1(iii). During the Toronto Film Festival, Pizza Pizza decreases its prices from $2.00 per slice to $1.50 per slice. Andy would choose to have 3 slices of pizza if the price was $2.00 per slice, and he would also choose to have 3 slices if the price was reduced to $1.50 per slice. Which of the following statements is TRUE? Andy's marginal benefit from the third slice does not change with the price of the slice Andy's marginal benefit from a fourth slice is less than $1.50 Andy's marginal cost for a fourth slice has decreased due to the price drop All of the above 1(iv). The local coffee shop is collaborating with the neighborhood soup kitchen to raise funds to provide free meals. The coffee shop finds that compared to asking for donations at the register, people donate more if a donation amount is automatically added to the bill and customers are given the option to have it removed. What behavioral bias does this represent? Status Quo Bias Risk Aversion Loss Aversion OverconfidencePlease answer the following questions: ll[i}. Which of the following is true at minimum total cost output? I Average total cost is higher than marginal cost I Average total cost is equal to marginal cost I Average variable co st is higher than marginal cost I Average variable co st is eg ual to marginal cost 1I[ii}I. Under an excise tax, the price paid by the consumer is not equal to the price received by the producer because the difference in these prices is the - Deadweight loss of the tax . - Total tax revenue generated - None of the above