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ECON-1010-A-Introduction to Microeconomics

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Table 8.2.4

Short Description: A table shows data for Sam's utility from bags of popcorn and 3 bottles of pop. Long Description: The column headings from left to right are bags of popcorn, marginal utility, bottles of pop, and marginal utility. The row entries are as follows. Row 1. 1, 120, 1, 120. Row 2. 2, 100, 2, 70. Row 3. 3, 80, 3, 60. Row 4. 4, 70, 4, 40.

Refer to Table 8.2.4. If Henry buys 3 bags of popcorn and 2 bottles of pop, what is his total utility?
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Table 8.1.1

Short Description: A table shows the data for quantity, total utility, and marginal utility. Long Description: The column headings from left to right are quantity, total utility, and marginal utility. The row entries are as follows. Row 1. 0, 0, blank. Row 2. Blank, blank, 30. Row 3. 1, 30, blank. Row 4. Blank, blank, 12. Row 5. 2, A, blank. Row 6. Blank, blank, 5. Row 7. 3, B, blank. Row 8. Blank, blank, C. Row 9. 4, 50, blank.

Refer to Table 8.1.1. What is the value of C?
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Shelley is maximizing utility when she buys luxury good X and luxury good Y. If the utility from her last purchased good X is twice the utility from her last purchased good Y, which of the following situations is correct?
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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?
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If the price of a good increases, everything else remaining the same, how does the consumer's total utility change?
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Jim spends all his income and has made his best affordable choice of muffins and coffee. He buys 10 muffins at $1 each and 20 cups of coffee at $2 each. Now the price of a muffin rises to $1.50 and the price of coffee falls to $1.75 a cup. Jim can still afford to buy 10 muffins and 20 cups of coffee. What does marginal utility theory predict that Jill will buy?

Jim will buy ________ muffins and ________ coffee.
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As you use more of a service, which of the following situations occurs?
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Which of the following statements is correct?

The value of a good relates to
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Table 8.3.1

Short Description: A table shows data for total utility from windsurfing and snorkeling. Long Description: The column headings from left to right are hours per month, total utility from windsurfing, and total utility from snorkeling. The row entries are as follows. Row 1. 1, 60, 20. Row 2. 2, 110, 38. Row 3. 3, 150, 53. Row 4. 4, 180, 64. Row 5. 5, 200, 70.

Refer to Table 8.3.1, which sets out Devon's total utility from windsurfing and snorkeling activities. Windsurfing is $10 per hour and snorkeling is $5 per hour. If Devon's income increases from $35 to $55, how does marginal utility theory predict that Devon's consumer equilibrium will change?
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Harold spends his income on pens and milkshakes. The price of a pen is $1, and the price of a milkshake is $1. If, when Harold spends all his income, his marginal utility from pens is 10 and his marginal utility from milkshakes is 8, how would Harold change his allocation of income to make his utility-maximizing choice?
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