Practice test

Identify the choice that best completes the statement or answers

consumption of a good divided by the change in the consumption of that

Alice receives 123 utils from consuming one hamburger and 50 utils from

consuming a second hamburger. How much should my gas bill be per month What is the marginal utility of the second

are eating slices of pizza and after consuming the first slice you have 14 utils,

after the second you have 22 utils, and after the third 25 utils. Average gas and electricity costs 4 bed house Then

applicable because your total utility is increasing instead of

are eating buffalo wings at a local happy hour.


Gas calculator road trip The total utils from doing so

after the fourth, fifth, sixth, and seventh wings are 80, 116, 136, 150,

respectively. Cost of gas in austin texas The marginal utility of the sixth wing is __________ utils.

additional satisfaction gained from consuming additional units tends to

additional satisfaction gained from consuming additional units tends to

satisfaction received tends to increase but at a diminishing rate.

expect the total utility of diamonds to be __________ than the total utility of

water and the marginal utility of diamonds to be __________ than the marginal

expect the total utility of water to be high but its marginal utility to be low.

resources used in production for which no actual monetary payment is made is a(n)

months ago Wilson opened up a health club. Calculate estimated fuel cost your trip Which of the following is an implicit

the following information about a business Diane opened last year: price = $4,

quantity sold = 10,000; implicit cost = $14,000; explicit cost = $20,000. Gasbuddy fuel cost calculator What

owner-operator of Joe’s Haircuts Unlimited. Cost of gas fireplace per hour Last year he earned $100,000 in

total revenues and paid $75,000 to his employees and suppliers. How much would gas cost for 1000 miles During the

course of the year, he received three offers to work for other barbers, with the

highest offer being $45,000 per year. Cost of gas in orlando florida What are Joe’s implicit costs?

owner-operator of Joe’s Haircuts Unlimited. How much will it cost in gas Last year he earned $100,000 in

total revenues and paid $75,000 to his employees and suppliers. Gas cost to travel During the

course of the year, he received three offers to work for other barbers, with the

highest offer being $45,000 per year. Cheapest gas by state What are Joe’s economic profits?

in total cost that results from a change in output is __________ cost.

the following curves should one look at to observe the law of diminishing

Exhibit 7-1. Gas price road trip The numbers that go in blanks A and B are, respectively,

Exhibit 7-1. Gas cost mileage calculator Diminishing marginal returns set in with the addition of which unit

average-marginal rule states that if the marginal magnitude is

marginal cost curve cuts the __________ curve at its lowest point.

Exhibit 7-2. Highest gas price in us today The dollar amounts that go in blanks C and D are, respectively,

Diane figures that the ingredients necessary to make donuts will cost

$.05 per donut. The rising cost of gasoline She has paid $4,400 for the donut-making machinery and

Situation 7-l. Price of gasoline in italy today What will Diane’s average variable costs be if she sells 2,500

Situation 7-l. How to calculate petrol cost per km What will Diane’s average fixed costs be if she sells 2,500

Exhibit 7-3. Gas cost from city to city The average fixed cost of producing 20 units of output is

Exhibit 7-3. How much should gas cost a month The marginal physical product figures in blanks B and C are,

sellers and therefore have virtually complete control over the

of market, but once the firm is established, it will be a profitable

because there tend to be so many buyers that it is difficult to deal

at which a perfectly competitive firm sells its product is determined by

sellers of the product that together they cannot agree on the price.

Exhibit 8-1. Google maps calculate fuel cost The dollar amounts that go in blanks A and B are, respectively,

Exhibit 8-1. Fuel cost for road trip The data are relevant to a perfectly competitive firm because

Exhibit 8-2. Cost of gas trip calculator canada If the firm produces the quantity of output at which marginal

revenue (MR) equals marginal cost (MC), is it guaranteed maximum profit or

be the case that average variable cost is greater than price and the

total cost curve always lies below it and thus profit is earned.

Exhibit 8-3. Average cost of gas per mile 2011 What quantity of output would the profit-maximizing firm produce?

the following data: equilibrium price = $10, quantity of output produced = 100

units, average total cost = $8, and average variable cost = $7. Estimate gas cost road trip What will the

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