economics multiple choice questions help

Jan 18th, 2016
Price: $5 USD

Question description

The change in total utility resulting from a unit change in consumption of a good is called?


b. marginal utility

c. marginal value utility

d. absolute utility

2.If the price of a physician's visit is $75, and a individual A purchases 10 visits, individual B purchase 12 visits, individual C purchases 14 visits, and individual D purchases 0 visits, what is the market demand for physician visits?

a.12 visits

b.26 visits

c. 40 visits

d. 9 visits

 e. 36 visits

3.Assume that Dr. X charges $30 for a test and that ast week he preformed 120 tests. This week, he raised his charges to 32,50 for that test and ony provided 110 tests, What is the approximate of demand?

a. -1.4

b. -3.7

c. -2.3


e. -0.9

4. A food supplement store sold a vitamin for $2.00 a bottle and in one month sold 2,000 bottles. After a price increase, the vitamin sold for $2.20 a bottle and the store sold 1900 bottles next month. What is the elasticity of demand?

a. -0.283

b. -0.538

c. -0.176

d. -0.715


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