ECON 2010 FINAL

ECON 2010 FINAL

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 13.50 C) not enough information to answer the question D) $25 Version 1 Page 6 29. Melvin is the only guy town selling "medical" marijuana--he is a monopolist and demand is strong. He can sell 3 tons at $9k a ton, but if he lowers his price from $9K a ton to $8K a ton he can sell 4 tons. For Melvin, the marginal revenue associated with the 4th ton is at first the revenue is $9k x 3 (=27), then it changes A) $32K to B) $5K C) Not enough information to figure it out $8k x 4 (=32), the marginal revenue is the difference D) $1K 30. George makes candy bars; production requires two inputs: chocolate, c, and sugar, s. The constant MRTScs 3 / 4 . George will likely use both chocolate and sugar to produce his candy bars A) True B) False 31. You go to college. It costs money, precludes you from working, and is more stressful than not going to college. Given this, tranquility is part of the opportunity cost of going to college. A) True B) False 32. Branding cattle helps to maintain and enforce property rights. Putting your name on something is a way of protecting your property rights; A) True B...
View Full Document

This document was uploaded on 02/18/2014 for the course ECON 2010 at Colorado.

Ask a homework question - tutors are online