ECON-1010-D1/D2-Introduction to Microeconomics
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Lord Greystroke uses his limited income to purchase fruits and nuts; he is currently buying 10 pounds of fruits at a price of $2 per pound and 5 pounds of nuts at a price of $6 per pound. The last pound of fruits added 10 units to Lord Greystroke's total utility, while the last pound of nuts added 30 units. Lord Greystroke
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If two goods are perfect substitutes, then their
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A change in the price of a good has
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Geneva is not at her consumer equilibrium for movies and music downloads. Why?
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The relative price of beer to bacon is 2:1. If Bob's current consumption is at a level where MUbeer/MUbacon is 1:2, then to maximize total utility Bob must
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Advise Sarah how to maximize her utility if MUA = 8, MUB = 20, PA = 4 and PB = 5.
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An individual's demand curve for X
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As long as a consumer is on a given indifference curve, what can we say about her preferences?
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In what direction will an increase in income cause a shift in the budget constraint?
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Albert is consuming at a point where his budget line is not as steep as indifference curve. To reach consumer equilibrium, Albert
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