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ECON-1010-D1/D2-Introduction to Microeconomics
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In indifference curve analysis, the consumer's utility-maximizing point is where
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Sara's income is $12 a week. The price of popcorn is $3 a bag, and the price of a smoothie is $3. The opportunity cost of a smoothie is
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The slope of an indifference curve shows
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What is a distinguishing characteristic of an inferior good?
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Bill consumes apples and bananas. Apples are measured on the vertical axis and bananas are measured on the horizontal axis. Bill's income doubles, the price of apples doubles, and the price of bananas triples. Bill's budget line
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Ron starts out in consumer equilibrium, consuming two goods, X and Y. The price of Y rises. Immediately after the rise in price
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Bikes and roller blades are substitutes. Marginal utility theory predicts that when the price of a bike rises, the quantity of bikes demanded
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The paradox of value asks why
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Which of the following barriers to rational choices are studied by behavioural economics?
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The first can of Coke gives 15 units of utility to Witney, while the second can of Coke increases her total utility to 23. What is the marginal utility of the second can of Coke?
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