Numerade

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Ronald Prasad

Numerade educator

Shoes (Quantity) | Total Utility | Marginal Utility | Jewelry (Quantity) | Total Utility | Marginal Utility --- | --- | --- | --- | --- | --- 1 | 60 | | 3 | 30 | 2 | 100 | | 6 | 60 | 3 | 120 | | 9 | 78 | 4 | 130 | | 12 | 81 | 5 | 135 | | | | Referring to the table above, the marginal utility of buying the second pair of shoes is ___. a) 20 b) 40 c) 30 d) 10

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Danielle Fairburn

Numerade educator

Assume this is the demand schedule for Madison Middle School for hot dogs during a Saturday football game. Price | Quantity Demanded 0 | 200 $1 | 150 $2 | 100 $3 | 50 $4 | 0 Using the midpoint method, the price elasticity of demand when the price falls from $4 to $3 is ____ and it is considered to be ____. a) 7.00; elastic b) 6.60; inelastic c) 1.78; inelastic d) 4.67; elastic

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Rashmi Sinha

Numerade educator

If we know that Product B's price elasticity of demand is 2.45 and Product E's price elasticity of demand is 0.74, then if they want to increase revenues, then one should: a) lower prices for Product B and raise prices for Product E. b) lower prices for both. c) raise prices for Product B and lower prices for Product E. d) raise prices for both.

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Rashmi Sinha

Numerade educator

If we know that Product A's price elasticity of demand is 0.54 and Product C's price elasticity of demand is 0.32, then if they want to increase revenues, then one should: a) lower prices for both. b) raise prices for Product A and lower prices for Product C. c) lower prices for Product A and raise prices for Product C. d) raise prices for both.

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Crystal Wang

Numerade educator

Using the midpoint method, the price elasticity of supply when the price rises from $3 to $4 is ___ and this is considered to be ____. Price | Quantity Supplied $0 | 0 $1 | 45 $2 | 100 $3 | 160 $4 | 225 a) 1.18; elastic b) 0.78; elastic c) 1.35; inelastic d) 1.51; elastic

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Danielle Fairburn

Numerade educator

Using the midpoint method, the price elasticity of supply when the price rises from $3 to $4 is ___ and this is considered to be ____. | Price | Quantity Supplied | | :--- | :--- | | $0 | 0 | | $1 | 45 | | $2 | 100 | | $3 | 160 | | $4 | 225 | a) 1.18; elastic b) 0.78; elastic c) 1.35; inelastic d) 1.51; elastic

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Crystal Wang

Numerade educator

Using the midpoint method, the price elasticity of supply when the price falls from $2 to $1 is ____ and this is considered to be ____. | Price | Quantity Supplied | | :--- | :--- | | $0 | 0 | | $1 | 45 | | $2 | 100 | | $3 | 160 | | $4 | 225 | a) 0.28; inelastic b) 1.14; elastic c) 0.51; elastic d) 0.35; inelastic