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Question # | ECP 4703 EXAM 1 Question Stem |

15 | 21723641: Suppose that more people want Orange Bowl tickets than the number of tickets available. Which of the following statements is correct? |

17 | 21723643: If a supply curve goes through the point P = $10 and Q = 320, then |

19 | 21723645: Yesterday's newspaper reported the results of a study indicating that people who eat more bananas are more attractive to the opposite sex. What do you expect to happen to the market price and quantity of bananas? |

20 | 21723646: If the market price of eggs rises at the same time as the market quantity of eggs purchased decreases, this could have been caused by |

22 | 21723648: When marginal cost is greater than marginal benefit at the current activity level, the decision maker can increase net benefit by decreasing the activity because. |

24 | 21723650: Use the following: An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages. The agency decides to hire operators to monitor calls in order to attain the optimal number of personal calls (minimize total cost of personal calls). If operators receive $25 an hour, what is the minimum possible total cost of personal calls (per hour)? |

25 | 21723651: Use the following: An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages. The agency decides to hire operators to monitor calls in order to attain the optimal number of personal calls (minimize total cost of personal calls). What is the most the agency would be willing to pay the first operator? |

30 | 21723656: Gigi consumes only Perrier and cheese. In order to maximize her happiness subject to a limited income, Gigi should purchase the amounts of Perrier and cheese at which |

32 | 21723658: Use the following: A clinic uses doctors and nurses optimally and is servicing the...