The price of pens is $5, and at that price consumers demand 12 pens. If the price rises to $7, consumers will decrease consumption to 4 pens. Using the midpoint formula, what is the price elasticity of demand for pens?
When marginal utility is equal to zero, total utility
When marginal utility is equal to zero, total utility
If the accounting profit for a firm is negative:
If the accounting profit for a firm is negative:
Suppose that a business incurred implicit costs of $400 and…
Suppose that a business incurred implicit costs of $400 and explicit costs of $5,000 in a specific year. If the firm sold 100 units of its output at $50 per unit, its accounting:
If the total utility from consuming five units of a product…
If the total utility from consuming five units of a product is 245, and the marginal utility of a sixth unit is 2, then the total utility from consuming six units would be:
The long-run average cost curve will be downward sloping whe…
The long-run average cost curve will be downward sloping when the firm is experiencing:
Which of the following holds true?
Which of the following holds true?
The principle of diminishing marginal utility means that whe…
The principle of diminishing marginal utility means that when Sarah eats pizza, her satisfaction from the second slice of pizza is probably _____ that from the first.
The minimum efficient scale of a firm:
The minimum efficient scale of a firm:
Manny spends all of his income on tacos and milkshakes. Her…
Manny spends all of his income on tacos and milkshakes. Her income is $100, the price of tacos is $10, and the price of milkshakes is $2. If Manny purchases 10 milkshakes, he can purchase _____ tacos.