Use the table to answer this question. Consider 3 goods or resources: shoes, sce

Question

Use the table to answer this question. Consider 3 goods or resources:
shoes, scenic view, satellite radio.
Classify each item by noting the characteristics in each of the table's cells.

A.) shoes = A; scenic view = D; satellite radio = C.

shoes = B; scenic view = A; satellite radio = C.

shoes = A; scenic view = C; satellite radio = D.

shoes = D; scenic view = B; satellite radio = C.

shoes = C; scenic view = B; satellite radio = D.

A.) shoes = A; scenic view = D; satellite radio = C.

B.)

shoes = B; scenic view = A; satellite radio = C.

C.)

shoes = A; scenic view = C; satellite radio = D.

D.)

shoes = D; scenic view = B; satellite radio = C.

E.)

shoes = C; scenic view = B; satellite radio = D.

QUESTION 29 3 points Save Answer Price (dollars per unit) MC 17 ATC 10 1000 1200 1400 Quantity (units) Use the figure above to answer this question. If the firm is maximizing profit, it will produce units and make an economic profit of O 1,000; $4,000 1.200: $12,000 1,400; $10,000 1,200; $3,600 O 1,000; $10.000 QUESTION 30 3 points Save Answer Excludable Non-excludable Rival A NoC

Explanation / Answer

29)

Profit is maximized where P = MC

Q = 1200 units

Profit = (P - ATC) x Q = 1200 x (10 - 7) = $3600

(option 4 is correct)

30)

Option A is correct

Shoes are both rival and excludable, scenic view is a public good (non-rival and non-excludable) , sattelite radio (non-rival and excludable (listeners can be charged for this service))

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