At age 40, Joe is considering quitting his job and going back for a college degree. He needs two more years full-time. Tuition is $10,000 per year. He earns $30,000 per year. A college degree would raise his annual income by $10,000 per year. He will retire at age 70. If these are real amounts (adjusted for inflation), then the discount rate to be used should be

During Thanksgiving you participated in a pumpkin-pie eating contest. You really enjoyed the first two pies, the third one was okay, but as soon as you ate the fourth one you became ill and lost the contest. You got ________ utility from eating the first pie than from eating the third pie.

A. the same amount of B. less C. more D. less variable

A firm will use more and more land until the marginal revenue product of land

A. rises to the level of the rent. B. falls to the level of the rent. C. rises above the level of the rent. D. falls below the level of the rent.