87. If the price of popcorn is $0.50 per box and the price of peanuts is $0.25 p

Question

87. If the price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have $10 to spend on both goods, the maximum quantity of peanuts that you can purchase is _______ bags.
A) 5
B) 10
C) 20
D) 40

88. If the price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have $10 to spend and decide to purchase 8 bags of peanuts, the maximum quantity of popcorn that you can purchase is _______ boxes.
A) 4
B) 8
C) 10
D) 16

89. If the price of popcorn is $0.50 per box and the price of peanuts is $0.25 per bag, and you have $10 to spend and decide to purchase 20 bags of peanuts, the maximum quantity of popcorn that you can purchase is _______ boxes.
A) 8
B) 10
C) 12
D) 16

90. The costs economists use in the concept of economic profit are:
A) accounting costs.
B) strictly dollar costs, not opportunity costs.
C) opportunity costs, or the value of the best opportunity forgone.
D) both A and C.

91. In order to maximize net benefit, consumers and firms evaluate each activity at the:
A) average.
B) top.
C) margin.
D) end.

92. Net benefit is maximized when marginal benefit _______ marginal cost.
A) exceeds
B) is less than
C) is equal to
D) approaches

Explanation / Answer

0.5 x + 0.25 y = 10

maximum available only when x = 0 thus

y = 10/0.25 = 40 .

thus 40 bags   ans

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