The table above gives the demand schedule for peas. Between point A and point B, the price elasticity of demand equals

In Figure 5.1, the marginal utility of income is

A) increasing as income increases. B) constant for all levels of income. C) diminishes as income increases. D) None of the above is necessarily correct.

Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25 and that a student's beverage budget is $20 per week. What is the most cups of tea the student could buy?

a. 20 b. 16 c. 10 d. 8