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ECON-1010-D1/D2-Introduction to Microeconomics

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The initial budget equation for pop (p) and movies (m) is Qp = 20 - 4Qm, and the price of a pop is $5. If the price of a pop falls to $4, what is the new budget equation?
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Lucky buys hats for $20, but Lucky will not sell one of her hats for less than $35. Lucky is
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If income falls, then in the new consumer equilibrium
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Beverly is currently in consumer equilibrium. An increase in her income
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Use the figure below to answer the following questions.

Figure 9.3.1

Consider the budget line and indifference curve in Figure 9.3.1. If the price of good X is $2 a unit, what is the price of good Y?
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Use the figure below to answer the following questions.

Figure 9.1.2

Refer to Figure 9.1.2. Which budget line shows the greatest real income in terms of carrots?
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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

Consider Devon's total utility from snorkeling and windsurfing in Table 8.3.1. Suppose that Devon's total income rises from $35 to $55, ceteris paribus. Given that Devon changes his choice of windsurfing and snorkeling, what is his income elasticity for windsurfing?
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Use the table below to answer the following questions.

Table 8.1.1

Refer to Table 8.1.1. The value of C is
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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

Devon enjoys windsurfing and snorkeling. His total utility from each activity is summarized in Table 8.3.1. Devon has $35 to spend. How long will Devon choose to windsurf and to snorkel?
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Use the table below to answer the following questions.

Table 8.2.2

Refer to Table 8.2.2. Henry is maximizing his utility by consuming 3 bags of popcorn and 3 bottles of pop. What is the ratio of the price of popcorn to the price of pop?
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