Given the benefit function B(Y) = 200Y ? 3Y2, the marginal benefit is:
A. 200 ? 3Y.
B. 200 ? 6Y.
C. 200 ? 6Y2.
D. 600Y.
Answer: B
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Which of the following is true of Western Europe, Japan, Canada, Mexico, and China taken together?
a. All these countries are classified as high-income countries by the World Bank. b. They are all members of the North American Free Trade Agreement [NAFTA]. c. All these countries are considered developing countries by the World Bank. d. They are collectively the largest trade partners of the U.S. e. They are the five largest exporters of agricultural produce in the world.
___________ unitary elasticity in either a supply or demand curve refers to a situation where a price change of one percent results in a quantity change of one percent.
a. Inconsistent b. Constant c. Locked d. Temporary