Suppose the following Lagrangian is formed to maximize a consumer's utility subject to her budget constraint: ℒ = U(X,Y)+ F1F1F1S1F1F1F10(1,000 − 50X − 5Y).The first-order conditions for this problem imply:

A) MRS = 10. B) PX / PY = 10. C) (F1F1F1S1F1F1F10U/F1F1F1S1F1F1F10X) / (F1F1F1S1F1F1F10U/F1F1F1S1F1F1F10Y) = 10. D) All of the statements associated with this question are correct. A) MRS = 10. B) PX / PY = 10. C) (F1F1F1S1F1F1F10U/F1F1F1S1F1F1F10X) / (F1F1F1S1F1F1F10U/F1F1F1S1F1F1F10Y) = 10. D) All of the statements associated with this question are correct.

Exam 4: The Theory of Individual Behavior

Suppose a worker is offered a wage of $8 per hour,plus a fixed payment of $100 per day,and he can use 24 hours per day.What are the maximum total earnings the worker can earn in a day?

(Multiple Choice)

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Question 21

Normally,owners of firms should try to induce their managers to care:

(Multiple Choice)

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Question 22

Suppose that three consumers are in the market for good X.Consumer 1's (inverse)demand is P_X = 20 − Q_X; Consumer 2's (inverse)demand is P_X = 20 − 2Q_X; and Consumer 3's (inverse)demand is P_X = 20 − 4Q_X.When P_X = $10,the market will demand:

(Multiple Choice)

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Question 23

What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P_x = $10,P_y = $20,X = 20,and M = 400?

(Multiple Choice)

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Question 24

Which is more preferred between a cash gift and an in-kind gift?

(Multiple Choice)

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Question 25

If sugar and Nutrasweet are substitutes,then we can be certain that an increase in the price of sugar will lead to an increase in the consumption of:

(Multiple Choice)

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Question 26

The firm manager with indifference curves which are convex from the origin (output on the horizontal axis and profit on the vertical axis)views:

(Multiple Choice)

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Question 27

Suppose earnings are given by E = $60 + $7(24 − L),where E is earnings and L is the hours of leisure.How much is this person working if her daily earnings are $116?

(Multiple Choice)

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Question 28

Consider a two-good world,with commodities X and Y.If Y is an inferior good,then an increase in consumer income CANNOT:

(Multiple Choice)

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Question 29

Suppose the following Lagrangian is formed to maximize a consumer's utility subject to her budget constraint: ℒ = U(X,Y)+ (1,000 − 50X − 5Y).The first-order conditions for this problem imply:

(Multiple Choice)

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Question 30

Which of the following cases violates the property of transitivity?

(Multiple Choice)

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Question 31

The total earnings of a worker are represented by E = 100 + $10(24 − L),where E is earnings and L is the number of hours of leisure.How many hours of leisure are consumed if this worker's total earnings are $160?

(Multiple Choice)

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Question 32

If the price of a good rises,then the equilibrium consumption of that good:

(Multiple Choice)

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Question 33

By the property of "more is better" and transitivity,indifference curves:

(Multiple Choice)

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Question 34

By the property of "more is better," the consumer views the products under consideration as:

(Multiple Choice)

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Question 35

Given that income is $500 and P_X = $20 and P_Y = $5,what is the market rate of substitution between goods X and Y?

(Multiple Choice)

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Question 36

Mitchell's money income is $150,the price of X is $2,and the price of Y is $2.Given these prices and income,Mitchell buys 50 units of X and 25 units of Y.Call this combination of X and Y bundle J.At bundle J,Mitchell's MRS is 2.At bundle J,if Mitchell increases consumption of Y by 1 unit,how many units of X can he give up and still reach the same level of utility?

(Multiple Choice)

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Question 37

The upper boundary of the budget set is the:

(Multiple Choice)

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Question 38

When the price of one good increases,the associated income effect is represented by a move from one indifference curve to a:

(Multiple Choice)

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Question 39

If the price of good X decreases,what will happen to the budget line?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 183

Suppose a worker is offered a wage of $8 per hour,plus a fixed payment of $100 per day,and he can use 24 hours per day.What are the maximum total earnings the worker can earn in a day?

Normally,owners of firms should try to induce their managers to care:

Suppose that three consumers are in the market for good X.Consumer 1's (inverse)demand is P_X = 20 − Q_X; Consumer 2's (inverse)demand is P_X = 20 − 2Q_X; and Consumer 3's (inverse)demand is P_X = 20 − 4Q_X.When P_X = $10,the market will demand:

What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P_x = $10,P_y = $20,X = 20,and M = 400?

Which is more preferred between a cash gift and an in-kind gift?

If sugar and Nutrasweet are substitutes,then we can be certain that an increase in the price of sugar will lead to an increase in the consumption of:

The firm manager with indifference curves which are convex from the origin (output on the horizontal axis and profit on the vertical axis)views:

Suppose earnings are given by E = $60 + $7(24 − L),where E is earnings and L is the hours of leisure.How much is this person working if her daily earnings are $116?

Consider a two-good world,with commodities X and Y.If Y is an inferior good,then an increase in consumer income CANNOT:

Suppose the following Lagrangian is formed to maximize a consumer's utility subject to her budget constraint: ℒ = U(X,Y)+ (1,000 − 50X − 5Y).The first-order conditions for this problem imply:

Which of the following cases violates the property of transitivity?

The total earnings of a worker are represented by E = 100 + $10(24 − L),where E is earnings and L is the number of hours of leisure.How many hours of leisure are consumed if this worker's total earnings are $160?

If the price of a good rises,then the equilibrium consumption of that good:

By the property of "more is better" and transitivity,indifference curves:

By the property of "more is better," the consumer views the products under consideration as:

Given that income is $500 and P_X = $20 and P_Y = $5,what is the market rate of substitution between goods X and Y?

The upper boundary of the budget set is the:

When the price of one good increases,the associated income effect is represented by a move from one indifference curve to a:

If the price of good X decreases,what will happen to the budget line?

The Fundamentals of Managerial Economics

Market Forces: Demand and Supply

Quantitative Demand Analysis

The Production Process and Costs

The Organization of the Firm

The Nature of Industry

Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets

Basic Oligopoly Models

Game Theory: Inside Oligopoly

Pricing Strategies for Firms With Market Power

The Economics of Information

Advanced Topics in Business Strategy

A Managers Guide to Government in the Marketplace

Filters

Exam 4: The Theory of Individual Behavior

Suppose a worker is offered a wage of $8 per hour,plus a fixed payment of $100 per day,and he can use 24 hours per day.What are the maximum total earnings the worker can earn in a day?

Normally,owners of firms should try to induce their managers to care:

Suppose that three consumers are in the market for good X.Consumer 1's (inverse)demand is PX = 20 − QX; Consumer 2's (inverse)demand is PX = 20 − 2QX; and Consumer 3's (inverse)demand is PX = 20 − 4QX.When PX = $10,the market will demand:

What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and Px = $10,Py = $20,X = 20,and M = 400?

Which is more preferred between a cash gift and an in-kind gift?

If sugar and Nutrasweet are substitutes,then we can be certain that an increase in the price of sugar will lead to an increase in the consumption of:

The firm manager with indifference curves which are convex from the origin (output on the horizontal axis and profit on the vertical axis)views:

Suppose earnings are given by E = $60 + $7(24 − L),where E is earnings and L is the hours of leisure.How much is this person working if her daily earnings are $116?

Consider a two-good world,with commodities X and Y.If Y is an inferior good,then an increase in consumer income CANNOT:

Suppose the following Lagrangian is formed to maximize a consumer's utility subject to her budget constraint: ℒ = U(X,Y)+ (1,000 − 50X − 5Y).The first-order conditions for this problem imply:

Which of the following cases violates the property of transitivity?

The total earnings of a worker are represented by E = 100 + $10(24 − L),where E is earnings and L is the number of hours of leisure.How many hours of leisure are consumed if this worker's total earnings are $160?

If the price of a good rises,then the equilibrium consumption of that good:

By the property of "more is better" and transitivity,indifference curves:

By the property of "more is better," the consumer views the products under consideration as:

Given that income is $500 and PX = $20 and PY = $5,what is the market rate of substitution between goods X and Y?

The upper boundary of the budget set is the:

When the price of one good increases,the associated income effect is represented by a move from one indifference curve to a:

If the price of good X decreases,what will happen to the budget line?

The Fundamentals of Managerial Economics

Market Forces: Demand and Supply

Quantitative Demand Analysis

The Production Process and Costs

The Organization of the Firm

The Nature of Industry

Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets

Basic Oligopoly Models

Game Theory: Inside Oligopoly

Pricing Strategies for Firms With Market Power

The Economics of Information

Advanced Topics in Business Strategy

A Managers Guide to Government in the Marketplace

Filters

Suppose that three consumers are in the market for good X.Consumer 1's (inverse)demand is P_X = 20 − Q_X; Consumer 2's (inverse)demand is P_X = 20 − 2Q_X; and Consumer 3's (inverse)demand is P_X = 20 − 4Q_X.When P_X = $10,the market will demand:

What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P_x = $10,P_y = $20,X = 20,and M = 400?

Given that income is $500 and P_X = $20 and P_Y = $5,what is the market rate of substitution between goods X and Y?