Exam 3: Utility-Part B

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Charlie's utility function is U(A, B)= AB, where A and B are the numbers of apples and bananas, respectively, that he consumes.If Charlie is consuming 35 apples and 175 bananas, then if we put apples on the horizontal axis and bananas on the vertical axis, the slope of his indifference curve at his current consumption is

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Question 21

Joe Bob has a cousin Sam who consumes goods 1 and 2.Sam thinks that 2 units of good 1 is always a perfect substitute for 4 units of good 2.Which of the following utility functions is the only one that would not represent Sam's preferences?

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Question 22

Ambrose has the utility function U(x₁, x₂)=4x^1/2₁ + x₂.If Ambrose were initially consuming 81 units of nuts (good 1)and 22 units of berries (good 2), then what is the largest number of berries that he would be willing to give up in return for an additional 40 units of nuts?

(Multiple Choice)

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Question 23

Charlie's utility function is U(A, B)= AB, where A and B are the numbers of apples and bananas, respectively, that he consumes.If Charlie is consuming 15 apples and 30 bananas, then if we put apples on the horizontal axis and bananas on the vertical axis, the slope of his indifference curve at his current consumption is

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Question 24

Phil Rupp,has a sister Ethel who has the utility function U(x, y)=min{2x + y, 3y}.Where x is measured on the horizontal axis and y on the vertical axis, her indifference curves consist of a

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Question 25

Ambrose has the utility function U(x₁, x₂)= 4x^1/2₁ + x₂.If Ambrose were initially consuming 4 units of nuts (good 1)and 23 units of berries (good 2), then what is the largest number of berries that he would be willing to give up in return for an additional 45 units of nuts?

(Multiple Choice)

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Question 26

Harry Mazzola has the utility function U(x₁, x₂)=min{x₁ + 2x₂, 2x₁ +x₂}.He has $40 to spend on corn chips and french fries.If the price of corn chips is $3 per unit and the price of french fries is $5 per unit, then Harry will

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Question 27

Joe Bob has a cousin Ike who consumes goods 1 and 2.Ike thinks that 4 units of good 1 is always a perfect substitute for 2 units of good 2.Which of the following utility functions is the only one that would not represent Ike's preferences?

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Question 28

Ambrose has the utility function U(x₁, x₂)=4x^1/2₁ + x₂.If Ambrose were initially consuming 4 units of nuts (good 1)and 27 units of berries (good 2), then what is the largest number of berries that he would be willing to give up in return for an additional 21 units of nuts?

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Question 29

Phil Rupp, has a sister Ethel who has the utility function U(x, y)=min{4x + y, 5y}.Where x is measured on the horizontal axis and y on the vertical axis, her indifference curves consist of a

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Question 30

Showing 21 - 30 of 30

Exam 3: Utility-Part B

Joe Bob has a cousin Sam who consumes goods 1 and 2.Sam thinks that 2 units of good 1 is always a perfect substitute for 4 units of good 2.Which of the following utility functions is the only one that would not represent Sam's preferences?

Ambrose has the utility function U(x1, x2)=4x1/21 + x2.If Ambrose were initially consuming 81 units of nuts (good 1)and 22 units of berries (good 2), then what is the largest number of berries that he would be willing to give up in return for an additional 40 units of nuts?

Phil Rupp,has a sister Ethel who has the utility function U(x, y)=min{2x + y, 3y}.Where x is measured on the horizontal axis and y on the vertical axis, her indifference curves consist of a

Ambrose has the utility function U(x1, x2)= 4x1/21 + x2.If Ambrose were initially consuming 4 units of nuts (good 1)and 23 units of berries (good 2), then what is the largest number of berries that he would be willing to give up in return for an additional 45 units of nuts?

Harry Mazzola has the utility function U(x1, x2)=min{x1 + 2x2, 2x1 +x2}.He has $40 to spend on corn chips and french fries.If the price of corn chips is $3 per unit and the price of french fries is $5 per unit, then Harry will

Joe Bob has a cousin Ike who consumes goods 1 and 2.Ike thinks that 4 units of good 1 is always a perfect substitute for 2 units of good 2.Which of the following utility functions is the only one that would not represent Ike's preferences?

Ambrose has the utility function U(x1, x2)=4x1/21 + x2.If Ambrose were initially consuming 4 units of nuts (good 1)and 27 units of berries (good 2), then what is the largest number of berries that he would be willing to give up in return for an additional 21 units of nuts?

Phil Rupp, has a sister Ethel who has the utility function U(x, y)=min{4x + y, 5y}.Where x is measured on the horizontal axis and y on the vertical axis, her indifference curves consist of a

Budget Constraint-Part A

Budget Constraint-Part B

Preferences-Part A

Preferences-Part B

Utility-Part A

Choice-Part A

Choice-Part B

Demand-Part A

Demand-Part B

Revealed Preference-Part A

Revealed Preference-Part B

Slutsky Equation-Part A

Slutsky Equation-Part B

Buying and Selling-Part A

Buying and Selling-Part B

Intertemporal Choice-Part A

Intertemporal Choice-Part B

Asset Markets-Part A

Asset Markets-Part B

Uncertainty-Part A

Uncertainty-Part B

Risky Assets-Part A

Risky Assets-Part B

Consumers Surplus-Part A

Consumers Surplus-Part B

Market Demand-Part A

Market Demand-Part B

Equilibrium-Part A

Equilibrium-Part B

Auctions-Part A

Auctions-Part B

Technology-Part A

Technology-Part B

Profit Maximization-Part A

Profit Maximization-Part B

Cost Minimization-Part A

Cost Minimization-Part B

Cost Curves-Part A

Cost Curves-Part B

Firm Supply-Part A

Firm Supply-Part B

Industry Supply-Part A

Industry Supply-Part B

Monopoly-Part A

Monopoly-Part B

Monopoly Behavior-Part A

Monopoly Behavior-Part B

Factor Markets-Part A

Factor Markets-Part B

Oligopoly-Part A

Oligopoly-Part B

Game Theory-Part A

Game Theory-Part B

Game Applications-Part A

Game Applications-Part B

Behavioral Economics

Exchange-Part A

Exchange-Part B

Production-Part A

Production-Part B

Welfare-Part A

Welfare-Part B

Externalities-Part A

Externalities-Part B

Information Technology-Part A

Information Technology-Part B

Public Goods-Part A

Public Goods-Part B

Asymmetric Information-Part A

Asymmetric Information-Part B

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Ambrose has the utility function U(x₁, x₂)=4x^1/2₁ + x₂.If Ambrose were initially consuming 81 units of nuts (good 1)and 22 units of berries (good 2), then what is the largest number of berries that he would be willing to give up in return for an additional 40 units of nuts?

Ambrose has the utility function U(x₁, x₂)= 4x^1/2₁ + x₂.If Ambrose were initially consuming 4 units of nuts (good 1)and 23 units of berries (good 2), then what is the largest number of berries that he would be willing to give up in return for an additional 45 units of nuts?

Harry Mazzola has the utility function U(x₁, x₂)=min{x₁ + 2x₂, 2x₁ +x₂}.He has $40 to spend on corn chips and french fries.If the price of corn chips is $3 per unit and the price of french fries is $5 per unit, then Harry will

Ambrose has the utility function U(x₁, x₂)=4x^1/2₁ + x₂.If Ambrose were initially consuming 4 units of nuts (good 1)and 27 units of berries (good 2), then what is the largest number of berries that he would be willing to give up in return for an additional 21 units of nuts?