ECON-1010-A-Introduction to Microeconomics
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When Kathryn is at her consumer equilibrium, what combination of goods is she buying?She is buying
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Max has $35 a day to spend, and he can spend as much time as he likes on his leisure pursuits. Windsurfing equipment rents for $10 an hour, and snorkeling equipment rents for $5 an hour. If Max equalizes the marginal utility per hour from windsurfing and from snorkeling, which of the following situations arises?
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What is key assumption about marginal utility?
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If the marginal utility per dollar from pizza is greater than the marginal utility per dollar from pop, which of the following events will maximize the consumer's utility?The consumer will buy
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Lucky buys hats for $20, but Lucky will not sell one of her hats for less than $35. How would a behavioural economist describe Lucky's decision?
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Jenn is maximizing total utility. If the price of salmon rises, why does Jenn think about changing how she allocates her food budget?Immediately when the price changes and before she changes her salmon purchases
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Table 8.2.1
Refer to Table 8.2.1, which shows Sam's utility from sailing and skiing. If the price of sailing is $10 per hour and the price of skiing is $20 per hour, how will Sam allocate his spare time to maximize his total utility?
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Chuck and Barry have identical total utility schedules, but Chuck has more income to spend than Barry. If they each choose the utility-maximizing quantity of normal goods, which of the following situations will occur?
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What is the relationship between total utility and marginal utility?Total utility is always
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Martha and Sarah have the same preferences, face the same prices, and have the same income. Sarah's utility is measured in units while Martha's is measured in units squared. Which of the following outcomes will occur?
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