< saint leo univ eco 202 chapter 20 test (2015)>

 

 

Question Score:  0 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

The water-diamond paradox was solved by realizing the price people are willing to pay for a unit of a particular commodity is determined by.

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Total utility

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Fill in the missing cells in the table.

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Other things remaining equal, as the relative price of a good falls, people consume more of that good because

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

In consumer theory, utility is

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Which of the following examples are used as evidence favouring the bounded rationality assumption?

 

Question Score:  0 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Suppose the price of apples falls relative to other similar goods, and as a result the quantity of apples demanded increases;  This is caused by

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Quantity of Hamburgers /Wk

Total Utility  Hamburgers

Marginal Utility Hamburgers

Quantity of Movies /Wk

Total Utility Movies /Wk

Marginal Utility Movies /Wk

1

40

40

1

400

400

2

60

20

2

700

300

3

76

16

3

850

150

4

86

10

4

950

100

5

91

5

5

1000

50

6

93

2

6

1025

25

 

 

 

Refer to the table above. Suppose the price of a movie is $5 and the consumer’s, Suppose the price of a movie is $5 and the consumers’ income is $29. What are the quantities demanded of hamburgers at prices of $2 and $1 respectively?

 

 

 

 

 

 

 

Question Score:  0.67 of 1 pt                                                                       Test Score:  63.89% (7.67 of 12 pts)

 

Given the following table, fill in the blank below.

 

 

 

 

 

 

 

 
   

Price of Pizza =$5

Price of Video =$4

Price of Video =$5

Units

Total Utility  Pizzas

MU/ S Pizzas

Total Utility Videos

MU/S Videos

MU/S Videos

 

1

50

10

30

7.5

6

 

2

90

8

58

7

5.6

 

3

120

6

82

6

4.8

 

4

140

4

102

5

4

 

5

150

2

118

 

3.2

 

6

155

1

130

3

2.4

 

7

155

0

138

2

1.6

 
             

 

If your income was $40 and the price of pizzas was $5 and the price of videos was $4, what combination of pizzas and video would maximize your utility?

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

The use of utility-based consumer choice theory

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

If total utility is increasing at a decreasing rate, marginal utility is

 

Question Score:  0 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

The law of diminishing marginal utility insures that

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more