The opportunity cost of a two-week vacation in Hawaii for an Arizona resident includes:
a. the cost of the beach resort hotel accommodations
b. the airfare to and from Honolulu International Airport.
c. the time that could have been used to travel somewhere else.
d. all of the above.
d
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Negative marginal utility implies that:
a. ?the price of a good increases as additional units are consumed. b. ?total utility is negative. c. ?total utility decreases as additional units of a good are consumed. d. ?the total revenue spent by a consumer on a good decreases as more of the good is purchased. e. ?marginal utility increases as additional units of a good are consumed.
Refer to the above table. The table gives the combinations of real disposable income and real consumption for a college student for a year. What is the value of the average propensity to consume when real disposable income equals $1400?
A. 0.91 B. 0.7 C. 0.09 D. 1.1