1. Lemmy is eating chocolate bars. The first bar gives him a marginal utility of 26 utils....
Fantastic news! We've Found the answer you've been seeking!
Question:
1. Lemmy is eating chocolate bars. The first bar gives him a marginal utility of 26 utils. The second bar gives him a marginal utility of 17 utils. His total utility after eating 3 bars was 43 utils. The marginal utility of the third chocolate bar was __________ utils.
2.
Consider the following demand equation:
Qd = 87 - 3P
Using the point elasticity formula, find the price elasticity of demand at a price of P = 12. Your answer will likely be a decimal. Round it to the nearest 2 places.
The price elasticity of demand is _____________.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: