Which of the following goods is likely to have the lowest price elasticity of demand?
A) Life-saving drugs
B) Potato chips
C) Chocolates
D) Decorative flowers
Question 2
Suppose that you are spending two hours a day studying economics, and your grade is 85 percent. You want a higher grade and decide to study for an extra hour a day. As a result, your grade rises to 90 percent. Your marginal benefit is the
A) 5 point increase in your grade minus the opportunity cost to you of spending the hour studying.
B) extra hour per day you spend on studying.
C) 5 point increase in your grade.
D) three hours per day you spend on studying.
This lithograph by Currier and Ives gives an erroneous impression of the “battle.” Major Robert Ande
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