1) A school raffle sells 1,000 tickets at $1 each for a $350 bookstore credit. If Ramona buys one ticket, what is her net expected value for this

1) A school raffle sells 1,000 tickets at $1 each for a $350 bookstore credit. If Ramona buys one ticket, what is her net expected value for this gamble?

-$0.65

-$0.20

-$350

-$0.001

$0.35

2) In a price-discrimination setting, who pays the higher price for the same good?

Consumers with the most inelastic demand pay the highest price.

Consumers with the most elastic demand pay the highest price.

All consumers pay the same high price.

It is unknown which consumers would pay the higher price.

The consumers with the most inelastic supply pay the highest price

3) When people make more money, they sometimes take more vacation time. Based on this information, we can say that leisure is a(n) ________ good.

substitute

complement

inferior

Giffen

normal

4) Use the following information to answer the following questions:

Mickey L. Douglas, owner of MLD Incorporated, knows that the marginal product of labor (MPL) for his workers can be defined as follows:

MPL = 32 – L

The total output a given level of workers can produce is found as:

Q = 32L –  1/2 L^2

He also knows that the price of his output is $3. His profits can be found as:

Profit = (P ´ Q) – (W ´ L)

What additional amount of output does the thirtieth worker contribute?

150 units

60 units

2 units

14 units

9 units

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