Econ 2306 Quiz 3 prep - Custom Scholars
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# Econ 2306 Quiz 3 prep

question
To derive a demand curve using utility analysis,
note how the consumer's utility-maximizing consumption bundle changes in response to price changes.
question
suppose that for Merv, the marginal utility of \$50 per serving caviar is 100 and the marginal utility is \$1 per serving of 10. for his snack, Merv should but
the popcorn, whether he has \$50 or not
question
If MUx/Px > MUy/Py, the consumer can increase utility by buying more of good X
True
question
Amanda, age 6, opens a lemonade stand. She makes all the lemonade from a mix she found in her parents' pantry. Her stand is an old box she found in the garage. The pitcher and paper cups were taken from the kitchen. Which of the following is true?
Amanda's explicit costs are zero
question
Which of the following best explains why marginal cost eventually increases as output increases
marginal product decreases
question
If the output levels at which short-run marginal and average cost curves read a minimum are listed in order form smallest output to greatest, then the order would be
MC, AVC, ATC
question
The law of diminishing marginal returns begins at the level of output where
marginal cost is at a minimum
question
If total cot is at Q=0 is \$100 and total cost at Q=10 is \$500, then the average variable cost at Q=10 is
\$40
1 of 8
question
To derive a demand curve using utility analysis,
note how the consumer's utility-maximizing consumption bundle changes in response to price changes.
question
suppose that for Merv, the marginal utility of \$50 per serving caviar is 100 and the marginal utility is \$1 per serving of 10. for his snack, Merv should but
the popcorn, whether he has \$50 or not
question
If MUx/Px > MUy/Py, the consumer can increase utility by buying more of good X
True
question
Amanda, age 6, opens a lemonade stand. She makes all the lemonade from a mix she found in her parents' pantry. Her stand is an old box she found in the garage. The pitcher and paper cups were taken from the kitchen. Which of the following is true?
Amanda's explicit costs are zero
question
Which of the following best explains why marginal cost eventually increases as output increases
marginal product decreases
question
If the output levels at which short-run marginal and average cost curves read a minimum are listed in order form smallest output to greatest, then the order would be
MC, AVC, ATC
question
The law of diminishing marginal returns begins at the level of output where
marginal cost is at a minimum
question
If total cot is at Q=0 is \$100 and total cost at Q=10 is \$500, then the average variable cost at Q=10 is
\$40

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