ECON-1010-D1/D2-Introduction to Microeconomics
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For a normal good, the income effect reinforces the effect.
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An individual's curve for X shows how the utility-maximizing choice of X changes as the price of X changes.
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If a consumer spends all his income and his marginal utility per dollar is equal for all goods, then utility is maximized.
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Albert is consuming at a point where his budget line is NOT as steep as his indifference curve.
To reach consumer equilibrium, Albert should consume
of the good that is measured on the horizontal axis.View this question
Bikes and roller blades are substitutes. Marginal utility theory predicts that when the price of a bike rises, the quantity of bikes demanded and the demand curve for roller blades shifts rightward.
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When the budget constraint is tangent to the indifference curve, what is likely to be the case?
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When economists describe preferences, what concept do they often use?
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Lulu consumes only candy and cookies; she is currently buying more cookies than candy with her limited income. The last bag of candy gave Lulu the same additional utility as the last bag of cookies, and the prices of candy and cookies are the same. Lulu
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If a consumer is choosing the bundle of goods that maximizes utility subject to a budget constraint, then
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Olga consumes two normal goods, X and Y, and is currently at an optimum. If the price of good X falls, what can we predict with certainty will occur, (aside from Olga’s real income rising)?
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