ECON-1010-D1/D2-Introduction to Microeconomics
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Which of the following is NOT a prediction of marginal utility theory?
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The substitution effect is the change in quantity demanded that occurs
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When Jim is at his best affordable point, the budget line
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The substitution effect is the effect of
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Which one of the following statements is true about the indifference curves for two goods that are perfect substitutes?
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As more of a good is consumed, its
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You are consuming hot dogs and Cokes and believe you are maximizing utility for your entire budget of $12. The price of a hot dog is $2 and the price of a Coke is $2. Suppose the price of hot dogs rises to $4 and the price of a Coke remains at $2. You adjust your consumption of hot dogs and Cokes and believe you are once again receiving maximum total utility from the meal. Which one of the following can you conclude?
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Billy likes candy and popcorn. Candy sells for $0.50 a bag and popcorn sells for $1 per bag. Currently he is in consumer equilibrium. Then the price of candy rises to $1 a bag. Which statement is true in the new consumer equilibrium?
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Use the information below to answer the following questions.Fact 9.3.3Jim has made his best affordable choice of muffins and coffee. He spends all of his income on 10 muffins at $1 each and 20 cups of coffee at $2 each. Muffins and coffee are ordinary goods. Now the price of a muffin rises to $1.50 and the price of coffee falls to $1.75 a cup.Refer to Fact 9.3.3. When the price of a muffin and the price of a cup of coffee change,
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Use the figure below to answer the following questions.
Figure 9.3.1
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