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ECON-1010-A-Introduction to Microeconomics

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Larry consumes only beer (B) and chips (C). What is the magnitude of the slope of Larry's budget line with beer measured on the vertical axis?
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How does a change in the consumer's income change the consumer's budget line?
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The consumer makes the best affordable choice and then the price of one good rises. Which of the following statements must be correct?
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The consumer has bought the best affordable combination of goods. How does a change in the market price of one of the goods bought change the consumer's best affordable point?

The change in the price of the good has
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If good X is measured on the horizontal axis and good Y is measured on the vertical axis, what is a consumer's marginal rate of substitution between good X and good Y?
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Which of the following situations arises when Jim makes his best affordable choice?

Jim buys the combination of goods at which the budget line
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A graph plots clothing (items per week) versus food (servings per week). The horizontal axis is labeled food (servings per week), and the vertical axis is labeled clothing (items per week). A graph is a downward sloping line falling from the top left in the vertical axis to the bottom right in the horizontal axis. The slope has two points, D in the vertical axis and C at the bottom between the two axes. A point A is at the bottom left of the sloping line, and a point B is at the top right of the sloping line.

Figure 9.1.1

Refer to Figure 9.1.1, which shows Shelly's budget line. Which of the following points shows an unaffordable combination of food and clothing for Shelly given her income and current prices?
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If the consumer's income decreases, how does the consumer's budget line change?
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A graph plots music downloads (per month) versus carrots (per month).The horizontal axis is labeled music downloads (per month), and the vertical axis is labeled carrots (per month). A graph displays three downward sloping lines. The first line falls from the top left in the vertical axis at point D to the bottom left in the horizontal axis at point A. The second line falls from point D to the bottom center in the horizontal axis at point B. The third line falls from point D to extreme right in the horizontal axis at point C.

Figure 9.1.2

Refer to Figure 9.1.2, which shows three budget lines. Which budget line shows the greatest real income in terms of music downloads?
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Which of the following variables is not relevant when calculating the budget line?
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