In the United States, labor productivity is approximately
a. $73 per hour.
b. $94 per hour.
c. $102 per hour.
d. $110 per hour.
a
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Suppose Hank spends his entire budget buying 2 bagels and 3 cups of coffee each day. Also, suppose the marginal utility of the second bagel is 100 and the marginal utility of the third cup of coffee is 200
Which of the following statements is TRUE? A) Hank is not maximizing his utility. B) Hank will be maximizing his utility as long as the price of a cup of coffee is twice the price of a bagel. C) Hank might be maximizing utility only if the price of a cup of coffee is less than the price of a bagel. D) Hank is not maximizing utility because he is not buying equal amounts of each good.
If the price elasticity of demand is 1.5, regardless of which two points on the demand curve are used to compute the elasticity, then demand is
a. perfectly inelastic, and the demand curve is vertical. b. elastic, and the demand curve is a straight, downward-sloping line. c. perfectly elastic, and the demand curve is horizontal. d. elastic, and the demand curve is something other than a straight, downward-sloping line.