ECON-1010-D1/D2-Introduction to Microeconomics
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Which one of the following is NOT an assumption of marginal utility theory?
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The shape of a person's indifference curves between two goods depends on
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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
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Total utility is always
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According to the principle of diminishing marginal utility, as consumption of a good increases, total utility
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For normal goods like cola and pizza, what happens due to the income effect when the price of pizza falls?
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If the price of a normal good rises, the income effect
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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
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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
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Use the figure below to answer the following questions.
Figure 9.3.1
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