Exam 8: Utility and Demand

-The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10. What is the marginal utility per dollar from CDs when the sixth CD is purchased?

(Multiple Choice)

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Question 81

With respect to water and diamonds, water

(Multiple Choice)

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Question 82

Milkshakes Sodas -The table above shows Tom's total utility from milkshakes and sodas. A milkshake costs $2.00. How much marginal utility per dollar would Tom get if he purchased the ninth milkshake?

(Multiple Choice)

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Question 83

Fritos Fruit drinks -The table above shows the total utility from the two goods Freddy likes to consume. Suppose that Freddy has already eaten 5 bags of Fritos. If he consumes one more bag, his marginal utility will

(Multiple Choice)

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Question 84

"As Rob consumes more dates over the course of a day, it is likely that his marginal utility from date consumption will rise." Is the previous statement likely correct or incorrect?

(Essay)

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Question 85

Economists using marginal utility theory assume that consumers' objectives are to

(Multiple Choice)

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Question 86

How can you compute the total utility derived from consuming five hamburgers using marginal utilities?

(Essay)

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Question 87

According to the principle of diminishing marginal utility, as the quantity of a good or service consumed increases, total utility

(Multiple Choice)

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Question 88

Eclairs Cream puffs -The table gives the total utility Jamal derives from the consumption of eclairs and cream puffs. Jamal has $12 to spend on these two confectionery goods. The price of an eclair is $3 and the price of a cream puff is $1.50. a) Jamal's budget is $12. In order for Jamal to maximize his utility, how many eclairs and cream puffs should he buy? b) Suppose the price of an eclair increase to $6. Jamal's income does not change and neither does the price of a cream puff. What combination of eclairs and cream puffs will Jamal buy now? c) Using your answers to parts (a) and (b), derive two points on Jamal's demand curve for eclairs.

(Essay)

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Question 89

Liz loves to eat popcorn. Still, the more she eats, the less she wants each additional bite. Her marginal utility from popcorn is

(Multiple Choice)

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Question 90

-From the information in the above table, what is the marginal utility of the third quart of ice cream?

(Multiple Choice)

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Question 91

Lucky buys hats for $20 but Lucky will NOT sell one of her hats for less than $35. Lucky is

(Multiple Choice)

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Question 92

Milkshakes Sodas -The table above shows Tom's total utility from milkshakes and sodas. Tom's total budget for milkshakes and sodas is $20.00 per week. Milkshakes cost $2.00 each and sodas cost $.50 each. What quantity of milkshakes does Tom purchase at his consumer equilibrium?

(Multiple Choice)

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Question 93

Cookies Cake -The above table shows Homer's marginal utility from consuming various quantities of chocolate chip cookies and cake. The price of cookies is $1 per pound, the price of cake is $2 per slice and Homer has $9 to spend on cookies and cake. Homer will consume pounds of cookies and slices of cake.

(Multiple Choice)

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Question 94

-Lisa spends all her income on pizzas and DVDs. The above table shows Lisa's marginal utility for pizza and marginal utility for DVDs. Suppose the price of a pizza is $10 and the price of a DVD is $10 and Lisa initially has $40 to spend on the two goods. Lisa gets a raise at work and so she now has $60 to spend on DVDs and pizza. With her increase in income, her consumption of DVDs and hence DVDs are good for Lisa.

(Multiple Choice)

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Question 95

-John either buys a steak or chicken when dining out. John's marginal utility for steak and chicken is given in the above table. If the price of a steak is $20 and the price of a chicken is $10 and John has $50 to spend on the two goods, what combination of steak and chicken will John consume to maximize his utility?

(Multiple Choice)

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Question 96

Water is cheap and diamonds are expensive because water has a , and diamonds have a .

(Multiple Choice)

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Question 97

-In the figure above, the marginal utility of the third crate of tomatoes for the person with total utility curve C is

(Multiple Choice)

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Question 98

Steve is in a consumer equilibrium. Then, the price of steak increases from $6 a pound to $8 a pound. Steve decreases the number of pounds of steaks he buys each week

(Multiple Choice)

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Question 99

"I really enjoy watching movies. The first one is best. After that I still enjoy movies but the last one is not as much fun to watch as the one before it." This statement reflects the

(Multiple Choice)

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Question 100

Showing 81 - 100 of 366

-The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10. What is the marginal utility per dollar from CDs when the sixth CD is purchased?

With respect to water and diamonds, water

Milkshakes Sodas -The table above shows Tom's total utility from milkshakes and sodas. A milkshake costs $2.00. How much marginal utility per dollar would Tom get if he purchased the ninth milkshake?

Fritos Fruit drinks -The table above shows the total utility from the two goods Freddy likes to consume. Suppose that Freddy has already eaten 5 bags of Fritos. If he consumes one more bag, his marginal utility will

"As Rob consumes more dates over the course of a day, it is likely that his marginal utility from date consumption will rise." Is the previous statement likely correct or incorrect?

Economists using marginal utility theory assume that consumers' objectives are to

How can you compute the total utility derived from consuming five hamburgers using marginal utilities?

According to the principle of diminishing marginal utility, as the quantity of a good or service consumed increases, total utility

Liz loves to eat popcorn. Still, the more she eats, the less she wants each additional bite. Her marginal utility from popcorn is

-From the information in the above table, what is the marginal utility of the third quart of ice cream?

Lucky buys hats for $20 but Lucky will NOT sell one of her hats for less than $35. Lucky is

Milkshakes Sodas -The table above shows Tom's total utility from milkshakes and sodas. Tom's total budget for milkshakes and sodas is $20.00 per week. Milkshakes cost $2.00 each and sodas cost $.50 each. What quantity of milkshakes does Tom purchase at his consumer equilibrium?

Water is cheap and diamonds are expensive because water has a , and diamonds have a .

-In the figure above, the marginal utility of the third crate of tomatoes for the person with total utility curve C is

Steve is in a consumer equilibrium. Then, the price of steak increases from $6 a pound to $8 a pound. Steve decreases the number of pounds of steaks he buys each week

"I really enjoy watching movies. The first one is best. After that I still enjoy movies but the last one is not as much fun to watch as the one before it." This statement reflects the

What Is Economics

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Organizing Production

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Public Choices, Public Goods, and Healthcare

Externalities

Markets for Factors of Production

Economic Inequality

Uncertainty and Information

Filters

Exam 8: Utility and Demand

-The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10. What is the marginal utility per dollar from CDs when the sixth CD is purchased?

With respect to water and diamonds, water

Milkshakes Sodas -The table above shows Tom's total utility from milkshakes and sodas. A milkshake costs $2.00. How much marginal utility per dollar would Tom get if he purchased the ninth milkshake?

Fritos Fruit drinks -The table above shows the total utility from the two goods Freddy likes to consume. Suppose that Freddy has already eaten 5 bags of Fritos. If he consumes one more bag, his marginal utility will

"As Rob consumes more dates over the course of a day, it is likely that his marginal utility from date consumption will rise." Is the previous statement likely correct or incorrect?

Economists using marginal utility theory assume that consumers' objectives are to

How can you compute the total utility derived from consuming five hamburgers using marginal utilities?

According to the principle of diminishing marginal utility, as the quantity of a good or service consumed increases, total utility

Liz loves to eat popcorn. Still, the more she eats, the less she wants each additional bite. Her marginal utility from popcorn is

-From the information in the above table, what is the marginal utility of the third quart of ice cream?

Lucky buys hats for $20 but Lucky will NOT sell one of her hats for less than $35. Lucky is

Milkshakes Sodas -The table above shows Tom's total utility from milkshakes and sodas. Tom's total budget for milkshakes and sodas is $20.00 per week. Milkshakes cost $2.00 each and sodas cost $.50 each. What quantity of milkshakes does Tom purchase at his consumer equilibrium?

Water is cheap and diamonds are expensive because water has a ________, and diamonds have a ________.

-In the figure above, the marginal utility of the third crate of tomatoes for the person with total utility curve C is

Steve is in a consumer equilibrium. Then, the price of steak increases from $6 a pound to $8 a pound. Steve decreases the number of pounds of steaks he buys each week

"I really enjoy watching movies. The first one is best. After that I still enjoy movies but the last one is not as much fun to watch as the one before it." This statement reflects the

What Is Economics

The Economic Problem

Demand and Supply

Elasticity

Efficiency and Equity

Government Actions in Markets

Global Markets in Action

Organizing Production

Output and Costs

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Public Choices, Public Goods, and Healthcare

Externalities

Markets for Factors of Production

Economic Inequality

Uncertainty and Information

Filters

Water is cheap and diamonds are expensive because water has a , and diamonds have a .