Sharon,a Marketing Major,has Her First Economics Test and Her First

question 36

Multiple Choice

Sharon,a marketing major,has her first economics test and her first finance test to take tomorrow and she has four hours tonight to allocate to studying the two subjects.The data below show her scores on the two tests based on the time spent studying.(Hint: Studying economics for 0 hours means studying finance for 4 hours. )

-The sequence of marginal benefits from the 1^st to the 4^th hour of economics studying is

• A) 12,4.5,1,-5.
• B) 77,86,89,91.
• C) 26,14,5,2.
• D) 12,21,24,26.
• E) 12,9,3,2.

---

Definitions:

Labor

The work performed by individuals that contributes to the production of goods and services in an economy.

Variable Costs

Expenses that vary in direct proportion to the level of production or sales volume, such as materials and labor.

Quantity Produced

Indicates the total amount of goods or services produced by a company during a specific period.

Cross-Price Elasticity

A measure of the responsiveness in the quantity demanded of one good due to a price change in another good.