12. Suppose you had to pay a nonrefundable buffet fee of $10 for your meal plan, wh ch allows you to get total 10 plates of food. If you eat 6 plates of food, your marginal cost of the 7th plate of food is
19. Refer to the accompanying graph. Suppose the solid line shows the demand for coffee. If coffee and tea are substitutes, and the price of tea increases, then you would expect: Market for Coffee Price D(B) D(A) Quantity
A. the demand for coffee to shift to D(B)
B. the demand for coffee to shift to D(A)
C. a decrease in the quantity of coffee demanded, but no shift in the demand curve
D. an increase in the quantity of coffee demanded, but no shift in the demand curve
20. The latest iphone is available at the apple store near to your house for a price of $799.99. The value of time taken to make a trip to the apple store is $50. According to this information the implicit, explicit and total cost of buying the iphone are:
A. $799.99; $50; $799.99 B. $50; $799.99; $50 C. $799.99; $50; $849.99 D. $50; $799.99; $849.99
15. Consider the following demand curve for movie tickets where the vertical axis shows price per show and the horizontal axis measures the tickets purchased daily (in 1000s). Price (5) 0 2 4 6 8 10 12 14 Quantity What is the revenue when P=$4 per ticket?
A. $20,000 B. $24,000 C. $29,000 D. $30,000
16. Now, suppose that price drops to $2 per ticket. How much is the change in revenue from the previous scenario?
A. increases by $10,000 B. decreases by $10,000 C. increases by $4,000 D. decreases by $4,000 Fall 2019 ECN 250 Biswas
17. Based on the change in revenue between points B and D, one can say that
A. The demand for movie tickets is unit elastic between points B and D
B. The demand for movie tickets is inelastic between points B and D
C. The demand for movie tickets is elastic between points B and D
D. The demand for movie tickets is perfectly elastic between points B and D
18. The elasticity of demand at point B is A. -1/3 B. 1/3 C.-4/3 D. 4/3. Get Economics homework help today
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