Exam 7: Consumer Behavior

Podrick enjoys consuming sandwiches (S) and juice boxes (J). Suppose that Podrick has $20 in his budget, the price of a sandwich is $4, and the price of a juice box is $2. Which of the following combinations uses exactly his $20 budget?

Podrick enjoys consuming sandwiches (S) and juice boxes (J). Suppose that Podrick has $20 in his budget, the price of a sandwich is $4, and the price of a juice box is $2. Which of the following combinations uses exactly his $20 budget?

The idea behind balanced consumption is that:

Ruxandra's marginal utility from eating her fourth steak in a month is 20 utils. Her marginal utility from eating her fifth salmon fillet is 30 utils. What should Ruxandra do if the current price of a steak is $10 and the price of a salmon fillet is $15?

In the first round of an experiment with three players, Max observes that another player cheated on the third player. Max knows that if he presses the yellow button, he will get $10 but that if he presses the red button, he will get nothing, and the cheating player will lose $2. Max presses the red button. What idea from behavioral economics explains why Max would do something that is seemingly not in his best interest?

Your ultimate goal as a consumer is to get:

Altruism, reciprocity, guilt, and revenge all affect people's decision making. What lesson from behavioral economics does this idea come from?

Collin's total utility equals 150 utils after eating the third slice of pizza. After eating four slices of pizza, his total utility increases to 160 utils. What is true about Collin's utility from pizza?

Use the table Sorenson's Utility from Eating Lunches at a Restaurant. What quantity decreases Sorenson's total utility? ​

When the price of coffee increases, Uchenna buys less coffee, but he also buys fewer magazines. What explains why Uchenna buys fewer magazines?

Podrick enjoys consuming sandwiches (S) and juice boxes (J). Suppose that Podrick has $20 in his budget, the price of a sandwich is $4, and the price of a juice box is $2. Which of the following combinations uses less than his $20 budget?

. Use the figure Aimee's Budget Constraint. If Aimee has $100 to spend, what is the cost of a baseball ticket? ​ Figure: Aimee's Budget Constraint

Ruxandra gets 100 utils from the first movie that she goes to see each month. Her total utility is 180 utils after seeing the second movie and 250 utils after seeing the third movie. Will her marginal utility from a fourth movie most likely be greater than, equal to, or less than 70 utils? Explain.

David and Chinhui both get 200 utils from four lunches at a local restaurant per month. What is true based on this information?

All else equal, when the price of soda rises, Brian purchases less soda and less candy. For Brian, we can definitely say that candy:

Use the table Jackson's Total Utility for Cupcakes. What is the marginal utility of Jackson's first cupcake? ​

Every additional candy bar that you eat gives you less utility as you consume more of it. This statement captures the idea of _____ utility.

Use the table Rebecca's Marginal Utility and Total Utility for Magazines. How many magazines give Rebecca the most total happiness? ​

Use the table Polly's Marginal Utility from Cheese and Sausage. If the current price of cheese is $10, the current price of sausage is $8, and Polly has a budget of $56, what combination of cheese and sausage maximizes her utility? ​

When Ciara consumes one glass of lemonade, it yields her 75 utils, and when she consumes one more glass of lemonade, her satisfaction increases by 25 utils. What is true about Ciara's utility for lemonade?