ECON-1010-D1/D2-Introduction to Microeconomics
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Ms. Birnbaum is buying bottles of beer and bags of pretzels. The marginal utility of the last bottle of beer is 60 and the marginal utility of the last bag of pretzels is 30. The price of beer is $0.30 per bottle and the price of pretzels is $0.20 per bag. Ms. Birnbaum
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What can we say about a consumption bundle selected by an optimizing consumer?
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If the price of the good measured on the vertical axis decreases, the budget line
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David has an income of $60 to buy movie tickets and bus tickets. The price of a movie ticket is $12 and the price of a bus ticket is $4. What is the relative price of a bus ticket in terms of movie tickets?
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The price of one good divided by the price of another good is
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Diminishing marginal utility means that
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If Katie purchases two slices of pizza and six breadsticks to maximize her total utility, then
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Neuroeconomics studies all of the following concepts except
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What does a budget constraint show?
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What does the theory of consumer choice provide the foundation for understanding?
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