Suppose Isaac's Marginal Utility from Attending His 5th White Sox

question 22

Multiple Choice

Suppose Isaac's marginal utility from attending his 5th White Sox game was 40 and the marginal utility from attending his 1st U2 concert was 200. Assume that the price of a Sox ticket is $20 and the price of a U2 ticket is $120. Which of the following would be true?

• A) Isaac would attend more U2 concerts and less Sox games.
• B) Isaac would attend more Sox games and less U2 concerts.
• C) Isaac would not alter his behavior.
• D) Isaac would attend less of both Sox games and U2 concerts.

Understand the effect of "act of God" exceptions on bailment liability.

Recognize the conditions necessary for a valid sub-bailment.

Identify the application of res ipsa loquitur in bailment cases.

Understand the distinction between goods and services, including examples and characteristics.

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Definitions:

Credit Card

A plastic card issued by a bank or financial institution allowing the holder to purchase goods or services on credit.

Proportion of Resignations

The proportion of resignations refers to the comparative measure of the number of individuals resigning from their positions over a specific period relative to the total number of individuals in the population.

Seasons

Divisions of the year marked by changes in weather, ecology, and the amount of daylight, often defined culturally and geographically.

Uniform Distribution

A probability distribution where all outcomes are equally likely to occur.