As you consume additional hamburgers, the relationship between total and marginal utility is that
A) both total and marginal utility increase continuously.
B) both total and marginal utility decrease continuously.
C) total utility increases, but marginal utility decreases.
D) total utility decreases, but marginal utility increases.
C
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Based on data in the table above, use the midpoint method to determine the cross elasticity of demand for ice cream and cake
A) The cross elasticity is -0.75. B) The cross elasticity is -1.75. C) The cross elasticity is -0.83. D) The cross elasticity is -4.0. E) The cross elasticity is -1.33.
Lolita wants to purchase a beautiful art deco office building built in the 1920s, tear it down, and construct a rather bland, glass-and-steel office building that will confer $2 million of benefits to society. In its current state, the art deco office building is worth $1.7 million. Lolita goes to the city council with her proposal and tells the council members that the new office building will hold more tenants and therefore increase employment and tax revenues. If the city council agrees to use eminent domain to allow Lolita to proceed with her project, society as a whole will
A) be made poorer since eminent domain is a costly process. B) be made poorer since the area will be less aesthetically beautiful. C) be made richer since the project confers benefits that are greater than the current value of the art deco office building. D) not be affected since the project only encompasses one small parcel of land.