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ECON-1010-D1/D2-Introduction to Microeconomics

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Use the table below to answer the following question.

Table 8.2.5

Hours per monthMarginal utility

from golf

Marginal utility

from tennis

18040
26036
34030
43010
5205
6102
761

Refer to Table 8.2.5. Cindy enjoys golf and tennis. The table shows the marginal utility she gets from each activity.

Cindy has $70 a month to spend, and she can spend as much time as she likes on her leisure pursuits. The price of an hour

of golf is $10, and the price of an hour of tennis is $5.

Cindy decides to golf for 5 hours a month and play tennis for 4 hours a month.

If Cindy spends a dollar more on golf and a dollar less on tennis, her total utility ________.

If Cindy spends

a dollar less on golf and a dollar more on tennis, her total utility ________.

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The marginal rate of substitution of X

for

Y at point A is  .

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Use the figure below to answer the following questions.

Figure 9.1.1

Shelly's budget line is shown in Figure 9.1.1. Which points are affordable given her income and current prices?
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Use the figure below to answer the following question.

Figure 9.2.4

Refer to Figure 9.2.4. Rashid buys only books and CDs. The figure shows his preferences. Rashid's indifference curves ________ display diminishing marginal rate of substitution because ________.
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Use the figure below to answer the following questions.

Figure 9.3.3

Consider an initial budget line labelled RS in Figure 9.3.3. If the budget line becomes RT, the income effect is illustrated by the move from point
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The substitution effect is the movement from

a.         X3 to X2.

b.         X2 to X1.

c.         X1 to X2.

d.         X3 to X1.

e.         X4 to X3.

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Use the table below to answer the following questions.

Table 8.2.2

Refer to Table 8.2.2. What is the total utility if 3 bags of popcorn and 2 bottles of pop are consumed?
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Use the table below to answer the following questions.

Table 8.2.3

Refer to Table 8.2.3. If income is $13, then utility is maximized when consumption is
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Use the figure below to answer the following questions.

Figure 9.2.1

Which of the indifference curves in Figure 9.2.1 illustrates perfect substitutes?
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If utility-maximizing equilibrium is at point A, what could make the consumer move to a point on curve II ?

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