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Author Question: There is only one gas station within hundreds of miles. The owner finds that when she charges 3 a ... (Read 79 times)

cookcarl

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on: Jun 30, 2018
There is only one gas station within hundreds of miles. The owner finds that when she charges 3 a gallon, she sells 199 gallons a day, and when she charges 2.99 a gallon, she sells 200 gallons a day. The marginal revenue of the 200th gallon of gas is:
 a. .01.
  b. 1.
  c. 2.99.
  d. 3.
  e. 600.

Question 2

If Jane's marginal benefit as a consumer in the jeans market is larger than the price of a pair of jeans:
 a. Jane will not purchase any more jeans.
  b. Jane can benefit by purchasing more jeans.
  c. the opportunity cost of a pair of jeans is lower than the price.
  d. Jane will decrease her total utility by purchasing more jeans.


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Hikerman221

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

b


cookcarl

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Reply 2 on: Jun 30, 2018
Excellent

dreamfighter72

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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