Exam 6: Consumer Choices

Aleah is an electrical engineer. Her wage increased from $30 per hour to $40 per hour. She can work up to 50 hours each week. The table below shows her utility from different levels of leisure and income. If Aleah decreased her hours of work from 30 to 20 hours per week before her raise, the marginal utility loss from having less income is:

Molly attends college and works part-time job as a telemarketer. She can work up to 40 hours each week at her job, which pays $8 per hour. The table below shows her utility from different levels of leisure and income. Molly is currently working 20 hours per week. If she decides to work 30 hours instead, then her marginal utility loss from having less leisure is:

The term _________________ refers to the additional utility provided by one additional unit of consumption.

Briefly discuss how greater consumption of a good affects utility.

The step-by-step process of finding the choice with highest total utility involves a comparison of the:

In microeconomic terms, the ability of a good or a service to satisfy wants is called:

In terms of microeconomic analysis, what is the function of "utils"?

Economists are able to determine total utility by:

Even with wage increases, the supply curve of labor is most often inelastic for which of the following?

An inferior good is a product: