ECON-1010-D1/D2-Introduction to Microeconomics
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What is the relationship between goods and the income effect?
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The fact that your fourth slice of pizza does not generate as much satisfaction as your third slice is an example of
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Ben spends $50 a year on 2 bunches of flowers and $50 a year on 10,000 litres of tap water. Ben is maximizing utility and his marginal utility from water is 0.5 units per litre. Ben's expenditure on flowers and water illustrates the paradox of value because Ben's marginal utility from flowers is ________ his marginal utility from water, and his total utility from flowers is ________ than his total utility from water.
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The paradox of value
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What happens at the consumer’s optimum?
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Which of the following is NOT one of the assumptions for the theory of consumer behavior?
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Let income be M = $100, Qx = quantity of good X, and Qy = quantity of good Y, Px = $4 and Py = $5. The budget equation is
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What does the bowed shape of the indifference curve reflect about the consumer’s willingness?
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Which one of the following statements is false?
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The price of potatoes falls, and the quantity of potatoes purchased decreases. What can we infer?
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