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ECON-1010-A-Introduction to Microeconomics

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What is the shape of the consumer's indifference curves if the two goods that the consumer buys are perfect substitutes?

The indifference curves are
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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. If the price of good X rises and the budget line shifts from RS to RT, what is the substitution effect of the price change?

The change in the quantity of good X as the consumer moves from
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How does a change in the price of the good measured on the horizontal axis change the consumer's budget line?
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Which of the following statements about the indifference curves for two goods that are close but not perfect substitutes is correct? 
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For Vivien, vintage clothing is a normal good. If the price of vintage clothing falls and Vivien's income remains the same, what are the substitution and income effects of the price fall?

The substitution effect ________ the quantity of vintage clothing bought and the income effect ________ the quantity of vintage clothing bought.
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Marie-Louise has an income of $10 to buy peanuts and popcorn. The price of a bag of peanuts is $1 and the price of a bag of popcorn is $2. What is Marie-Louise's real income in terms of popcorn? 
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How does a change in the price of the good measured on the vertical axis change the consumer's budget line? 
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A graph plots music downloads (per month) versus carrots (per month).The horizontal axis is labeled music downloads (per month), and the vertical axis is labeled carrots (per month). A graph displays three downward sloping lines. The first line falls from the top left in the vertical axis at point D to the bottom left in the horizontal axis at point A. The second line falls from point D to the bottom center in the horizontal axis at point B. The third line falls from point D to extreme right in the horizontal axis at point C.

Figure 9.1.2

Refer to Figure 9.1.2, which shows three budget lines. Which budget line shows the greatest real income in terms of carrots?
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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. If the price of good X changes and the budget line shifts from RT to RS, what is the income effect of the price change?

The change in the quantity of good X as the consumer moves from
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What is a consumer's marginal rate of substitution?

As the consumer moves along an indifference curve, the marginal rate of substitution between goods X and Y
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