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ECON-1010-D1/D2-Introduction to Microeconomics

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Use the figure below to answer the following questions.

Figure 9.3.3

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

Figure 9.2.3

Refer to Figure 9.2.3. When Rashid chooses the consumption point of 2 books and 6 CDs, his marginal rate of substitution is
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Use the table below to answer the following questions.

Windsurfing equipment rents for $10 per hour and snorkeling equipment rents for $5 per hour.

Table 8.3.1

Consider Devon's utility from snorkeling and windsurfing in Table 8.3.1. Devon has $55 to spend. What are Devon's choices for time spent on the two activities?
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Use the table below to answer the following questions.

Table 8.1.1

Refer to Table 8.1.1. The value of B is
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Use the table below to answer the following questions.

Table 8.2.1

Refer to Table 8.2.1. Consider Sam's utility from sailing and skiing. The price of sailing is $10 per hour and the price of skiing is $20 per hour; Sam's income to spend on these activities is $80. In consumer equilibrium, Sam will sail for
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Use the table below to answer the following question.

Table 8.2.4

Units of XTotal Utility (X)Units of YTotal Utility (Y)
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19149
217290
3243110
4304118
5355124
6396129
7427132
8448133

Refer to Table 8.2.4. Suppose the price of X is $1 and the price of Y is $1. How much of each should you purchase to maximize utility from a total expenditure of $11?
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A fall in the price of widgets leads consumers to buy more widgets. What can we conclude from this information?
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Lord Greystroke uses his limited income to purchase fruits and nuts; he is currently buying 10 pounds of fruits at a price of $2 per pound and 5 pounds of nuts at a price of $6 per pound. The last pound of fruits added 10 units to Lord Greystroke's total utility, while the last pound of nuts added 30 units. Lord Greystroke
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Which of the following assumptions is (are) NOT made in consumer behavior theory?
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