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ECON-1010-A-Introduction to Microeconomics

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Abi spends her income on apples and oranges and is at her best affordable point. If apples and oranges are normal goods, and the price of an apple falls, which of the following statements about Abi's new best affordable point is correct?
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Larry consumes only beer (B) and chips (C). Which of the following equations is Larry's budget line with beer measured on the vertical axis?
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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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Which of the following statements about the indifference curves for two goods that are perfect substitutes is correct? 
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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 concave up decreasing curve is drawn on an x y plane. 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 falling from the top left in the vertical axis to the bottom right in the horizontal axis. In graph (c), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays a line parallel to the vertical axis and a line parallel to the horizontal axis. Both the lines are joined together. In graph (d), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A concave down decreasing curve is drawn on an x y plane.

Figure 9.2.4

Refer to Figure 9.2.4, which shows possible indifference curves. Which of these indifference curves illustrates perfect complements?
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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. At the best affordable point, what is the consumer's the marginal rate of substitution between good X and good Y?
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Cola is a normal good. If the price of cola falls, which of the following statements about the price effect of the fall in the price of cola is correct?
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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 music downloads?
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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. Which of the following events will shift the budget line from RS to RT?
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Larry consumes only beer (B) and chips (C). What is Larry's real income in terms of chips?
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