The marginal utilities associated with the first 4 units of consumption of good Y are 10, 12, 9, and 7, respectively. What is the total utility associated with the third unit?

Which statement about the total variable cost curve is true?

When the marginal cost is higher than the average total cost, 

The change in total cost that results from the production of one additional unit is called:

If the total cost of producing 10 jets is $28 million and the total cost of producing 11 jets is $30 million, this firm is experiencing

If the quantity of bananas sold increases by 5 percent when the price decreases by 10 percent, the price change occurs in the:

Exhibit 5-1 Demand curve ​ In Exhibit 5-1, between points a and b, the price elasticity of demand is:

Suppose that a small business takes in monthly revenue of $100,000. Labor, rental, energy, and other purchased input costs are $70,000. The owner/entrepreneur could earn $5,000 per month in another job, and the owner/entrepreneur could get a return of $5,000 each month if she sold her business and invested the net proceeds in a financial asset, such as a treasury bond. Which of the following correctly describes her monthly economic profit?

Saurav lives in Helena and likes to grow zucchini. He applies fertilizer to his crops twice during the growing season and notices that the second layer of fertilizer increases his crop, but not as much as the first layer. What economic concept best explains this observation?

Exhibit 3-21 Demand and supply curves ​ ​ If market supply decreases and, simultaneously, market demand increases, the new equilibrium will show: