Author Question: Four friends decide to have a party every Saturday. They decide to contribute to a pool of money ... (Read 156 times)

DyllonKazuo

  • Hero Member
  • *****
  • Posts: 565
Four friends decide to have a party every Saturday. They decide to contribute to a pool of money that will be spent for the parties. The table shows the maximum amount each friend is willing to contribute for each party:
 
  Number of parties Peter Mary Kate Jacob
  First party 250 340 120 215
  Second party 200 270 100 160
  Third party 135 80 70 100
  Fourth party 60 100 25 40
 
  If the cost of each party is 225, up to how many parties should they have to maximize total surplus?
  A) 1
  B) 2
  C) 3
  D) 4

Question 2

When OPEC increases the supply of oil to the market, the price of gasoline falls. This is an example of
 
  A) a normative statement.
  B) the failure of opportunity cost to determine prices.
  C) a positive statement.
  D) a macroeconomic statement.



ndhahbi

  • Sr. Member
  • ****
  • Posts: 390
Answer to Question 1

D

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

For a complete list of videos, visit our video library