Table 16-3 Julie Plans to Start a Pet-Sitting Service. She Surveyed Her

question 26

Multiple Choice

Table 16-3

Julie plans to start a pet-sitting service. She surveyed her neighborhood to determine the demand for this service. Assume that each person surveyed demands only one hour of pet sitting services per period. Table 16-3 above shows a portion of her survey results.
-Refer to Table 16-3.Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7 per hour.What is her marginal revenue?

• A)It is $7 for the first hour and starts declining thereafter.
• B)It is $7 for the first hour and starts increasing thereafter.
• C)It is constant at $7.
• D)It coincides with the figures in the table; $12 for the first hour, $10 for the second, $9 for the third, and $8 for the fourth.

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Definitions:

Infantile Amnesia

The relative paucity of autobiographical memories dating from before about 3 years of age.

Autobiographical Memories

Refers to a person's memories of their own life events and experiences, including both significant milestones and everyday events.

Central Details

The most important or essential pieces of information within a context or text.

Peripheral Details

Information that is not the central focus but can be found in the margins or periphery, often not the main point of attention.