QuantityTotal Benefit 1,000,000 1,750,000 2,250,000 2,600,000 2,750,000 4 5 Ques
ID: 1116862 • Letter: Q
Question
QuantityTotal Benefit 1,000,000 1,750,000 2,250,000 2,600,000 2,750,000 4 5 Question 7: Jay Leno is an avid car collector. He is interested in obtaining one or more new Lamborghinis for his collection. His total willingness to pay (i.e, his total benefit) for Lamborghinis is detailed in the table above. How much is Jay willing to pay for a third Lamborghini? 1) $2,250,000 2) S500.000 C 3) $250,000 4) not enough information since the price of a Lamborghini is not given Question 8: Jay Leno is an avid car collector. He is interested in obtaining one or more new Lamborghinis for his collection. His total willingness to pay (i.e., his total benefit) for Lamborghinis is detailed in the table above. What is Jay's total willingness to pay for three Lamborghinis? C1 $2,250,000 C 2) $500,000 C 3) $5,000,000 4) not enough information since the price of a Lamborghini is not given Question 9: Jay Leno is an avid car collector. He is interested in obtaining one or more new Lamborghinis for his collection. His total willingness to pay (i.e., his total benefit) for Lamborghinis is detailed in the table above. If Lamborghinis are priced at S400,000 each how many will Jay want to purchase? C 1) 1 C 2) 2 C 4) 5 or more Question 42: Walter White has just been paid $1.2 million dollars for three months of work as a methamphetamine producer for Gustavo Fring, a high-level drug distributor Walter wants to invest the money so he can pay for his son Junior's college education. If the interest rate is 3% Walter have in two years (rounded to the nearest dollar)? per year and Walter invests the money for two years, how much will $2.472.000 1) $1,200,000 * 2 * 1.03 2) $1,200,000 1.03 $1,236,000 C 3) ($1,200,000 1.03) 1.03) $1,200,000 C 4) S1,200,000 1.032 = $ 1,273,080Explanation / Answer
Quantity Total Benefit Marginal Benefit 1 1000000 1000000 2 1750000 750000 3 2250000 500000 4 2600000 350000 5 2750000 150000 7) Jay will be paying eeual to marginal benefit from third car.So, option 2. 8) Total willingness is equal to total benefit. So, correct option is 1 9) he will buy till marginal benefit is greater than price. So option 3.