A) the utility obtained from the consumption of all but the last unit of a good. B) the relative value of two goods when a utility-maximizing decision has been made. C) the change in utility that results from increasing the amount of a good consumed by one unit. D) the change in the amount of a good consumed that increases total utility by one unit. E) none of the above A) the utility obtained from the consumption of all but the last unit of a good. B) the relative value of two goods when a utility-maximizing decision has been made. C) the change in utility that results from increasing the amount of a good consumed by one unit. D) the change in the amount of a good consumed that increases total utility by one unit. E) none of the above

For questions assume that an individual consumes two goods X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods. The prices of X and Y are, respectively, $5 and $10. $\begin{array}{lcc} \text { Units of the Good } & \text { TotalUtility of } X & \text { Total Utility of } Y \\ 1 & 50 & 400 \\ 2 & 95 & 750 \\ 3 & 135 & 950 \\ 4 & 170 & 1100 \\ 5 & 200 & 1220 \\ 6 & 225 & 1320 \\ 7 & 245 & 1400 \\ 8 & 260 & 1450 \end{array}$ -If the consumer has $65 to spend on X and Y, the utility-maximizing bundle is

A) 3X and 5Y. B) 4X and 4Y. C) 5X and 2Y. D) 1X and 6Y. E) 2X and 7Y. A) 3X and 5Y. B) 4X and 4Y. C) 5X and 2Y. D) 1X and 6Y. E) 2X and 7Y.

Refer to the following graph: The price of X is $20 and the price of Y is $40. -If U1 is the highest level of utility the consumer can achieve, what is the consumer's income?

A) $ 480 B) $ 600 C) $ 800 D) $1,200 E) none of the above A) $ 480 B) $ 600 C) $ 800 D) $1,200 E) none of the above

Exam 5: Theory of Consumer Behavior

Refer to the following graphs: $Refer to the following graphs: The price of Y is $15 per unit. - What is Y _ { 1 } ?$ The price of Y is $15 per unit. - What is $Y _ { 1 }$ ?

(Multiple Choice)

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Question 41

Refer to the following graphs: The price of Y is $15 per unit. -What does the curve in the lower graph show?

(Multiple Choice)

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Question 42

Suppose a consumer who purchases only two goods is making a utility-maximizing choice and then the price of one of the goods decreases. What will happen?

(Multiple Choice)

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Question 43

Marginal utility is

(Multiple Choice)

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Question 44

Refer to the following: The consumer faces a budget constraint because the market price of X is $3, the market price of Y is $3, and the consumer's budget is $90. -In order for this consumer to choose the corner solution at point E, which of the following must occur?

(Multiple Choice)

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Question 45

The rate at which a consumer is WILLING to substitute one good for another is measured by

(Multiple Choice)

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Question 46

Suppose that utility-maximizing consumers in San Francisco pay three times as much for apples as for peaches. What is the ratio of the marginal utility of apples to the marginal utility of peaches?

(Multiple Choice)

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Question 47

Ronald, who consumes only hamburgers and hot dogs, has a weekly income of $50. He is currently consuming 20 hamburgers, at a price of $2 each, and 10 hot dogs, at a price of $1 each. If the last hamburger and the last hot dog both added 50 units to Ronald's total utility, he

(Multiple Choice)

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Question 48

Refer to the following figure: The consumer's income is $800. -What are the prices of goods X and Y?

(Multiple Choice)

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Question 49

If Ferdinand prefers a Big Mac to a Whopper and a Whopper to a hotdog, but is indifferent between a Big Mac and a Quarter Pounder he must

(Multiple Choice)

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Question 50

Refer to the following graph: The consumer's income is $600. -What is the price of Y?

(Multiple Choice)

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Question 51

Refer to the following graph: The price of X is $20 and the price of Y is $40. -At point B,

(Multiple Choice)

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Question 52

An indifference curve is drawn on a graph with good X on the horizontal axis and good Y on the vertical axis. One point on the curve is X = 5, Y = 5. Which of the following points CANNOT also be on the curve?

(Multiple Choice)

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Question 53

The price of Y is $10. -If the price of X is $5, what combination of X and Y will a utility-maximizing consumer choose?

(Multiple Choice)

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Question 54

The rate at which a consumer is ABLE to substitute one good for another is determined by

(Multiple Choice)

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Question 55

A market demand curve

(Multiple Choice)

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Question 56

For questions assume that an individual consumes two goods X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods. The prices of X and Y are, respectively, $5 and $10. Units of the Good TotalUtility of X Total Utility of Y 1 50 400 2 95 750 3 135 950 4 170 1100 5 200 1220 6 225 1320 7 245 1400 8 260 1450 -If the consumer has $65 to spend on X and Y, the utility-maximizing bundle is

(Multiple Choice)

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Question 57

Lord Greystroke uses his limited income to purchase fruits and nuts; he is currently buying 10 pounds of fruits at a price of $2 per pound and 5 pounds of nuts at a price of $6 per pound. The last pound of fruits added 10 units to Lord Greystroke's total utility, while the last pound of nuts added 30 units. Lord Greystroke

(Multiple Choice)

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Question 58

Refer to the following graph: The price of X is $20 and the price of Y is $40. -If U₁ is the highest level of utility the consumer can achieve, what is the consumer's income?

(Multiple Choice)

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Question 59

Refer to the following graph: The consumer's income is $1,200. -At what price of Y are Y₂ units demanded?

(Multiple Choice)

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Question 60

Showing 41 - 60 of 70

Refer to the following graphs: $Refer to the following graphs: The price of Y is $15 per unit. - What is Y _ { 1 } ?$ The price of Y is $15 per unit. - What is $Y _ { 1 }$ ?

Refer to the following graphs: The price of Y is $15 per unit. -What does the curve in the lower graph show?

Suppose a consumer who purchases only two goods is making a utility-maximizing choice and then the price of one of the goods decreases. What will happen?

Marginal utility is

Refer to the following: The consumer faces a budget constraint because the market price of X is $3, the market price of Y is $3, and the consumer's budget is $90. -In order for this consumer to choose the corner solution at point E, which of the following must occur?

The rate at which a consumer is WILLING to substitute one good for another is measured by

Suppose that utility-maximizing consumers in San Francisco pay three times as much for apples as for peaches. What is the ratio of the marginal utility of apples to the marginal utility of peaches?

Ronald, who consumes only hamburgers and hot dogs, has a weekly income of $50. He is currently consuming 20 hamburgers, at a price of $2 each, and 10 hot dogs, at a price of $1 each. If the last hamburger and the last hot dog both added 50 units to Ronald's total utility, he

Refer to the following figure: The consumer's income is $800. -What are the prices of goods X and Y?

If Ferdinand prefers a Big Mac to a Whopper and a Whopper to a hotdog, but is indifferent between a Big Mac and a Quarter Pounder he must

Refer to the following graph: The consumer's income is $600. -What is the price of Y?

Refer to the following graph: The price of X is $20 and the price of Y is $40. -At point B,

An indifference curve is drawn on a graph with good X on the horizontal axis and good Y on the vertical axis. One point on the curve is X = 5, Y = 5. Which of the following points CANNOT also be on the curve?

The price of Y is $10. -If the price of X is $5, what combination of X and Y will a utility-maximizing consumer choose?

The rate at which a consumer is ABLE to substitute one good for another is determined by

A market demand curve

Refer to the following graph: The price of X is $20 and the price of Y is $40. -If U₁ is the highest level of utility the consumer can achieve, what is the consumer's income?

Refer to the following graph: The consumer's income is $1,200. -At what price of Y are Y₂ units demanded?

Managers, Profits, and Markets

Demand, Supply, and Market Equilibrium

Marginal Analysis for Optimal Decisions

Basic Estimation Techniques

Elasticity and Demand

Demand Estimation and Forecasting

Production and Cost in the Short Run

Production and Cost in the Long Run

Production and Cost Estimation

Managerial Decisions in Competitive Markets

Managerial Decisions for Firms With Market Power

Strategic Decision Making in Oligopoly Markets

Advanced Pricing Techniques

Decisions Under Risk and Uncertainty

Government Regulation of Business

Filters

Exam 5: Theory of Consumer Behavior

Refer to the following graphs: The price of Y is $15 per unit. - What is Y1Y _ { 1 }Y1​ ?

Refer to the following graphs: The price of Y is $15 per unit. -What does the curve in the lower graph show?

Suppose a consumer who purchases only two goods is making a utility-maximizing choice and then the price of one of the goods decreases. What will happen?

Marginal utility is

Refer to the following: The consumer faces a budget constraint because the market price of X is $3, the market price of Y is $3, and the consumer's budget is $90. -In order for this consumer to choose the corner solution at point E, which of the following must occur?

The rate at which a consumer is WILLING to substitute one good for another is measured by

Suppose that utility-maximizing consumers in San Francisco pay three times as much for apples as for peaches. What is the ratio of the marginal utility of apples to the marginal utility of peaches?

Ronald, who consumes only hamburgers and hot dogs, has a weekly income of $50. He is currently consuming 20 hamburgers, at a price of $2 each, and 10 hot dogs, at a price of $1 each. If the last hamburger and the last hot dog both added 50 units to Ronald's total utility, he

Refer to the following figure: The consumer's income is $800. -What are the prices of goods X and Y?

If Ferdinand prefers a Big Mac to a Whopper and a Whopper to a hotdog, but is indifferent between a Big Mac and a Quarter Pounder he must

Refer to the following graph: The consumer's income is $600. -What is the price of Y?

Refer to the following graph: The price of X is $20 and the price of Y is $40. -At point B,

An indifference curve is drawn on a graph with good X on the horizontal axis and good Y on the vertical axis. One point on the curve is X = 5, Y = 5. Which of the following points CANNOT also be on the curve?

The price of Y is $10. -If the price of X is $5, what combination of X and Y will a utility-maximizing consumer choose?

The rate at which a consumer is ABLE to substitute one good for another is determined by

A market demand curve

Refer to the following graph: The price of X is $20 and the price of Y is $40. -If U1 is the highest level of utility the consumer can achieve, what is the consumer's income?

Refer to the following graph: The consumer's income is $1,200. -At what price of Y are Y2 units demanded?

Managers, Profits, and Markets

Demand, Supply, and Market Equilibrium

Marginal Analysis for Optimal Decisions

Basic Estimation Techniques

Elasticity and Demand

Demand Estimation and Forecasting

Production and Cost in the Short Run

Production and Cost in the Long Run

Production and Cost Estimation

Managerial Decisions in Competitive Markets

Managerial Decisions for Firms With Market Power

Strategic Decision Making in Oligopoly Markets

Advanced Pricing Techniques

Decisions Under Risk and Uncertainty

Government Regulation of Business

Filters

Refer to the following graphs: $Refer to the following graphs: The price of Y is $15 per unit. - What is Y _ { 1 } ?$ The price of Y is $15 per unit. - What is $Y _ { 1 }$ ?

Refer to the following graph: The price of X is $20 and the price of Y is $40. -If U₁ is the highest level of utility the consumer can achieve, what is the consumer's income?

Refer to the following graph: The consumer's income is $1,200. -At what price of Y are Y₂ units demanded?