Question
1/Suppose that a restaurant offers the menu below: 1 slice of pizza - $2.50 2 slices of pizza - $4 2 slices and a soda
1/Suppose that a restaurant offers the menu below:
1 slice of pizza - $2.50
2 slices of pizza - $4
2 slices and a soda - $5
What is the marginal cost of the 1st slice of pizza?
Multiple choices
a. $2.
b. $1.50
c. $2.50
2/ Base on the menu in the previous question, what is the marginal cost of the 2nd slice of pizza?
Multiple choices
a. $4
b. $2
c. $1.50
3/ Suppose that I have a clothing factory, and the number of T-shirts I can make depends on how many workers I hire as shown in the table below.
Workers | T-Shirts |
0 | 0 |
1 | 10 |
2 | 22 |
3 | 27 |
4 | 28 |
What is the marginal output (also called marginal product) of the 2nd worker?
4/ Based on the factory in the prior question, which worker has the highest marginal product or marginal output?
Multiple choices
a. worker 4
b.. worker 3
c. worker 2
d. worker 1
5/Suppose that a pizza place offers all-you-can eat pizza for $10. If you eat 5 slices, what is the marginal cost of the 5th slice?
Multiple choices
a. 10
b. 0
c. 2
6/Suppose that I start selling t-shirts that say "SSU Econ Department" on them to raise money for the department. I do market research and discover that if I charge $10 I will sell 3 of them, and if I charge $9 I will sell 4. What is the marginal benefit of selling the 4th t-shirt?
HINT: To answer this question, you have to start with the total benefit of selling 3.
Multiple choices
a. 36
b. 10
c. 9
d. -1
e. 6
7/Suppose that your score on the next econ quiz depends how many hours you study the night before, as shown below:
Study Hours | Score |
0 | 30 |
1 | 60 |
2 | 75 |
3 | 82 |
4 | 80 |
What is the marginal benefit of the 4th hour of studying?
Multiple choices
a. 5
b. 20
c. -2
d. 80
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