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
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