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ECON-1010-D1/D2-Introduction to Microeconomics
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Which one of the following statements is true about the indifference curves for two goods that are close but not perfect substitutes?
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Billy likes chocolate bars and popcorn. Chocolate bars sell for $1.50 each and popcorn sells for $3 a bag. Currently he is in consumer equilibrium with marginal utility per dollar on popcorn equal to 100. What is the marginal utility per dollar on chocolate bars?
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Total utility equals
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Let MUA and MUB stand for the marginal utility of goods A and B, respectively. Let PA and PB stand for the price of goods A and B, respectively. Which statement must hold for consumer equilibrium?
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Behavioural economics
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Marginal utility equals
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The budget line shows the boundary between those combinations of goods and services that
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What can we say about a consumer who doesn’t spend all of her income?
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Assume that a college student spends all of her income on cola and candy bars. During finals week, the price of a candy bar is $1.25 and a can of cola costs $0.75. If she has $32.50 of income, what could she choose to consume?
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The substitution effect is the change in quantity demanded that occurs
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