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ECON-1010-A-Introduction to Microeconomics

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If a consumer's marginal rate of substitution is greater than the relative price of the good measured on the x-axis, which of the following situations arises?

The consumer
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A graph plots good y versus good x. The horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays two falling lines from top left in the vertical axis at R to bottom center at T and extreme right at S. A concave up decreasing curve has two points A and B intersecting the line R S at A. A concave up decreasing curve C and D intersecting the line R T at C. A dashed line from top left to bottom right intersects at B. A dashed line from the top left in the vertical axis to the bottom right in the horizontal axis intersects at D.

Figure 9.3.4

Refer to Figure 9.3.4, which shows a consumer's choices and the consumer's budget. Which of the following events will shift the budget line from RS to RT?
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Zarina can afford to buy 3 tomatoes and no toothbrushes, or 2 toothbrushes and no tomatoes. What is the relative price of a toothbrush?
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Sarah spends $100 and buys 5 pizzas at $10 each and 10 subs at $5 each. Then the government taxes subs, and the price rises to $10 each. Simultaneously, the government gives Sarah a grant of $50 in income to make up for this change. Does Sarah's budget line change?

As a result, Sarah's budget line
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A consumer considers Coke and Pepsi to be perfect substitutes for each other. What would the consumer's indifference curves for these two goods look like?
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Which one of the following statements about the budget line is false? 

The budget line
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As a consumer's choice moves down along a given budget line, how does the consumer's real income change?
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Which of the following statements is false?
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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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Albert is consuming at a point on his indifference curve where his budget line is not as steep as the indifference curve. To achieve his best affordable choice of two goods, what does Albert do?
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