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ECON-1010-A-Introduction to Microeconomics

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Which of the following equations represents a consumer's budget line if Y = $100, QX = quantity of good X, and QW = quantity of good W, PX = $4 and PW = $5?
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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 income effect of the price change?

The change in the quantity of good X as the consumer moves from
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Fact 9.3.2

Jim has made his best affordable choice of muffins and coffee. He spends all of his income on 10 muffins at $1 each and 20 cups of coffee at $2 each. Muffins and coffee are normal goods.

Refer to Fact 9.3.2. If the price of a muffin rises to $1.50 and the price of coffee falls to $1.75 a cup, will Jim continue to buy 10 muffins and 20 cups of coffee?
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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 is a downward sloping line from the top left in the vertical axis to the bottom right in the horizontal axis. Three concave up decreasing curves labeled I sub 1, I sub 2, and I sub 3. The curve I sub 1 intersects the line at point R. The curve I sub 2 has two points Q and S intersect the line at Q. The angle I sub 3 has a point T. The points R, S, and T are parallel to each other.

Figure 9.3.2

Refer to Figure 9.3.2, which shows a consumer's budget line and preference map. Which of the following statements about Figure 9.3.2 is correct?
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Four graphs plot good y versus good x. In graph (a), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A concave up decreasing curve is drawn on an x y plane. In graph (b), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph is a downward sloping line falling from the top left in the vertical axis to the bottom right in the horizontal axis. In graph (c), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A graph displays a line parallel to the vertical axis and a line parallel to the horizontal axis. Both the lines are joined together. In graph (d), the horizontal axis is labeled good x, and the vertical axis is labeled good y. A concave down decreasing curve is drawn on an x y plane.

Figure 9.2.4

Refer to Figure 9.2.4, which shows possible indifference curves. Which of these indifference curves illustrates perfect substitutes?
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What is an indifference curve?

An indifference curve shows all combinations of two goods that
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Sara spends $12 a week, buying popcorn at $3 a bag and smoothies at $3 each. What is Sara's opportunity cost of a smoothie?
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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 $1 a unit, what is the price of good Y?
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Which of the following curves shows a distinguishing characteristic of goods that are perfect complements? 
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Peter's income increases and the prices of pop and movies don't change. If Peter buys more of both movies and pop, but he increases pop by less than he increases movies, which of the following statements is correct for Peter?
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