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ECON-1010-D1/D2-Introduction to Microeconomics

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The first can of Coke gives 15 units of utility to Witney, while the second can of Coke increases her total utility to 23. What is the marginal utility of the second can of Coke?
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Ron starts out in consumer equilibrium, consuming two goods, X and Y. Ron's income rises. At this point, we can definitely conclude that
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Use the figure below to answer the following questions.

Figure 9.3.3

Consider an initial budget line labelled RT in Figure 9.3.3. What would rotate the budget line to RS?
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Use the figure below to answer the following questions.

Figure 9.1.2

Refer to Figure 9.1.2. Which budget line has the lowest relative price for music downloads?
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The income effect is the movement from

a.         X3 to X2.

b.         X2 to X1.

c.         X1 to X2.

d.         X3 to X1.

e.         X4 to X3.

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Use the information below to answer the following questions.

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 chooses to consume 10 cans of root beer and 20 bags of chips. Then the price of root beer rises to $1.50 per can and the price of chips falls to $0.25 a bag.

Refer to Fact 9.3.1. When the price of a bag of chips falls, Marc
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Use the figure below to answer the following questions.

Figure 9.3.4

Original equilibrium at A, new equilibrium at B

Refer to Figure 9.3.4. Which graphs show the case where good Y is a normal good?
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Use the information below to answer the following questions.

Fact 9.2.1 You May Be Paid More (or Less) Than You Think

It's so hard to put a price on happiness, isn't it? But if you've ever had to choose between a job you like and a better-paying one that you like less, you probably wished some economist would tell you how much job satisfaction is worth. Trust in management is by far the biggest component to consider. Say you get a new boss and your trust in management goes up a bit (say, up 1 point on a 10-point scale). That's like getting a 36 percent pay raise. In other words, that increased level of trust will boost your level of overall satisfaction in life by about the same amount as a 36 percent raise would.

Source: CNN, March 29, 2006

Refer to Fact 9.2.1. The news clip implies that the marginal rate of substitution is ________, which is likely ________ implication.
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Use the table below to answer the following questions.

Table 8.2.1

Refer to Table 8.2.1. Consider Sam's utility from sailing and skiing. If the price of sailing is $10 per hour and the price of skiing is $20 per hour, Sam will choose to spend
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Which of the following statements is (are) true?

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