Econ 2306 Quiz 3 prep

question

To derive a demand curve using utility analysis,

answer

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

answer

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

answer

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?

answer

Amanda's explicit costs are zero

question

Which of the following best explains why marginal cost eventually increases as output increases

answer

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

answer

MC, AVC, ATC

question

The law of diminishing marginal returns begins at the level of output where

answer

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

answer

$40

1 of 8

question

To derive a demand curve using utility analysis,

answer

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

answer

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

answer

True

question

answer

Amanda's explicit costs are zero

question

Which of the following best explains why marginal cost eventually increases as output increases

answer

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

answer

MC, AVC, ATC

question

The law of diminishing marginal returns begins at the level of output where

answer

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

answer

$40

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Econ 2306 Quiz 3 prep

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