4) Demand and Utility Table for Milk Shakes -$6.00. -$3.50. -$1.50. -$10.50 5).
ID: 2440152 • 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
4)
Consumer surplus
= 0 .5 ( 1)(3)
= 1.5
Right answer is = $ 1.5
5)
Equilibrium price is most probably close to $ 9.20
Right answer is : $ 9.20
6)
AVC = TVC /Q
= 1,000/ 3
= $ 333.33
7)
All of choice are correct.
TU is maximum when MU is zero and TU increases when MU is positive.
8)
Right answer is : Demand is less elastic at point Y than at point X
Elasticity of demand is more at upper portion of demand curve.
9)
All of these are variable cost.
Variable cost changes with change in output level.
10)
Demand is elastic : when the percentage change in quantity demand is greater than the percentage change in price.
11)
Right answer is : price of pepsi has increased.
Increase price leads to fall in quantity demanded.
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