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.
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