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ECON_ 103_B_Fall_2026:Principles of Microeconomics
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Figure 6-11
Refer to Figure 6-11. What is the value of the price elasticity of supply between g and h?
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Table 11-10
Elegant Settings manufactures stainless steel cutlery. Table 11-10 shows the company's cost data.Refer to Table 11-10. What is the minimum efficient scale of production?
| Quantity (sets) | Long-Run Average Cost |
| 100 | $40 |
| 200 | 35 |
| 300 | 30 |
| 400 | 30 |
| 500 | 35 |
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Figure 9-1
Figure 9-1 shows the U.S. demand and supply for leather footwear. Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $18. What is the value of domestic producer surplus?
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Table 10-5
Refer to Table 10-5, which lists the values of Harry Taber's marginal utility and marginal utility per dollar for Italian submarine (sub) sandwiches and tacos. Assume that the price of a sub sandwich is $4 and the price of a taco is $2. When Harry's income is $14, he buys two Italian sub sandwiches and three tacos. The last column lists the values of the marginal utility per dollar for tacos when the price of a taco decreases to $1. Complete this statement: As a result of the change in price, the marginal utility of each taco Harry consumes increases and
| | Italian Sub | Italian Sub | Taco | Taco | Taco |
| Quantity | MU | MU/$4 | MU | MU/$2 | MU/$1 |
| 1 | 40 | 10 | 30 | 15 | 30 |
| 2 | 32 | 8 | 24 | 12 | 24 |
| 3 | 20 | 5 | 16 | 8 | 16 |
| 4 | 12 | 3 | 12 | 6 | 12 |
| 5 | 6 | 1.5 | 8 | 4 | 8 |
| 6 | 2 | 0.5 | 4 | 2 | 4 |
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Which of the following statements about utility and preferences is false?
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If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because
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Many economists argue that eliminating tariffs or other restrictions on free trade benefit U.S. consumers by
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Which of the following statements is true?
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Which of the following items is likely to have the highest income elasticity of demand?
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Price elasticity of supply is used to gauge
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