10. (01.06 MC) Below is the total benefit Kenneth estimates he would get for jars of chocolate-flavored hazelnut butter. Jars Total Benefit (dollars) 1 5 2 3 12 4 14 5 15 6 14 7 10 If 3 is Kenneth's optimal quantity of jars consumed, what must be the price per jar? (1 point) O $3 O $5 O $9 O $12 O $1416. (02.03 MC) Use the graph to answer the question that follows. (1 point) Demand for Product Z 12 10 4, 10 8,8 Price (Dollars) 16, 6 4 24.4 2 30. 2 10 15 20 25 30 35 Quantity (Pounds) What is the price elasticity of demand when price decreases from $10 to $8? O 0.1 O 0.5 O O 3 O 5Price Supply A B P2 P- - C H P3 D IK G Demand Q1 Q2 Q3 Quantity (units) If the price is set at P3, what area represents the total economic surplus? (A+ B + C+ D A + B + C A + B + C + F +G OD OEUse the graph to answer the question that follows. (1 point) Price Supply A P1 F P2 C F P3 D - - Demand - - Q1 Q2 Q3 Quantity (units) This market will be efficient, maximizing economic surplus with no deadweight loss, when the price is O above P2 below P2 O equal to P2 O equal to P1 below P125. (03.01 MC) A business hires workers to help detail car interiors at a car wash. The following table shows the marginal productivity of each worker in number of cars detailed. Number of Workers Marginal Product 1 5 2 3 12 4 13 5 13 6 10 Which number of workers produces a total product of 26 cars detailed? (1 point) O 2 O 3 O 5 O 6Price MC ATC ATC, Quantity (units) Which of the following explains the shift indicated on the graph? Variable costs decreased Variable costs increased O Fixed costs decreased Total costs increased IndeterminateW Q 3. (01.03 LC) (1 point) C Product 1 D Product 2 Which of the following points represents a failure to maximize productive resources? O D only E only A and E B and D B, C, and D6. (01.04 MC) Use the production possibilities table below to answer the following question. Assume constant opportunity costs for Steven and Matthew. Units of Cheese in a Day Fish in a Day Steven 10 25 Matthew 30 10 Which of the following is true regarding Steven and Matthew's trade advantages? (1 point) O Matthew has an absolute advantage in fish. O Matthew has a comparative advantage in fish. Steven has an absolute advantage in cheese and fish. O Steven has an absolute and comparative advantage in fish. O Steven has absolute and comparative advantages in cheese.8. (01.05 MC) A consulting firm gives the managing director the following options to improve his company. Cost (thousands of dollars) Benefit (thousands of dollars) Option A 10 50 Option B 50 100 Option C 120 150 Option D 200 210 Option E 125 200 Based on the data provided, which option returns the lowest net benefit? (1 point) O Option A Option B O Option C O Option D O Option Em I] 9101.06 MC) The table below shows the total utility that Andrea enjoys based on the number ofjuices she consumes. Juices Consumed Total Utility (utils) 1 2 2 7 3 ll 4 14 5 16 Based on the table above, what is the marginal utility of the third juice? {1 point}