Multiple Choice
Consider Devon's total utility from snorkeling and windsurfing in Table 8.3.1.Suppose Devon's total income is $35.If the price of windsurfing rises to $20 per hour,what is Devon's price elasticity of demand for windsurfing?
A) 1.0
B) 0.67
C) 1.5
D) 10
E) 1.33
Correct Answer:
Verified
Correct Answer:
Verified
Q7: Marginal utility theory predicts that a rise
Q8: A behavioural economist will explain Tom's donation
Q9: Chuck and Barry have identical total utility
Q10: Martha and Sarah have the same preferences,face
Q11: Billy likes candy and popcorn.Candy sells for
Q13: The three limitations on human rationality that
Q14: Samir consumes apples and bananas and is
Q15: Billy likes chocolate bars and popcorn.Chocolate bars
Q16: Use the table below to answer the
Q17: When total utility is increasing,marginal utility<br>A)is negative.<br>B)must