× Didn't find what you were looking for? Ask a question
  
  
Top Posters
Since Sunday
9
T
8
D
8
t
7
j
7
m
7
m
7
l
6
g
6
Y
6
S
6
j
6
New Topic  
wrote...
Posts: 680
Rep: 0 0
A year ago
Why do skilled workers earn relatively higher wages than unskilled workers?
 a. The marginal productivity of skilled workers is low.
  b. The marginal cost of hiring skilled workers is low.
  c. The supply of skilled workers is relatively less.
  d. There is an abundant supply of skilled workers.
  e. The marginal cost of hiring unskilled workers is high.

QUESTION 2

Peanut butter and jelly are:
 a. substitutes and have a positive cross-price elasticity of demand.
  b. complements and have a positive cross-price elasticity of demand.
  c. substitutes and have a positive cross-price elasticity of demand.
  d. complements and have a negative cross-price elasticity of demand.
  e. inferior goods when the income elasticity of demand is positive.

QUESTION 3

Explain the concept of utility.

QUESTION 4

Which of the following refers to human capital?
 a. Money spent by business to acquire labor
  b. The acquired skill and productivity of workers
  c. The plant and equipment used with labor
  d. Money spent on purchasing the latest machinery
  e. Money that workers save

QUESTION 5

When the cross-price elasticity of demand for two goods is a positive number, one can correctly conclude that:
 a. the goods are normal goods.
  b. the goods are inferior goods.
  c. the goods are substitutes.
  d. the goods are complements.
  e. total revenue will increase when the price increases.

QUESTION 6

Use the concept of diminishing marginal utility to explain why we would be more likely to see an all you can eat pizza buffet rather than an all you can carry sunglass buffet.
Read 21 times
3 Replies
Replies
Answer verified by a subject expert
wrote...
Posts: 422
Rep: 0 0
A year ago
[Answer to ques. #1]  c

[Answer to ques. #2]  c

[Answer to ques. #3]  Utility is a measure of the relative levels of satisfaction that consumers get from the consumption of goods and services. The concept is used to more clearly define the relationship between consumer choice and resource allocation.

[Answer to ques. #4]  b

[Answer to ques. #5]  c

[Answer to ques. #6]  As more food is consumed at one buffet sitting, the marginal utility declines substantially. At some point additional food could actually feature a negative marginal utility if the individual become sick from eating too much. However, the marginal utility of additional pairs of sunglasses does not decline a significantly and is unlikely to be negative since additional pairs will benefit the individual or could be given as gifts.
1

Related Topics

wrote...
A year ago
I tried finding this in the textbook, but it wasn't helpful. Do you mind mentioning where you found it?
wrote...
A year ago
I had to be of digging to get them, along with research online. The textbook is actually quite good and informative...
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers.
Learn More
Improve Grades
Help Others
Save Time
Accessible 24/7
  140 People Browsing
 122 Signed Up Today
Your Opinion
Which 'study break' activity do you find most distracting?
Votes: 162

Previous poll results: Who's your favorite biologist?
Related Images
 440
 144
 142