ECON-1010-D1/D2-Introduction to Microeconomics
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Use the information below to answer the following questions.Fact 9.3.2 Hamptons Glamour Finds a Humbler HomeLucy Martin collected and sold vintage clothing in the wealthy Hamptons, but in the recession of 2008, her sales fell. She eventually moved her shop to Tannersville, N.Y., where her expenses are 70 percent less than they were in the Hamptons.Source: The New York Times, December 22, 2016Refer to Fact 9.3.2. According to the news clip, vintage clothing is ________ good. If the price of vintage clothing falls and income remains the same, the quantity of used clothing bought ________.
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The marginal rate of substitution of X for
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Figure 9.3.3
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Figure 9.2.3
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Use the table below to answer the following questions.Windsurfing equipment rents for $10 per hour and snorkeling equipment rents for $5 per hour.
Table 8.3.1
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Use the table below to answer the following questions.
Table 8.1.1
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Use the table below to answer the following questions.
Table 8.2.1
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Refer to Table 8.2.4. Suppose the price of X is $1 and the price of Y is $1. How much of each should you purchase to maximize utility from a total expenditure of $11?
Table 8.2.4
| Units of X | Total Utility (X) | Units of Y | Total Utility (Y) |
| 0 | 0 | 0 | 0 |
| 1 | 9 | 1 | 49 |
| 2 | 17 | 2 | 90 |
| 3 | 24 | 3 | 110 |
| 4 | 30 | 4 | 118 |
| 5 | 35 | 5 | 124 |
| 6 | 39 | 6 | 129 |
| 7 | 42 | 7 | 132 |
| 8 | 44 | 8 | 133 |
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A fall in the price of widgets leads consumers to buy more widgets. What can we conclude from this information?
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Which of the following assumptions is (are) NOT made in consumer behavior theory?
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