The above table gives the total utility that Homer obtains from consuming various quantities of chocolate chip cookies. The marginal utility from the fifth pound of cookies is

Which of the following is true?

i. The easier it is to find substitutes for a good, the more price elastic the demand for the good is. ii. The demand for a good is more price elastic the smaller the proportion of income spent on it. iii. If demand is price elastic, lowering the price leads to a decrease in total revenue. A) only i B) only ii C) only iii D) i and ii E) i and iii

Publicly provided health insurance for the poor will

A. lower the price of health care to the non-poor and increase the total amount of health care consumed. B. increase the total amount of health care consumed. C. raise the level of health care consumed by the non-poor. D. lower the price of health care to the non-poor.