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ECON-1010-A-Introduction to Microeconomics

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Which of the following concepts does Neuroeconomics study?
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Which of the following situations arises because the price of a diamond is greater than the price of a litre of water?
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Ron buys two goods, X and Y, and is at his consumer equilibrium. If the price of Y rises, which of the following situations immediately arises and how does Ron respond?

Immediately after the rise in price
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As a consumer's income decreases, how does marginal utility theory predict that the consumer's buying plans will change?
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Which of the following changes occurs as more of a good is consumed?
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In which of the following situations does a consumer's choice maximize utility, given the prices of goods and the consumer's income?
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Let MUA and MUB stand for the marginal utility of goods A and B, respectively. Let PA and PB stand for the price of goods A and B, respectively. If for a given consumer's current choice, MUA and MUB are equal, and PA is greater than PB, how can the consumer change the quantities bought to increase total utility?

The consumer would consume
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If, when a consumer spends all his income, the marginal utility per dollar on X is 4 and the marginal utility per dollar on Y is 2, has the consumer made the utility-maximizing choice?

The consumer has
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A graph plots good y (units) versus good x (units). The horizontal axis is labeled good x (units), and the vertical axis is labeled good y (units). The horizontal axis ranges from 0 to 10 in increments of 2 units, and the vertical axis ranges from 0 to 10 in increments of 2 units. A graph is a line labeled budget line falling through (0, 8), (3, 4), and (6, 0). A concave up decreasing curve labeled I sub 0 intersects the line at (3, 4). All values are estimated.

Figure 9.3.1

Refer to Figure 9.3.1, which shows a consumer's budget line, indifference curve, and best affordable point. If the price of good X is $2 a unit, what is the price of good Y?
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A graph plots books versus C Ds. The horizontal axis is labeled C Ds, and the vertical axis is labeled books. The horizontal axis ranges from 0 to 10 in increments of 2 units, and the vertical axis ranges from 0 to 5 in increments of 1 unit. A graph is a line labeled B sub 1 falling through (0, 5), (6, 2), and (10, 0). Another line labeled B sub 0 falling through (0, 5), (2, 3), and (5, 0). A concave up decreasing curve labeled I sub 1 intersects B sub 1 at (6, 2). A concave up decreasing curve labeled I sub 0 intersects B sub 0 at (2, 3). Two horizontal and two vertical dashed lines through (0, 3) to (2, 3) at B sub 0 and (0, 2) to (6, 2) at B sub 1.

Figure 9.2.2 

Refer to Figure 9.2.2, which shows Otto's preferences when he spends all his income on books and CDs. If Otto chooses to buy 2 books and 6 CDs, what is his marginal rate of substitution between the two goods?
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