Which of the following statements is NOT TRUE?
A) AC = AFC + AVC
B) C = F + VC
C) AVC = wage/MPL
D) AFC = AC - AVC
C
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The increase in the demand for widgets, shown in the figure above, is the result of a decrease in the price of McBoover devices from $11 to $9. Therefore, the cross-price elasticity for these two products is
A) -2.0. B) -0.5. C) 0.5. D) 2.0.
A bottle of wine costs $8 and a quiche costs $5 . At Robert's present levels of consumption, he spends all his income and receives marginal utility of $10 from the last bottle of wine and marginal utility of $4 from the last quiche. To maximize his total utility, Robert should
a. buy less wine and more quiche. b. buy more wine and less quiche. c. spend all of his money on wine. d. change his spending pattern until he buys 8/5ths as much wine as quiche.