Part 1: Multiple Choice Questions You have the following demand schedule for slices of pizza. Use the table for questions 1-2 Number of slices of pizza consumed Your valuation of each slice 1 2 3 4 $4 $3 $2.50 $2 1. If a slice of pizza costs $2, how many slices of pizza would you buy? a. 1

Part 1: Multiple Choice Questions You have the following demand schedule for slices of pizza. Use the table for questions 1-2 Number of slices of pizza consumed Your valuation of each slice 1 2 3 4 $4 $3 $2.50 $2 1. If a slice of pizza costs $2, how many slices of pizza would you buy? a. 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Part 1: Multiple Choice Questions
You have the following demand schedule for slices of pizza. Use the table for questions 1-2
Number of slices of pizza consumed
Your valuation of each slice
1
234
$4
$3
$2.50
$2
1. If a slice of pizza costs $2, how many slices of pizza would you buy?
a. 1
b. 2
C.
3
d. 4
ANSWER: d
2. What is your total consumer surplus at the optimal consumption level?
a. $2
b. $3
c. $11.50
d. $3.50
ANSWER: d

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