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ECON-1010-D1/D2-Introduction to Microeconomics

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Use the figure below to answer the following question.

Figure 9.2.4

Refer to Figure 9.2.4. Rashid buys only books and CDs. The figure shows his preferences. Rashid's indifference curves ________ display diminishing marginal rate of substitution because ________.
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Use the figure below to answer the following questions.

Figure 9.1.1

Shelly's budget line is shown in Figure 9.1.1. Which points are affordable given her income and current prices?
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Use the figure below to answer the following questions.

Figure 9.3.3

Consider an initial budget line labelled RS in Figure 9.3.3. If the budget line becomes RT, the income effect is illustrated by the move from point
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Use the table below to answer the following questions.

Table 8.2.2

Refer to Table 8.2.2. What is the total utility if 3 bags of popcorn and 2 bottles of pop are consumed?
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Use the table below to answer the following questions.

Table 8.2.3

Refer to Table 8.2.3. If income is $13, then utility is maximized when consumption is
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Use the figure below to answer the following questions.

Figure 9.2.1

Which of the indifference curves in Figure 9.2.1 illustrates perfect substitutes?
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If utility-maximizing equilibrium is at point A, what could make the consumer move to a point on curve II ?

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Use the figure below to answer the following questions.

Figure 9.1.1

Shelly's budget line is shown in Figure 9.1.1 Which point is unaffordable given her income and current prices?
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