Which of the following is a plausible reason that restaurants offer "Senior Citizen Discounts"?
A) Senior citizens tend to have relatively more elastic demands for restaurant meals than other consumer groups.
B) Senior citizens tend to have relatively more inelastic demands for restaurant meals. than other consumer groups.
C) Senior citizens are not very sensitive to changes in prices.
D) Senior citizens are easily fooled by "come-ons" and are therefore frequently victims of price discrimination.
A
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The table above shows Danielle's utility from ice cream and romance novels
a) What is Danielle's marginal utility from the 4th novel? b) The price of ice cream is $5 per gallon and a novel is $10. If Danielle's budget for these two goods is $50 and she buys 2 gallons of ice cream, how many novels can she buy? If she buys 6 gallons of ice cream, what is her marginal utility per dollar spent on novels? c) Which combination of the two goods is better: 4 gallons of ice cream and 3 novels or 6 gallons of ice cream and 2 novels?
The amount of output a firm can produce with a given quantity of fixed and variable inputs is called:
A) total product. B) average variable product. C) marginal product. D) total fixed product.