Refer to Table 3.1. Suppose that you have a house that you rent out. If you keep the lawn maintained, you can charge a higher monthly rent for the house. Suppose your hourly wage from your job at the mall is $10, what is the net benefit of spending 12 hours per week maintaining the lawn of the house?

A consumer allocates his budget according to rules of utility maximization

What are the rules of utility maximization and how do they explain the paradox of value, which is that diamonds are expensive but useless, while water is inexpensive but essential?

When a quota/trade barrier is instituted, the loss of domestic consumer surplus may be transferred to all of the following except

a. foreign consumers. b. domestic producers. c. foreign producers. d. consumers of other domestic products.