Author Question: If the price of oil is 60 per barrel, the quantity of oil supplied is 70 million barrels per day. If ... (Read 58 times)

NClaborn

  • Hero Member
  • *****
  • Posts: 560
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.



Sarahjh

  • Sr. Member
  • ****
  • Posts: 370
Answer to Question 1

B

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

There are immediate benefits of chiropractic adjustments that are visible via magnetic resonance imaging (MRI). It shows that spinal manipulation therapy is effective in decreasing pain and increasing the gaps between the vertebrae, reducing pressure that leads to pain.

Did you know?

Malaria mortality rates are falling. Increased malaria prevention and control measures have greatly improved these rates. Since 2000, malaria mortality rates have fallen globally by 60% among all age groups, and by 65% among children under age 5.

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

For a complete list of videos, visit our video library