This Graph Shows One Consumer's Demand for Ice Cream at the Student

question 90

Multiple Choice

This graph shows one consumer's demand for ice cream at the student union:
When price is $2 per scoop,each student's consumer surplus is determined by

• A)the difference between maximum willingness to pay of $4.50 and $2,or $2.50.
• B)the area of the triangle of dimension ($4.50 - $2.00)high and 6 long = $7.50.
• C)the difference between each student's maximum price of $4.50 and $2 times the number of scoops,or $2.50 times 6 = $15.
• D)The area of the triangle of dimension $4.50 high and 8 long = $18.

Understand the principle of marginal productivity and its implications for resource use and firm profitability.

Analyze the impact of changes in good demand on the demand for resources used in production.

Understand the implications of production functions on output and marginal product.

Recognize the derived demand for inputs based on products demand and its consequences on labor and input markets.

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Definitions:

Peripheral Nerve

Nerves that are located outside the brain and spinal cord, responsible for transmitting sensory and motor signals to and from the rest of the body.

Epineurium

The outermost layer of connective tissue surrounding a nerve, providing protection and support to the nerve fibers.

Endoneurium

The delicate connective tissue that individually encloses each nerve fiber within peripheral nerves, providing support and protection.

Perineurium

The connective tissue sheath that encloses each fascicle of nerve fibers within a peripheral nerve, providing support and protection.