DirectionssBlacken the most correct ansver on your soantron 1. P htoh of the tol

Question

DirectionssBlacken the most correct ansver on your soantron 1. P htoh of the tolloving the doma most elastic? ing goods to the domand eueve 1ike1y to be the a. b. water for a desert dveller insulin for a diabetio ne Pord automobile for a traveling salesperson 2. Indifference curves are alwaya drawn so that they are convex with matches reapect to the origin. This convexity refleotss increasing costs of production the law of variable decreasing marginal utility the budget constraint of the individual a. b. rtions Use the the table below to anever the following question. Nusber of 12 15 14 13 3. Given the total number of bushels of tomatoes produced per hour from the table above, we can say that dininishing returns sets in: a. with the first worker b. with the fourth worker c. with the seventh worker d. with the eighth worker 4. The declining portion of the long-run average total cost curve is evidence of: deciining fixed costs too little production a daclining marginal product eccnomies of scale a. b. DA

Explanation / Answer

Answer.)

Q1.) c.) a new ford automobile for a traveling salesperson

Due to availability of many substitutes, elasticity would be higher for a new ford automobile.

Q2.) c.) Decreasing marginal utility

Q3.) b.) with the fourth worker

Note that marginal product decreased by 1 bushel ( from 4 to 3) after employment of 4th worker

Q4.) d.) economies of scale

the shape of the long-run average cost curve depends upon the returns to scale. Returns to scale increase with the initial increases in output and after remaining constant for a while, the returns to scale decrease.

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