Exam 7: Utility Maximization

Assume a round of golf requires four hours of leisure time, and attending a concert requires two hours.If the price of a round of golf is $40 and the price of a concert is $80, ceteris paribus, Joe will play

(Multiple Choice)

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Question 181

The theory of consumer behavior assumes that consumers attempt to maximize

(Multiple Choice)

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Question 182

A consumer is in equilibrium and is spending income in such a way that the marginal utility of product X is 40 units and that of Y is 16 units.If the unit price of X is $5, then the price of Y must be

(Multiple Choice)

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Question 183

Which of the following is not an assumption of the theory of consumer behavior described in this chapter?

(Multiple Choice)

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Question 184

Each point on a single indifference curve reflects the same level of total utility for a consumer.

(True/False)

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Question 185

The marginal rate of substitution of beef for chicken is the

(Multiple Choice)

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Question 186

Showing 181 - 186 of 186

Exam 7: Utility Maximization

Assume a round of golf requires four hours of leisure time, and attending a concert requires two hours.If the price of a round of golf is $40 and the price of a concert is $80, ceteris paribus, Joe will play

The theory of consumer behavior assumes that consumers attempt to maximize

A consumer is in equilibrium and is spending income in such a way that the marginal utility of product X is 40 units and that of Y is 16 units.If the unit price of X is $5, then the price of Y must be

Which of the following is not an assumption of the theory of consumer behavior described in this chapter?

Each point on a single indifference curve reflects the same level of total utility for a consumer.

The marginal rate of substitution of beef for chicken is the

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