ECON-1010-D1/D2-Introduction to Microeconomics
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The benefit obtained by
consumers when the price they pay for a product or service is less than the
highest price they're willing to pay. Can be measured as the area above market
price and below demand.
The marginal rate of substitution of X for
Rashid buys only goods X and Y. His income is 300. Then the price of X rises.
The total effect of the change in the price of X is that the quantity X changes by unit(s).
The substitution effect of the change in the price of X is that the quantity of X changes by unit(s).
The income effect of the change in the price of X is that the quantity of X changes by unit(s).
Rashid buys only books and albums. The figure shows his preferences.
Use the table below to answer the following questions.
Find the missing values A to F.
A: B: C: D: E: F:
The following questions are independent of each other:Samir consumes apples and bananas and is in consumer equilibrium.The marginal utility from his last apple is 36 and the marginal utility from his last banana is
As one moves up a typical indifference curve, how does the marginal rate of substitution change?It .
The marginal rate of substitution of X for Y is 3, the price of X is $2, and the price of Y is $3.5. A utility-maximizing consumer should choose
The first can of Coke gives 17 units of utility to Whitney, while the second can of Coke increases her total utility to 29.The marginal utility of the second can of Coke is units.
The following questions are independent of each other:A consumer is currently consuming some of good X and some of good Y . in the consumption of
The first can of Coke gives 26 units of utility to Whitney, while the second can of Coke gives her an additional 19 units of utility.The two cans of Coke give Whitney units of utility.
The Smith family is allocating its monthly household expenditure between only two goods, food and clothing.Suppose that the price of food is $8 per unit, and the price of clothing is $20 per unit and that the marginal utility that the family is receiving from its consumption of food is currently
Alexandra consumes only caviar and champagne, but she does have a limited income of $1 365.Her current consumption choice is 9 ounces of caviar, at a price of $105 per ounce, and 12 bottles of champagne, at ounces of caviar and
A consumer maximizes his utility by purchasing 5 units of good X at $25 per unit and 6 units of good Y at $5 per unit. What is the ratio of the marginal utility from X to the marginal utility from Y?
Enter your answer in form of A/B or A:B
Advise Sarah how to maximize her utility if MUA = 30, MUB = 20, PA = 6 and PB = 5.
Consume of good A and of good B.
For the next 3 questions, assume that an individual consumes two goods X and Y . The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods.
If the consumer buys the third unit of X the Marginal Utility per Dollar Spent on X is .
If the consumer has $110 to spend on X and Y, the utility-maximizing bundle is unit(s) of X and unit(s) of Y.
The minimum budget necessary to move to a higher equilibrium consumption of X and Y is $ .
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