The price of popcorn is dollar0.50 per box and the price of peanuts is dollar0.2
ID: 1219692 • Letter: T
Question
The price of popcorn is dollar0.50 per box and the price of peanuts is dollar0.25 per bag, and you have dollar10 to spend. You decide to purchase 20 bags of peanuts. The maximum quantity of popcorn that you can purchase is_______boxes. 8 10 10 16 Chuck spends all his income on two goods: tacos and milkshakes. His income is dollar100, the price of tacos is dollar10, and the price of milkshakes is dollar2. The opportunity cost of one milkshake is equal to_________units of tacos. 2 10 5 1/5 An indifference curve is a line that shows all the consumption bundles that: an individual can purchase with a given income. yield the same total utility for an individual. yield the same marginal utility. have the same marginal rate of substitution. You own a small deli that produces sandwiches, soups, and other items for customers in your town. Which of the following is a fixed input in the production function at your deli? the dining room where customers eat their meals loaves of bread used to make sandwiches cans of tomato sauce used to make soups employees hired to help make the food The term diminishing returns refers to: a falling interest rate that can be expected as one's investment in a single asset increases. a reduction in profits caused by increasing output beyond the optimal point. a decrease in total output due to overcrowding, when too much labor is used with too little land or capital. a decrease in the extra output due to the use of an additional unit of a variable input, when more and more of the variable input is used and all other things are held constant. In the long run, all costs are: fixed. constant. variable. marginal.Explanation / Answer
29. Option (b) –maximum popcorn can purchased = $5/0.50 =10
30. Option (C) – opportunity cost of one milk shake is equal to 10/2 =5 units of tacos.
31. Option (B) -indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility.
35. Option (A) - A fixed input is one whose quantity cannot be changed in a particular time period.
36. Option (D) - used to refer to a point at which the level of profits or benefits gained is less than the amount of money or energy invested.
37. Option (c) - Long run a period of time that is sufficient to enable all factors of production to be adjusted.
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