$\text { Table 28.1a }$ $\begin{array}{|l|l|l|} \hline \text { Apples } & \text { Bread } & \text { Cake } \\ \hline 11 \text { units of utility } & 22 \text { units of utility } & 33 \text { units of utility }\\ \hline \end{array}$ -Tables 28.1a provides information on Sam's current consumption of apples, bread and cake. Sam is currently maximizing utility it

A) the price of apples is $1, bread is $2 and cake is $3 B) the prices of apples, bread and cake are all $1. C) the price of apples is $3, bread is $2, and cake is $1 D) all items are $11 each A) the price of apples is $1, bread is $2 and cake is $3 B) the prices of apples, bread and cake are all $1. C) the price of apples is $3, bread is $2, and cake is $1 D) all items are $11 each

Exam 28: Consumption Theory: Demand

Discuss the criticisms of the assumptions of neoclassical consumer theory. -What is the difference between demand and effective demand or the ability to buy a good or service?

(Essay)

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Question 21

$\text { Table 28.1a }$ Apples Bread Cake 11 units of utility 22 units of utility 33 units of utility -Tables 28.1a provides information on Sam's current consumption of apples, bread and cake. Sam is currently maximizing utility it

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Question 22

Discuss the criticisms of the assumptions of neoclassical consumer theory. -What factors might affect your preferences for different goods or services?

(Short Answer)

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Question 23

Whats defention of terms: -rationality

(Short Answer)

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Question 24

Understand and demonstrate how the demand curve is derived. -Explain how consumers reacting to changes in prices and attempting to keep at a utility-maximizing level of consumption leads to the relationship between price and quantity demanded.

(Essay)

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Question 25

What does the assumption of diminishing marginal utility mean?

(Multiple Choice)

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Question 26

Whats defention of terms: -utility

(Short Answer)

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Question 27

When neoclassical economists assume that individuals are rational, they mean that people

(Multiple Choice)

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Question 28

Explain the conditions under which utility is maximized. -Fill in the table above. Is the principle of diminishing marginal utility operative in this case? How do you know?

(Short Answer)

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Question 29

Whats defention of terms: -marginal utility

(Short Answer)

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Question 30

Discuss the criticisms of the assumptions of neoclassical consumer theory. -Consumer sovereignty says that households ultimately decide what businesses produce. How does advertising compromise the notion that households control what businesses do?

(Essay)

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Question 31

Explain how consumers maximize their utility (joy) within the bounds of their income. -Is it possible to consume goods until their marginal utility goes to zero? Why or why not?

(Essay)

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Question 32

Explain the assumptions made about consumers and households used to build utility theory. -List the assumptions that are used to build the traditional model of consumer demand.

(Short Answer)

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Question 33

Explain the assumptions made about consumers and households used to build utility theory. -What happens to total utility even if there is diminishing marginal utility? Even if there is diminishing marginal utility, why is it assumed that people prefer more rather than less?

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Question 34

Whats defention of terms: -total utility

(Short Answer)

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Question 35

Whats defention of terms: -conspicuous consumption

(Short Answer)

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Question 36

Understand and demonstrate how the demand curve is derived. -Can consumers dictate the prices they pay for products at the store? What can consumers do if the price of a product rises and their income is fixed? What role does the availability of substitutes play here?

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Question 37

Whats defention of terms: -negative marginal utility

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Question 38

Whats defention of terms: -ordinal utility

(Short Answer)

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Question 39

Showing 21 - 39 of 39

Exam 28: Consumption Theory: Demand

Discuss the criticisms of the assumptions of neoclassical consumer theory. -What is the difference between demand and effective demand or the ability to buy a good or service?

Table 28.1a \text { Table 28.1a } Table 28.1a Apples Bread Cake 11 units of utility 22 units of utility 33 units of utility -Tables 28.1a provides information on Sam's current consumption of apples, bread and cake. Sam is currently maximizing utility it

Discuss the criticisms of the assumptions of neoclassical consumer theory. -What factors might affect your preferences for different goods or services?

Whats defention of terms: -rationality

Understand and demonstrate how the demand curve is derived. -Explain how consumers reacting to changes in prices and attempting to keep at a utility-maximizing level of consumption leads to the relationship between price and quantity demanded.

What does the assumption of diminishing marginal utility mean?

Whats defention of terms: -utility

When neoclassical economists assume that individuals are rational, they mean that people

Explain the conditions under which utility is maximized. -Fill in the table above. Is the principle of diminishing marginal utility operative in this case? How do you know?

Whats defention of terms: -marginal utility

Discuss the criticisms of the assumptions of neoclassical consumer theory. -Consumer sovereignty says that households ultimately decide what businesses produce. How does advertising compromise the notion that households control what businesses do?

Explain how consumers maximize their utility (joy) within the bounds of their income. -Is it possible to consume goods until their marginal utility goes to zero? Why or why not?

Explain the assumptions made about consumers and households used to build utility theory. -List the assumptions that are used to build the traditional model of consumer demand.

Explain the assumptions made about consumers and households used to build utility theory. -What happens to total utility even if there is diminishing marginal utility? Even if there is diminishing marginal utility, why is it assumed that people prefer more rather than less?

Whats defention of terms: -total utility

Whats defention of terms: -conspicuous consumption

Understand and demonstrate how the demand curve is derived. -Can consumers dictate the prices they pay for products at the store? What can consumers do if the price of a product rises and their income is fixed? What role does the availability of substitutes play here?

Whats defention of terms: -negative marginal utility

Whats defention of terms: -ordinal utility

Prehistoric Communal Institutions in the Middle East

Communal Equality to Slavery in the Middle East

Slavery to Feudalism in Western Europe

Feudalism and Paternalism in England

Feudalism to Capitalism in England

Mercantilism in England

Pre-Capitalism to Industrial Capitalism in the United States 1776-1865

Classical Liberalism Defense of Industrial Capitalism

Socialist Protest Against Industrial Capitalism

Marx Critique and Alternative to Capitalism

Rise of Corporate Capitalism in the United States, 1865-1900

Neoclassical Economics Defense of Corporate Capitalism

Veblen Critique of Corporate Capitalism

Growth and Depression in the United States, 1900-1940

Keynesian Economics and the Great Depression

The United States and Global Capitalism, 1940-2006

Robinson Crusoe Two Perspectives on Microeconomics

The Two Americas Inequality, Class, and Conflict

Inequality, Exploitation, and Economic Institutions

Prices, Profits, and Exploitation

Market Power and Global Corporations

Economics of Racial and Gender Discrimination

Environmental Devastation

Government and Inequality

Economic Democracy

Scarcity and Choice Neoclassical View

Simple Analytics of Supply and Demand

Production Theory Supply

Costs of Production

Work and Wages Neoclassical View of Income Distribution

Prices and Profits in Perfect Competition

Monopoly, Power, Prices, and Profits

Monopolistic Competition and Oligopoly

Market Failures Public Goods, Market Power, and Externalities

History of Business Cycles and Human Misery

National Income Accounting How to Map the Circulation of Money and Goods

Money and Profit Says Law and Institutionalist Criticism

Neoclassical View of Aggregate Supply and Demand

Keynesian View of Aggregate Supply and Demand

How to Measure Instability

Consumer Spending and Labor Income

Investment Spending and Profit

The Multiplier

Business Cycles and Unemployment

Growth and Waste

Fiscal Policy

Government Spending and Taxes

Money, Banking, and Credit

Inflation

Monetary Policy

Exports and Imports

International Trade, Investment, and Finance How Instability Spreads Around the World

Debate on Globalization

Debate on Free Trade

Development

Filters

$\text { Table 28.1a }$ Apples Bread Cake 11 units of utility 22 units of utility 33 units of utility -Tables 28.1a provides information on Sam's current consumption of apples, bread and cake. Sam is currently maximizing utility it