Bob and Bill can make 16 toys each if they devote 8 working hours in a day. Further, Bob can repair 4 cars and Bill can repair 2 cars, if they devote 8 working hours in a day. What is the opportunity cost of repairing one car to Bob?

If the price of a burger decreases by 5 percent and as a result the quantity of burgers demanded increases by 8 percent, the price elasticity of demand equals

A) 0.60. B) 0.40. C) 1.60. D) 0.625.

Refer to Figure 9.2. At price 0H and quantity Q1, consumer surplus is the area

A) EDGF. B) 0FGQ1. C) HFGB. D) EFC. E) none of the above