Quiz 1 Notes (WK1)

Quiz 1 Notes (WK1) - Quiz 1 Notes (WK1)

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Quiz 1 Notes (WK1) Explanations for Frequently Missed Questions on Quiz 1  Grace Onodipe 18 Jan 10
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Most students did a fine job on the first quiz. But there were a few questions that a lot of  students missed. These are the explanations for the correct answers. I noticed that some students seem to have rushed through the quiz. Please take your  time on future quizzes and verify your answers with your textbook. You have 30  minutes to complete the quiz. Take advantage of the OPEN BOOK nature of these  quizzes. Consult your textbook for the answers.  If you eat at a Chinese restaurant that charges $9 for its all you can eat buffet, then the  marginal cost of your third trip to the buffet is zero. Recall that Marginal Cost (MC) is the  additional cost of one additional unit. At a buffet, once you get in, the MC = 0. Positive statements reflect “what is” and in this case inflation rate is 3.4%. Normative 
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Quiz 1 Notes (WK1) - Quiz 1 Notes (WK1)

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