The total utility of a good is equal to the marginal utility of the last unit consumed

Suppose George withdraws $60,000 from his bank. If the reserve ratio is 25 percent, then this transaction will lead to a decrease of ________ in checking account balances

A) $15,000 B) $45,000 C) $90,000 D) $180,000

The price elasticity of demand is defined as the magnitude of the

A) change in quantity demanded divided by the change in price. B) change in price divided by the change in quantity demanded. C) percentage change in quantity demanded divided by the percentage change in price. D) percentage change in price divided by the percentage change in quantity demanded.