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ECON-1010-D1/D2-Introduction to Microeconomics
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If two bundles of goods satisfy a consumer equally well, what can we say about the consumer?
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In spending all his income, the consumer chooses the bundle of goods that maximizes his utility. Which of the following statements will be correct?
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Suppose a consumer can purchase only two goods, beef and chicken. If the price of beef falls (with all other variables held constant), and the consumption of chicken increases, we can conclude that the increased consumption of chicken is due to
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Junkfood Jill spends all of her income on jellybeans and Jolt cola. Suppose that Jill's income is $30, the price of a bag of jellybeans is $6, and the price of a bottle of Jolt cola is $2. Which of the following combinations of jellybeans and Jolt cola lies inside Jill's budget line?
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The budget line depends on
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If the price of the good measured on the horizontal axis falls, the substitution effect is indicated by movement to a
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If the price of a good rises, then in the new consumer equilibrium all of the following are true except
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Suppose a consumer spends all his income. His marginal utility per dollar on X is 4 and marginal utility per dollar on Y is 2. We know that
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Sarah can consume either pizzas or hamburgers. The price of a hamburger is $1 and the price of a pizza is $5. Let MUh be the marginal utility of hamburgers and MUp be the marginal utility of pizzas. In consumer equilibrium, what must the ratio MUh/MUp equal?
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Danny has $12 to spend on two goods: pies and pop. The price of a pie is $4, and the price of a can of pop is $2. To maximize his utility, Danny buys
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