With respect to water and diamonds, water
A) has a higher marginal utility than diamonds.
B) has a lower marginal utility than diamonds.
C) is cheaper than diamonds because it has a lower total utility.
D) is cheaper than diamonds because it has a higher total utility.
B
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Suppose the current price and quantity of widgets is p = $50 and Q = 125
The demand for widgets is log-linear and the price elasticity of demand is E = -2. The supply of widgets is perfectly elastic. a. Derive the equations for the demand and supply of widgets. b. What would be the effect on the equilibrium price and quantity if demand were to increase by 500 widgets?
What is the GDP using the table shown? In billions of dollarsConsumption3,600Investment800Transfer payments750Government Purchases1,000Exports650Imports450Net foreign factor income?30
A. 6,050 B. 5,600 C. 6,320 D. 5,570