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36. In which of the following situations would there be inelastic
demand?
37. The elasticity of demand is measured by
38. A 4% increase in the market price of Commodity X resulted in
an 8% increase in the quantity of Commodity X supplied. Which
one of the following statements is correct?
39. As an individual acquires (or consumes) more units of a
commodity over a given time period, what is the effect on the
individual's total utility and marginal utility?
40. The following graph shows four curves: A-A, B-B, C-C, and D-
D. Which one of these curves could depict a total utility curve?
41. Allen buys only beer and pizza. When the price of beer is $2.00
per bottle and the price of pizza is $10.00, Allen maximizes his total
utility (satisfaction) by buying 5 beers and 4 pizzas. If the marginal
utility of the 5th beer is 100 utils, which one of the following would
be the marginal utility of the 4th pizza?
42. The following graph shows four curves: A-A, B-B, C-C, and D-
D. Which of these curves depict variables that are not
interdependent?
43. Allen has the following schedule of marginal utility for slices of
pizza and bottles of beer: If Allen maximizes his total utility by
consuming 3 slices of pizza and 3 bottles of beer, which one of the
following is the ratio of the price of a slice of pizza to the price of a
bottle of beer?
44. Which one of the following cost curves does not have a general
"U-shape"?
45. In the long run, if all input factors to a production process are
increased by 100%, but total output increases by only 75%, this
indicates