If the price of oil is 60 per barrel, the quantity of oil supplied is 70 million barrels per day. If the price is 40 per barrel, the quantity of oil supplied is 69 million barrels per day. This implies that the
A) supply of oil is elastic.
B) supply of oil is inelastic.
C) demand for oil is inelastic.
D) demand for oil is elastic.
Question 2
Andrew's utility of wealth schedule is depicted in the above table. Andrew is offered a job as a cook which pays 10,000. He is also offered a job as a server which will pay 5,000 if tips are poor and 15,000 if tips are good.
There is a 50 percent chance that tips will be poor and a 50 percent chance that tips will be good. Given the nature of Andrew's job offers and his utility of wealth schedule, Andrew will A) accept the offer to work as a server.
B) accept the offer to work as a cook.
C) be indifferent between working as a cook or a server.
D) be unable to reach a decision about which offer to accept.
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