The price of good Y is reduced from $10 to $9  and, as a result, the quantity demanded increases from 5 to 6 units. Therefore, demand for Y in this price range:

Units of X Marginal Utility of X Units of Y Marginal Utility of Y 1 20 1 16 2 16 2 14 3 12 3 12 4 8 4 10 5 6 5 8 You are choosing between two goods, X and Y, and your marginal utility from each is as shown above.  If your income is $6.00 and the prices of X and Y are $2.00 and $1.00, respectively. How many units of good X will you purchase to maximize utility?    

Number of Pecan Rolls Total Utility 0 0 1 20 2 35 3 45 4 50 5 50 6 45 7 35 Use the information in the table above to answer this question. The marginal utility for the second roll is:

If your purchases of sun hats increase from 9 sun hats per year to 11 sun hats per year when the price of baseball caps increases from $8 to $12, for you, sun hats and baseball caps are considered:

If the total utility from consuming five units of a product is 245, and the marginal utility of a sixth unit is 6, then the total utility from consuming six units would be:

If the price of burgers increases from $1 to $2 and customers decrease their consumption from 10 burgers to 8 burgers, what is the price elasticity of demand (by the midpoint method)?

Suppose the government imposes a $4 per month excise tax on internet. If the demand for internet is perfectly inelastic and the supply curve is elastic (but not perfectly elastic), then the price of internet will:

Consider a  decreasing-cost purely competitive industry. Assume that the industry is initially in long-run equilibrium and that a decrease in consumer demand occurs. After all economic adjustments have been completed, product price will be:

If your purchases of canned beef  decreases from 5 cans to 3 cans per week when your income increases from $1000 to $1500 a week, other things equal. What is the value of your income elasticity?

The price of a product rises by 1% and the quantity of the product purchased falls by 5%. The price elasticity of demand is equal to _____, and demand is described as _____.