All of the choices are correct.
-negative; decreasing
8)
-Demand is less elastic at point Y than at point X.
-Demand is perfectly elastic.
-Demand is less elastic at point X than at point Y.
-Demand is perfectly inelastic.
9) Which of the following is likely a variable cost?
-All of these choices are variable costs.
-Fuel
-Hourly wages
-Raw materials
10) Demand is elastic
-when price decreases raise total revenue.
-when price increases lower total revenue.
-All of the choices are correct.
-when the percentage change in quantity demanded is greater than the percentage change in price.
11) The quantity demanded of Pepsi has decreased. The best explanation for this is that
-Pepsi consumers had an increase in income.
-Pepsi's advertising is not as effective as in the past.
-the price of Pepsi has increased.
-the price of Coca-Cola has increased. MICROECONOMIC
Explanation / Answer
a) The consumer surplus is the difference between the actual price and the expected price of the quantity demanded. The answer is "C".
b) "B"
The equilibrium price is about $9.20.
c) All the given choices are correct.
d) "Demand is less elastic at point Y than at point X".
e) "All the choices are variable".
f) "All the choices are correct"
g) "The price of Pepsi has increased."
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