At a flea market, Jodi purchases a second hand teapot for $8 when she was willing topay $41. If the teapot costs $70 new, Jodi's consumer surplus is$67$0$33$17$50Consider the used car market, with a downward-sloping demand curve and anupward-sloping supply curve. Suppose 700 used cars are purchased at the free-market equilibrium price. The consumer surplus on the 700th used car iszero.non-negative.unknown.negative.positive.Jenn is maximizing total utility. When the price of salmon rises, Jenn'smarginal utility curve shifts leftward and her total utility curve shifts downward.marginal utility curve shifts leftward and her total utility curve shifts upward.marginal utility curve and total utility curve do not change.marginal utility curve shifts rightward and her total utility curve shifts downward.marginal utility curve shifts rightward and her total utility curve shifts upward.An economist observed that as more computers are added to a factory, the costs of production initiallydecline, reach a minimum, and then rise. In a diagram that has costs on the vertical axis and the number ofcomputers on the horizontal axis, the relationship always isO positive and then negative after the minimum point.linear and then positive after the minimum point,O negative and then positive after the minimum point.O negative and then linear after the minimum point.As provincial governments across Canada face growing budget deficits, someanalysts caution that rising health care spending could lead to reduced funding foruniversities and colleges. This statement suggests thatthere are long-term economic benefits generated by a healthier population.society should value education spending more highly than health care spending.there is a trade-off between health care spending and education spending.there are fewer long-term economic benefits generated by an educatedpopulation.Canadian governments never really supported post secondary education.O O O OOO OO O OO OOO

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At a flea market, Jodi purchases a second hand teapot for $8 when she was willing to pay $41. If the teapot costs $70 new, Jodi's consumer surplus is $67 $0 $33 O $17 $50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

At a flea market, Jodi purchases a second hand teapot for $8 when she was willing to
pay $41. If the teapot costs $70 new, Jodi's consumer surplus is
$67
$0
$33
$17
$50
Consider the used car market, with a downward-sloping demand curve and an
upward-sloping supply curve. Suppose 700 used cars are purchased at the free-
market equilibrium price. The consumer surplus on the 700th used car is
zero.
non-negative.
unknown.
negative.
positive.
Jenn is maximizing total utility. When the price of salmon rises, Jenn's
marginal utility curve shifts leftward and her total utility curve shifts downward.
marginal utility curve shifts leftward and her total utility curve shifts upward.
marginal utility curve and total utility curve do not change.
marginal utility curve shifts rightward and her total utility curve shifts downward.
marginal utility curve shifts rightward and her total utility curve shifts upward.
An economist observed that as more computers are added to a factory, the costs of production initially
decline, reach a minimum, and then rise. In a diagram that has costs on the vertical axis and the number of
computers on the horizontal axis, the relationship always is
O positive and then negative after the minimum point.
linear and then positive after the minimum point,
O negative and then positive after the minimum point.
O negative and then linear after the minimum point.
As provincial governments across Canada face growing budget deficits, some
analysts caution that rising health care spending could lead to reduced funding for
universities and colleges. This statement suggests that
there are long-term economic benefits generated by a healthier population.
society should value education spending more highly than health care spending.
there is a trade-off between health care spending and education spending.
there are fewer long-term economic benefits generated by an educated
population.
Canadian governments never really supported post secondary education.
O O O O
OO OO O OO OOO

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