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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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The shape of a person's indifference curves between two goods depends on

the prices of the two goods.

the degree of substitutability between the two goods.

the person's income.

the level of satisfaction for the person.

the person's income and the prices of the two goods.

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Cindy has $70 a month to spend, and she can spend as much time as she likes playing golf and tennis. The price of an hour of golf is $10, and the price of an hour of tennis is $5. If Cindy equalizes the marginal utility per hour from golf and from tennis, she

can increase her total utility by spending more time golfing and less time playing tennis.

can increase her total utility only if the price of golf decreases.

cannot increase her total utility.

can increase her total utility by spending less time golfing and more time playing tennis.

maximizes her total utility.

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Total utility is always

decreasing when marginal utility is increasing.

less than marginal utility.

decreasing when marginal utility is decreasing.

greater than marginal utility.

increasing when marginal utility is positive.

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According to the principle of diminishing marginal utility, as consumption of a good increases, total utility

increases at an increasing rate.

increases at a decreasing rate.

decreases and then eventually increases.

decreases at an increasing rate.

decreases at a decreasing rate.

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For normal goods like cola and pizza, what happens due to the income effect when the price of pizza falls?

None of the above.

There is movement along the indifference curve, so the consumer buys less cola.

There is a shift to a lower indifference curve, so the consumer buys more cola.

There is movement along the indifference curve, so the consumer buys more cola.

There is a shift to a higher indifference curve, so the consumer buys more cola.

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If the price of a normal good rises, the income effect

and the substitution effect will both increase consumption of the good.

will increase consumption of the good and the substitution effect will decrease consumption.

will decrease consumption of the good and the substitution effect will increase consumption.

is always larger than the substitution effect.

and the substitution effect will both decrease consumption of the good.

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Chuck and Barry have identical total utility schedules but Chuck has a much higher income. If each is maximizing his total utility, then

they will have equal total utilities.

Chuck will have lower marginal utility than Barry for each normal good consumed.

Chuck will have lower total utility than Barry.

they will have equal marginal utilities for each normal good consumed.

Chuck will have higher marginal utility than Barry for each normal good consumed.

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Lucy buys only magazines and CDs. Both are normal goods. Lucy's income decreases, but the prices of magazines and CDs do not change. Marginal utility theory predicts that

Lucy buys fewer magazines and fewer CDs.

Lucy's demand curve for CDs shifts leftward.

Lucy buys more magazines and more CDs.

Lucy's demand curve for magazines shifts leftward.

B, C, and D are correct.

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Use the figure below to answer the following questions.

Figure 9.3.1

Consider the budget line and indifference curve in Figure 9.3.1. If the price of good X is $1 a unit, then the price of good Y is

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