Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The marginal cost of the 5th T-shirt is

Which of the following CORRECTLY defines utilitarianism?

A) Cost will increase if production increases. B) The difference between what a consumer is willing to pay and what actually has to be paid. C) Society should strive to achieve the greatest good for the greatest number. D) Equality will not result in efficient outcomes.

Suppose that the supply and demand of wheat depend on the price of wheat (p), the amount of annual rainfall (r), and the level of disposable consumer income (I)

The equations describing the supply and demand curves are given by: QS = 20r + 100p QD = 4000 - 100p + 10I Sketch a graph of the supply and demand curves for wheat and show the effects of an increase in the quantity of rainfall. How does each curve shift (if at all) from the increase in rainfall? What does this shift do to the equilibrium price and quantity (increase/decrease)?