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ECON-1010-A-Introduction to Microeconomics

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Karen consumes chocolate and candles. Which of the following situations arises at Karen's best affordable point?

At her best affordable point, Karen is
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What is an indifference curve?
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A consumer has made the best affordable choice of two normal goods. If the price of one good rises, which of the following statements about the consumer's choice is correct?
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Which of the following situations arises when the marginal rate of substitution between two goods is constant?
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What is the variable calculated by dividing the price of one good by the price of another good?
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If the price of the good measured on the vertical axis increases, how does the consumer's budget line change?
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Fact 9.3.1

Marc has an income of $20 and spends it on two goods, root beer (measured on the vertical axis) and chips (measured on the horizontal axis). The price of root beer is $1 a can. The price of chips is $0.50 a bag. Initially, Marc's best affordable point is 10 cans of root beer and 20 bags of chips. 

Refer to Fact 9.3.1. What was Marc's initial marginal rate of substitution between the two goods?
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Which of the following events occurs when all prices double and the consumer's income also doubles?
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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 graph is a downward sloping line from the top left in the vertical axis to the bottom right in the horizontal axis. A downward sloping line from the center left in the vertical axis to the bottom left in the horizontal axis. A concave up decreasing curve intersects the first line at point B at the bottom of the slope. A concave up decreasing curve intersects the second line at point A at the top of the slope.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 from the top left in the vertical axis to the bottom right in the horizontal axis. A downward sloping line from the center left in the vertical axis to the bottom left in the horizontal axis. A concave up decreasing curve intersects the first line at point A at the bottom of the slope. A concave up decreasing curve intersects the second line at point B at the top of the slope. In graph (c), 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. A downward sloping line from the center left in the vertical axis to the bottom left in the horizontal axis. A concave up decreasing curve intersects the first line at point B at the top of the slope. A concave up decreasing curve intersects the second line at point A at the top of the slope. In graph (d), 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. A downward sloping line from the center left in the vertical axis to the bottom left in the horizontal axis. A concave up decreasing curve intersects the first line at point A at the center of the slope. A concave up decreasing curve intersects the second line at point B at the center of the slope.

Figure 9.3.3

Refer to Figure 9.3.3, which shows the original best affordable point at A and the new best affordable point at B. Which graphs show the case where good Y is a normal good?
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Bill spends his income on apples and bananas. If apples are measured on the vertical axis and bananas on the horizontal axis, when Bill's income doubles, the price of apples doubles, and the price of bananas triples, how does Bill's budget line change?
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