Section 9: Behind the Demand Curve

If Price A goes up and Demand for B goes up, you know the goods are

What is the effect of an excise tax?

If Price goes up and Total Revenue goes up, demand is

If price goes up, quantity supplied will

If your willingness to pay is $50 and the item costs $30, what is your consumer surplus?

What is the optimal consumption rule?

If your MU of the 5th burger is 6 and the P of burgers is $3, what is the MU/P of burgers?

For total utility to decrease, marginal utility must be

Which factor affects elasticity of supply?

Which letter represents Consumer Surplus?

The idea that each additional unit gives less utility than the previous

Who pays more of an excise tax?

If an excise tax is imposed on the owners,

If the price went up by 20% and the quantity demanded went down by 40%, what is elasticity?

Price elasticity of demand measures the relationship between quantity demanded and