Suppose Jerry consumes three hamburgers at McDonald's one evening. He figured the last one was just worth the price he paid for it. If the hamburgers he buys have a price of 1, then
a. he earned no consumer surplus
b. he would have earned consumer surplus if he had eaten one more hamburger
c. he was irrational
d. he may have earned consumer surplus on the first two hamburgers
e. he earned 1 consumer surplus on the third hamburger alone
Question 2
Elvis values the first gravy sandwich at 5, the second at 4.50, the third at 4 . If he buys three for 4 each, his consumer surplus is
a. 5
b. 4
c. 1.50
d. 9.50
e. 12
The rotifer, Brachionus calyciflorus, is a large predator that consumes the smaller algae, Chlorella
Jerry Uelsmann, Untitled (tree component).
Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ...
Let A ⊆ R and p ∈ A. Suppose A\{p}6= ∅. Prove that p is an isolated point of A if and ...
Suppose that we have a sample space with five equally likely experimental outcomes: E1, E2, E3, ...