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ECON-1010-A-Introduction to Microeconomics

ECON-1010-A-Introduction to Microeconomics

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Short Description: A table shows data for Sam's utility from sailing and skiing. Long Description: The column headings from left to right are hours spent, total utility from sailing, and total utility from skiing. The row entries are as follows. Row 1. 1, 100, 70. Row 2. 2, 140, 110. Row 3. 3, 170, 140. Row 4. 4, 190, 150.

Refer to Table 8.2.1, which shows Sam's utility from sailing and skiing. If the price of sailing is $10 per hour, the price of skiing is $20 per hour, and Sam has $80 of income to spend on these activities, what is his consumer equilibrium?

2 hours and ski for 4 hours.

3 hours and ski for 2 hours.

4 hours and ski for 2 hours.

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What do behavioural economics and neuroeconomics seek to achieve?

The rational concepts that support the law of demand and the law of supply.

A theory in which consumers are always utility-maximizers.

A new method for the human brain to work out rational choice.

The reason why we do not always make rational economic decisions.

A method of using willpower and self-interest to gain utility maximization.

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Bianca spends all her income on pizza and water. When the price of pizza increases, other things remaining the same, which of the following events does marginal utility theory predict?

Bianca's demand curve for pizza will shift leftward.

Bianca's marginal utility from pizza will not change.

Bianca will buy more pizza.

Bianca will buy less pizza.

Bianca's total utility from pizza will increase.

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Short Description: A table shows data for Sam's utility from sailing and skiing. Long Description: The column headings from left to right are hours spent, total utility from sailing, and total utility from skiing. The row entries are as follows. Row 1. 1, 100, 70. Row 2. 2, 140, 110. Row 3. 3, 170, 140. Row 4. 4, 190, 150.

Refer to Table 8.2.1, which shows Sam's utility from sailing and skiing. If the price of sailing is $10 per hour and the price of skiing is $20 per hour, how will Sam allocate his spare time to maximize his total utility?

all his time sailing.

the same amount of time sailing and skiing.

all his time skiing.

more time sailing than skiing.

more time skiing than sailing.

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Table 8.2.2

Short Description: A table shows data for quantity and utility for good X and Y. Long Description: The first two columns are quantity and utility for good X ($2 each) and next two columns are quantity and utility for good Y ($1 each). The row entries are as follows. Row 1. 1, 20, 1, 14. Row 2. 2, 32, 2, 24. Row 3. 3, 42, 3, 32. Row 4. 4, 48, 4, 37. Row 5. 5, 52, 5, 40. Row 6. 6, 54, 6, 42. Row 7. 7, 55, 7, 43.

Refer to Table 8.2.2, which shows the consumer's preferences and the prices of goods X and Y. If the consumer's income is $13 a day, which of the following is the consumer's utility-maximizing choice?

3 units of X and 7 units of Y

2 units of X and 9 units of Y

5 units of X and 3 units of Y

4 units of X and 5 units of Y

6 units of X and 1 unit of Y

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Which of the following situations occurs, according to marginal utility theory, when Kelly decreases the number of hockey games that she attends from 3 a week to 2 a week?

Kelly's marginal utility increases.

Kelly's marginal utility is maximized.

Kelly's total utility is maximized.

Kelly's total utility increases.

Kelly's income increases.

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The relative price of beer to bacon equals 2. If Bob's current consumption is at a level where MUbeer/MUbacon is 1/2, which of the following events must occur for Bob to maximize his total utility?

consume twice as much beer and half as much bacon.

not change his current consumption of beer and bacon.

consume more beer and less bacon.

consume less beer and more bacon.

raise the price of beer.

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Explain why the paradox of value applies to diamonds and water.

The paradox of value applies because

the marginal utility of water relative to diamonds at the quantities bought is higher.

it distinguishes between total utility and marginal utility.

utility can't be measured.

the price of water relative to the price of diamonds is lower.

it distinguishes between the buyer's utility and the price paid.

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Table 11.2.2

The two columns of the table are titled Output in pizzas per hour and Total cost in dollars per hour.The rows display the data as follows:0; 101; 122; 163; 224; 305; 406; 55

Refer to Table 11.2.2, which gives the total cost schedule for Chip's Pizza Palace, a perfectly competitive firm. If the price of a pizza is $7, what is Chip's profit-maximizing output per hour?

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Table 11.1.1

The two columns of the table are titled Quantity in units per week and Price in dollars per unit. The rows display the data as follows:5; 156; 157; 15

Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm. If the firm increases the quantity it sells from 5 to 6 units per week, what is the firm's marginal revenue?

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