This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: When the price of milk goes up as a result of a rightward shift of the demand curve for milk, the ... (Read 104 times)

mwit1967

  • Hero Member
  • *****
  • Posts: 501
on: Jun 29, 2018
When the price of milk goes up as a result of a rightward shift of the demand curve for milk, the total revenue collected by milk producers will
 
  A) increase only if milk is inelastic in supply.
  B) decrease only if milk is elastic in supply.
  C) remain constant only if milk has a unitary price elasticity of supply.
  D) none of the above

Question 2

Bobby is offered a job as a salesperson in which there is a 50 percent chance that he will make 2,000 and a 50 percent chance that he will make 10,000. Bobby's utility of wealth curve is shown in the figure above.
 
  What is Bobby's expected income from taking this job? A) 4,000
  B) 6,000
  C) 2,000
  D) 10,000


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

johnharpe

  • Sr. Member
  • ****
  • Posts: 338
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

B


mwit1967

  • Member
  • Posts: 501
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

robbielu01

  • Member
  • Posts: 336
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Breast milk bacteria Breast milk bacteria
The Light Curve of a Nova The Light Curve of a Nova
Marginal Supply - Demand Curve Marginal Supply - Demand Curve
The demand for cheap coal to generate electrical power is rising The demand for cheap coal to generate electrical power is rising
Typical bacterial population growth curve showing the initial lag phase Typical bacterial population growth curve showing the initial lag phase
Type II curve. Mortality does not vary with age. Data for five-lined skink (Eumeces fasciatus). Type II curve. Mortality does not vary with age. Data for five-lined skink (Eumeces fasciatus).
Video: Condensation and Hydrolysis Animation

For a complete list of videos, visit our video library