Answer:
A) John will purchase 3 slices of pizza and have consumer surplus of $10.50.
Explanation:
It is assumed that a rational consumer would continue consumption only if marginal benefit is greater or equal to marginal cost.
Marginal Cost here is the cost of the pizza which is $1.50.
After the 3rd slice, the marginal cost becomes greater than marginal benefit, so it expected that John would stop consuming pizza at the 3rd slice.
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the product.
Here the willingness to pay of John is represented by his marginal benefits.
Consumer surplus = ($7 - $1.50) + ($5 - $1.50) + ($3 - $1.50) = $10.50
I hope my answer helps you
D. The cost of Social Security has dropped in recent years.
Answer:
false
Explanation:
In common law, the right of publicity refers to the ownership and control of the commercial exploit of a company's or a person's image or persona. E.g. forged t-shirts with the names and logos of professional sports teams are in direct violation of the right of publicity.
In this case, there was no commercial exploitation of the plaintiff's name, so there cannot be a violation of the right of publicity.
Answer: $28,000
Explanation:
Jonathan can deduct both the real estate taxes and the state income taxes but the Tax Cuts and Jobs Act cut the deduction one can claim on State and Local taxes to $10,000 from 2018 to 2025.
The total deduction Jonathan can claim is therefore:
= Real estate taxes + Capped state income tax
= 18,000 + 10,000
= $28,000