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ECON-1010-A-Introduction to Microeconomics

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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 displays two concave up decreasing curves labeled I sub 1 and I sub 0. Two horizontal and two vertical dashed lines through (0, 3) to (2, 3) at I sub 0 and (0, 2) to (6, 2) at I sub 1.

Figure 9.2.3

Refer to Figure 9.2.3, which shows Lucy's preferences. If Lucy buys only books and CDs, what do her indifference curves tell you about her marginal rate of substitution between the goods?

Lucy's indifference curves ________ display diminishing marginal rate of substitution because ________.
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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 an inferior good?
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What is an indifference curve?

An indifference curve shows
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When the price of a good changes and the consumer changes the quantity of the good to buy but is indifferent between the two choices, what is the name of this change?
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The number of pizza slices is plotted on the horizontal axis and number of hot dogs is plotted on the vertical axis, how does a consumer's budget line change when the price of a hot dog rises?
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If the consumer's income increases, how does the consumer's budget line change?
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How is real income calculated?

Real income equals
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Leah consumes at a point on her budget line where her marginal rate of substitution between the two goods is less than the magnitude of the slope of her budget line. How does Leah move toward her best affordable point?

She will
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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 3 books and 2 CDs, what is his marginal rate of substitution between the two goods?
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A consumer's budget equation for pop (p) and movies (m) is Qp = 20 - 4Qm, when the price of a pop is $5 a can. If the price of a pop falls to $4 a can, what is the consumer's new budget equation? 
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