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ECON-1010-A-Introduction to Microeconomics

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Four graphs plot good y versus good x. In graph (a), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph is a downward sloping line from the top left in the vertical axis to the bottom right in the horizontal axis. A downward sloping line from the center left in the vertical axis to the bottom left in the horizontal axis. A concave up decreasing curve intersects the first line at point B at the bottom of the slope. A concave up decreasing curve intersects the second line at point A at the top of the slope.In graph (b), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph is a downward sloping line from the top left in the vertical axis to the bottom right in the horizontal axis. A downward sloping line from the center left in the vertical axis to the bottom left in the horizontal axis. A concave up decreasing curve intersects the first line at point A at the bottom of the slope. A concave up decreasing curve intersects the second line at point B at the top of the slope. In graph (c), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph is a downward sloping line from the top left in the vertical axis to the bottom right in the horizontal axis. A downward sloping line from the center left in the vertical axis to the bottom left in the horizontal axis. A concave up decreasing curve intersects the first line at point B at the top of the slope. A concave up decreasing curve intersects the second line at point A at the top of the slope. In graph (d), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph is a downward sloping line from the top left in the vertical axis to the bottom right in the horizontal axis. A downward sloping line from the center left in the vertical axis to the bottom left in the horizontal axis. A concave up decreasing curve intersects the first line at point A at the center of the slope. A concave up decreasing curve intersects the second line at point B at the center of the slope.

Figure 9.3.3

Refer to Figure 9.3.3, which shows the original best affordable point at A and the new best affordable point at B. Which graphs show the case where good Y is an inferior good?
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Three graphs plot good y versus good x. In graph 1, the horizontal axis is labeled good x, and the vertical axis is labeled good y. The horizontal axis ranges from 0 to 10 in increments of 2 units, and the vertical axis ranges from 0 to 10 in increments of 2 units. A graph displays two lines parallel to the vertical axis and two lines parallel to the horizontal axis. The first vertical line through (2, 8.8) and (2, 2). The second vertical line through (4, 8.7) and (4, 4). The first horizontal line through (2, 2) and (9, 2). The second horizontal line through (4, 4) and (9, 4). All values are estimated.In graph 2, the horizontal axis is labeled good x, and the vertical axis is labeled good y. The horizontal axis ranges from 0 to 10 in increments of 2 units, and the vertical axis ranges from 0 to 10 in increments of 2 units. A graph displays two concave up decreasing curves. The first curve through (1.7, 9.9) and (9.9, 1.8). The second curve through (3, 9.9) and (9.9, 2.8). All values are estimated. In graph 3, the horizontal axis is labeled good x, and the vertical axis is labeled good y. The horizontal axis ranges from 0 to 10 in increments of 2 units, and the vertical axis ranges from 0 to 10 in increments of 2 units. A graph displays two concave up decreasing curves. The first curve through (1.8, 9.8) and (7.3, 1.7). The second curve through (4.2, 10) and (10, 2). All values are estimated.

Figure 9.2.5

Refer to Figure 9.2.5, which shows indifference curves for various goods. What types of goods do the graphs describe?

Graph ________ best describes the pair of goods baseballs and baseball bats. Graph ________ best describes the pair of goods desktop computers and laptop computers.
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A graph plots clothing (items per week) versus food (servings per week). The horizontal axis is labeled food (servings per week), and the vertical axis is labeled clothing (items per week). A graph is a downward sloping line falling from the top left in the vertical axis to the bottom right in the horizontal axis. The slope has two points, D in the vertical axis and C at the bottom between the two axes. A point A is at the bottom left of the sloping line, and a point B is at the top right of the sloping line.

Figure 9.1.1

Refer to Figure 9.1.1, which shows Shelly's budget line. Which of the following points shows an unaffordable combination of food and clothing for Shelly given her income and current prices?
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A graph plots books versus C Ds. The horizontal axis is labeled C Ds, and the vertical axis is labeled books. The horizontal axis ranges from 0 to 10 in increments of 2 units, and the vertical axis ranges from 0 to 5 in increments of 1 unit. A graph is a line labeled B sub 1 falling through (0, 5), (6, 2), and (10, 0). Another line labeled B sub 0 falling through (0, 5), (2, 3), and (5, 0). A concave up decreasing curve labeled I sub 1 intersects B sub 1 at (6, 2). A concave up decreasing curve labeled I sub 0 intersects B sub 0 at (2, 3). Two horizontal and two vertical dashed lines through (0, 3) to (2, 3) at B sub 0 and (0, 2) to (6, 2) at B sub 1.

Figure 9.2.2 

Refer to Figure 9.2.2, which shows Otto's preferences when he spends all his income on books and CDs. If Otto chooses to buy 3 books and 2 CDs, what is his marginal rate of substitution between the two goods?
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A graph plots music downloads (per month) versus carrots (per month).The horizontal axis is labeled music downloads (per month), and the vertical axis is labeled carrots (per month). A graph displays three downward sloping lines. The first line falls from the top left in the vertical axis at point D to the bottom left in the horizontal axis at point A. The second line falls from point D to the bottom center in the horizontal axis at point B. The third line falls from point D to extreme right in the horizontal axis at point C.

Figure 9.1.2

Refer to Figure 9.1.2, which shows three budget lines. Which budget line has the lowest relative price for carrots?
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A graph plots good y versus good x. The horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays two falling lines from top left in the vertical axis at R to bottom center at T and extreme right at S. A concave up decreasing curve has two points A and B intersecting the line R S at A. A concave up decreasing curve C and D intersecting the line R T at C. A dashed line from top left to bottom right intersects at B. A dashed line from the top left in the vertical axis to the bottom right in the horizontal axis intersects at D.

Figure 9.3.4

Refer to Figure 9.3.4, which shows a consumer's choices and the consumer's budget. If the budget line is RT, what change will shift the budget line to RS?
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A graph plots music downloads (per month) versus carrots (per month).The horizontal axis is labeled music downloads (per month), and the vertical axis is labeled carrots (per month). A graph displays three downward sloping lines. The first line falls from the top left in the vertical axis at point D to the bottom left in the horizontal axis at point A. The second line falls from point D to the bottom center in the horizontal axis at point B. The third line falls from point D to extreme right in the horizontal axis at point C.

Figure 9.1.2

Refer to Figure 9.1.2, which shows three budget lines. Which budget line shows the greatest real income in terms of music downloads?
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A graph plots good y (units) versus good x (units). The horizontal axis is labeled good x (units), and the vertical axis is labeled good y (units). The horizontal axis ranges from 0 to 10 in increments of 2 units, and the vertical axis ranges from 0 to 10 in increments of 2 units. A graph is a line labeled budget line falling through (0, 8), (3, 4), and (6, 0). A concave up decreasing curve labeled I sub 0 intersects the line at (3, 4). All values are estimated.

Figure 9.3.1

Refer to Figure 9.3.1, which shows a consumer's budget line, indifference curve, and best affordable point. If the price of good X is $2 a unit, what is the price of good Y?
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A graph plots clothing (items per week) versus food (servings per week). The horizontal axis is labeled food (servings per week), and the vertical axis is labeled clothing (items per week). A graph is a downward sloping line falling from the top left in the vertical axis to the bottom right in the horizontal axis. The slope has two points, D in the vertical axis and C at the bottom between the two axes. A point A is at the bottom left of the sloping line, and a point B is at the top right of the sloping line.

Figure 9.1.1

Refer to Figure 9.1.1, which shows Shelly's budget line. Which of the following points shows an affordable combination of food and clothing for Shelly given her income and current prices?
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How does a rise in the price of a good change the consumer surplus from the good?

Marginal utility theory implies that a rise in the price of a good, other things remaining the same,
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