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 60 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
Excellent

jojobee318

  • Member
  • Posts: 298
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

The U.S. Preventive Services Task Force recommends that all women age 65 years of age or older should be screened with bone densitometry.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Many mothers pump their breast milk so that fathers can be involved in infant feedings Many mothers pump their breast milk so that fathers can be involved in infant feedings
An Inverted U Curve An Inverted U Curve
Bell Curve for Intelligence IQ scores for a population-based sample usually fall into this kind of Bell Curve for Intelligence IQ scores for a population-based sample usually fall into this kind of
The Radioactive Decay Curve The Radioactive Decay Curve
A teaspoon of milk of magnesia contains 12.0 mg of magnesium hydroxide A teaspoon of milk of magnesia contains 12.0 mg of magnesium hydroxide
A 1000-kg car is slowly picking up speed as it goes around a horizontal unbanked curve whose ... A 1000-kg car is slowly picking up speed as it goes around a horizontal unbanked curve whose ...
Video: Humerus Adduction Animation

For a complete list of videos, visit our video library