11 May IF SHE IS FOLLOWING THE MARGINAL PRINCIPLE, WHAT MUST HER MARGINAL BENEFIT BE?
Krystal runs a nail salon and needs to decide how many hours to stay open.
Table 2.2 illustrates her marginal costs of staying open for each additional
hour. Suppose that we observe Krystal staying open 2 hours per day. If she is
following the marginal principle, what must her marginal benefit be?
A)
$6
B)
$12
C)
$15
D)
$18
14)
Krystal runs a nail salon and needs to decide how many hours to stay open.
Table 2.2 illustrates her marginal costs of staying open for each additional
hour. Suppose that we observe Krystal staying open 5 hours and her marginal
benefit of staying open per hour is $18. If she is following the marginal
principle, Krystal should
A)
stay open 2 more hours.
B)
stay open 3 more hours.
C)
stay open 2 fewer hours.
D)
stay open 3 fewer hours.
15)
Krystal runs a nail salon and needs to decide how many hours to stay open.
Table 2.2 illustrates her marginal costs of staying open for each additional
hour. Suppose that we observe Krystal staying open 5 hours and her marginal
benefit of staying open per hour is $36. If she is following the marginal
principle, Krystal should
A)
stay open 1 more hour.
B)
stay open 2 more hours.
C)
stay open 1 fewer hour.
D)
stay open 2 fewer hours.
16)
Considering how a change in one variable affects the value of another variable
is called
A)
the Peter Principle.
B)
the marginal principle.
C)
the principle of supply and demand.
D)
functional decision making.
17)
When referring to “marginal” changes, the economic focus is on
A)
changes which affect only a few people or products.
B)
large changes on the low end.
C)
graduated changes on the high end.
D)
small or incremental changes.
18)
When deciding whether to engage in an activity or how much to do, people should
follow
A)
the principle of microeconomics.
B)
the principle of macroeconomics.
C)
the marginal principle.
D)
the law of supply and demand.
Recall
the Application about the best speed at which to sail an ocean cargo ship to
answer the following question(s).
19)
Recall the application. Weighing the benefits and costs of the different speeds
at which to sail an ocean cargo ship addresses the economic concept known as
A)
the principle of opportunity cost.
B)
the marginal principle.
C)
the principle of voluntary exchange.
D)
the principle of diminishing returns.
20)
Recall the application. Sailing an ocean cargo ship slower to save on the
expense of fuel as opposed to sailing it faster to save time and therefore
allow it to make more deliveries makes sense if the ________ of sailing slower
is less than the ________ of sailing slower.
A)
marginal benefit; marginal cost
B)
marginal cost; marginal benefit
C)
marginal benefit; opportunity cost
D)
marginal cost; opportunity cost
11)
Krystal runs a nail salon and needs to decide how many hours to stay open.
Table 2.2 illustrates her marginal costs of staying open for each additional
hour. Suppose that Krystal’s marginal benefit of staying open per hour is $18.
If she is following the marginal principle, how many hours should Krystal stay
open?A)
3 hoursB)
4 hoursC)
6 hoursD)
7 hours 12)
Krystal runs a nail salon and needs to decide how many hours to stay open.
Table 2.2 illustrates her marginal costs of staying open for each additional
hour. Suppose that we observe Krystal staying open 4 hours per day. If she is
following the marginal principle, what must her marginal benefit be?A)
$12B)
$18C)
$24D)
$30 13)
Krystal runs a nail salon and needs to decide how many hours to stay open.
Table 2.2 illustrates her marginal costs of staying open for each additional
hour. Suppose that we observe Krystal staying open 2 hours per day. If she is
following the marginal principle, what must her marginal benefit be?A)
$6B)
$12C)
$15D)
$18 14)
Krystal runs a nail salon and needs to decide how many hours to stay open.
Table 2.2 illustrates her marginal costs of staying open for each additional
hour. Suppose that we observe Krystal staying open 5 hours and her marginal
benefit of staying open per hour is $18. If she is following the marginal
principle, Krystal shouldA)
stay open 2 more hours.B)
stay open 3 more hours.C)
stay open 2 fewer hours.D)
stay open 3 fewer hours. 15)
Krystal runs a nail salon and needs to decide how many hours to stay open.
Table 2.2 illustrates her marginal costs of staying open for each additional
hour. Suppose that we observe Krystal staying open 5 hours and her marginal
benefit of staying open per hour is $36. If she is following the marginal
principle, Krystal shouldA)
stay open 1 more hour.B)
stay open 2 more hours.C)
stay open 1 fewer hour.D)
stay open 2 fewer hours. 16)
Considering how a change in one variable affects the value of another variable
is calledA)
the Peter Principle.B)
the marginal principle.C)
the principle of supply and demand.D)
functional decision making. 17)
When referring to “marginal” changes, the economic focus is onA)
changes which affect only a few people or products.B)
large changes on the low end.C)
graduated changes on the high end.D)
small or incremental changes. 18)
When deciding whether to engage in an activity or how much to do, people should
followA)
the principle of microeconomics.B)
the principle of macroeconomics.C)
the marginal principle.D)
the law of supply and demand. Recall
the Application about the best speed at which to sail an ocean cargo ship to
answer the following question(s).19)
Recall the application. Weighing the benefits and costs of the different speeds
at which to sail an ocean cargo ship addresses the economic concept known as A)
the principle of opportunity cost.B)
the marginal principle.C)
the principle of voluntary exchange.D)
the principle of diminishing returns. 20)
Recall the application. Sailing an ocean cargo ship slower to save on the
expense of fuel as opposed to sailing it faster to save time and therefore
allow it to make more deliveries makes sense if the ________ of sailing slower
is less than the ________ of sailing slower.A)
marginal benefit; marginal costB)
marginal cost; marginal benefitC)
marginal benefit; opportunity costD)
marginal cost; opportunity cost
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