Use the Following to Answer Questions

question 136

Multiple Choice

Use the following to answer questions:
-(Table: Natasha's Total Utility) Look at the table Natasha's Total Utility. Natasha's marginal utility _____ as her income increases. The marginal utility of income between $30,000 and $32,500 is _____ utils per dollar, while it is _____ utils per dollar between $47,500 and $50,000.

• A) increases; 0.48; 0.64
• B) increases; 0.12; 0.36
• C) diminishes; 0.50; 0.25
• D) diminishes; 0.32; 0.04

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Definitions:

FIFO Periodic

An inventory valuation method where goods first purchased or produced are also the first to be sold, assessed periodically at the end of an accounting period.

Beginning Inventory

The value of a company's inventory at the start of an accounting period, used in calculating cost of goods sold during the period.

Inventory Value

The total cost or market value of all the goods held by a company that are ready or will be ready for sale.

FIFO Inventory

An accounting method where the first items added to inventory are the first ones considered sold.