Suppose that on a typical day, a restaurant owner usually sells 18 club sandwiches. However, after lowering the price of a club sandwich from $6.75 to $5.95, the owner discovered that sales increased to 23 sandwiches per day. Based on this information, the restaurant owner calculated that the demand elasticity for club sandwiches was approximately:

Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that we observe Krystal staying open 4 hours per day

If she is following the marginal principle, what must her marginal benefit be? A) $12 B) $18 C) $24 D) $30

As we move along the production possibilities frontier,

A) the production of one good increases as the production of the other good decreases. B) more of both goods can be produced. C) the possibilities of tradeoffs diminish. D) a tradeoff is not possible because nations need all goods. E) less of both goods can be produced.