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ECON_ 103_B_Fall_2026:Principles of Microeconomics
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Leody buys 6 baseball caps and 9 calendars. The marginal utility of the 6th baseball cap and the marginal utility of the 9th calendar are both equal to 54 utils. Can we say that this is the optimal combination of baseball caps and calendars for Leody?
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In order to derive an individual's demand curve for salmon, we would observe what happens to the utility-maximizing bundle when we change
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Which of the following statements about the price elasticity of demand is correct?
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If a consumer receives 20 units of utility from consuming two candy bars, and 25 units of utility from consuming three candy bars, the marginal utility of the second candy bar is
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Which of the following is not a common mistake made by consumers?
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Which of the following is a reason why a firm would experience diseconomies of scale?
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Table 6-1
Refer to Table 6-1. Suppose you own a bookstore. You believe that you can sell 40 copies per day of the latest John Grisham novel when the price is $35. You consider lowering the price to $25 and believe this will increase the quantity sold to 50 books per day. Compute the price elasticity of demand using the midpoint formula and these data. Select the correct implication from your work.
| Price | Quantity |
| $35 | 40 |
| 25 | 50 |
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Which of the following explains why the marginal cost curve has a U shape?
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If the price of gasoline was $3.25 a gallon and it is now $3.75 a gallon, what is the percentage change in price?
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Pookie's Pinball Palace restores old Pinball machines. Pookie has just spent $300 purchasing and cleaning a 1960s-era machine which he expects to sell for $2,000 once he is finished with the restoration. After having spent $300, Pookie discovers that he will need to rewire the entire machine at a cost of $1,100 in order to finish the restoration. Alternatively, he can sell the machine "as is" now for $1,000. What is his marginal benefit if he sells the machine "as is" now?
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