Mary says, "You would have to pay me $50 to attend that pro wrestling event." For Mary, the marginal utility of the event is:
A. zero.
B. positive, but declines rapidly.
C. negative.
D. positive, but less than the ticket price.
Answer: C
Economics
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In the figure above, at the point where the price is $50 per bunch, the price elasticity of supply is
A) 2.14. B) 0.47. C) 1. D) 3. E) 0.33.
Economics
Refer to Table 3-1. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. If the price of Kona coffee falls from $6 to $4, the market quantity demanded would
A) decrease by 89 lbs. B) increase by 110 lbs. C) increase by 61 lbs. D) increase by 26 lbs.
Economics