Lucinda buys a new GPS system for $250. She receives consumer surplus of $75 from the purchase. What value does Lucinda place on her GPS system?

Refer to Figure 2-5. If the economy is currently producing at point Y, what is the opportunity cost of moving to point W?

A) 2 million tons of steel B) 16 million tons of paper C) zero D) 9 million tons of paper

Consider the following data: Price of A Quantity Demanded of A $5 6 $4 10 The absolute value of the price elasticity of demand for product A is

A) 0.44. B) 1.80. C) 0.56. D) 2.25.