Question 1

if Charlie's utility function were X 2A XB, the price of apples were pA, the price of bananas were pB, and his income were m, then Charlie's demand for apples would be

Accepted Answer

A) 0.67m/pA. 
B) 0.50pAm. 
C) m/(pA + p
B) . 
D) m/(2p
A) . 
E) 1.50pBm/pA. 
A) 0.67m/pA. 
B) 0.50pAm. 
C) m/(pA + p
B) . 
D) m/(2p
A) . 
E) 1.50pBm/pA. A

Question 2

Ambrose's brother Augustine has an income of $52 and a utility function U(x1, x2)= 18x1/21 + x2.The price of good 1(nuts)is $3 and the price of good 2(berries)is $1.How many units of berries will Augustine demand?

Accepted Answer

A) 25 
B) 9 
C) 50 
D) 15 
E) There is not enough information to determine the answer. 
A) 25 
B) 9 
C) 50 
D) 15 
E) There is not enough information to determine the answer. A

Question 3

recall that Miss Muffett insists on consuming 2 units of whey per unit of curds.If the price of curds is $5 and the price of whey is $2, then if Miss Muffett's income is m, her demand for curds will be

Accepted Answer

A) m/5. 
B) 2m/5. 
C) 5C + 2W = m. 
D) 5m. 
E) m/9. 
A) m/5. 
B) 2m/5. 
C) 5C + 2W = m. 
D) 5m. 
E) m/9. E

Question 4

recall that Casper's utility function is 3x + y, where x is his consumption of cocoa and y is his consumption of cheese.If the total cost of x units of cocoa is x2, the price of cheese is $2, and Casper's income is $39, how many units of cocoa will he consume?

Accepted Answer

A) 5 
B) 0 
C) 2 
D) 3 
E) 6 
A) 5 
B) 0 
C) 2 
D) 3 
E) 6

Question 5

recall that Casper's utility function is 3x + y, where x is his consumption of cocoa and y is his consumption of cheese.If the total cost of x units of cocoa is x2, the price of cheese is $6, and Casper's income is $101, how many units of cocoa will he consume?

Accepted Answer

A) 9 
B) 17 
C) 8 
D) 6 
E) 18 
A) 9 
B) 17 
C) 8 
D) 6 
E) 18

Question 6

Ambrose's brother Bartholomew has an income of $114 and a utility function U(x1, x2)= 32x1/21 + x2.The price of good 1 (nuts)is $4 and the price of good 2 (berries)is $1.How many units of nuts will Bartholomew demand?

Accepted Answer

A) 26 
B) 14 
C) 16 
D) 12 
E) 30 
A) 26 
B) 14 
C) 16 
D) 12 
E) 30

Question 7

where x is whips and y is leather jackets, if Kinko's utility function were U(x, y)= min{7x, 3x + 12y}, then if the price of whips were $20 and the price of leather jackets were $60, Kinko would demand

Accepted Answer

A) 4 times as many leather jackets as whips. 
B) 3 times as many whips as leather jackets. 
C) 5 times as many whips as leather jackets. 
D) 2 times as many leather jackets as whips. 
E) only leather jackets. 
A) 4 times as many leather jackets as whips. 
B) 3 times as many whips as leather jackets. 
C) 5 times as many whips as leather jackets. 
D) 2 times as many leather jackets as whips. 
E) only leather jackets.

Question 8

recall that Casper's utility function is 3x + y, where x is his consumption of cocoa and y is his consumption of cheese.If the total cost of x units of cocoa is x2, the price of cheese is $4, and Casper's income is $51, how many units of cocoa will he consume?

Accepted Answer

A) 3 
B) 5 
C) 11 
D) 6 
E) 12 
A) 3 
B) 5 
C) 11 
D) 6 
E) 12

Question 9

recall that Miss Muffett insists on consuming 2 units of whey per unit of curds.If the price of curds is $4 and the price of whey is $4, then if Miss Muffett's income is m, her demand for curds will be

Accepted Answer

A) 4m/4. 
B) m/4. 
C) 4C + 4W = m. 
D) 4m. 
E) m/12 
A) 4m/4. 
B) m/4. 
C) 4C + 4W = m. 
D) 4m. 
E) m/12

Question 10

Ambrose's brother Bartholomew has an income of $133 and a utility function U(x1, x2)= 28x1/21 + x2.The price of good 1 (nuts)is $2 and the price of good 2 (berries)is $1.How many units of nuts will Bartholomew demand?

Accepted Answer

A) 45 
B) 59 
C) 47 
D) 49 
E) 96 
A) 45 
B) 59 
C) 47 
D) 49 
E) 96

Question 11

recall that Miss Muffett insists on consuming 2 units of whey per unit of curds.If the price of curds is $5 and the price of whey is $6, then if Miss Muffett's income is m, her demand for curds will be

Accepted Answer

A) m/5. 
B) 6m/5. 
C) 5C + 6W = m. 
D) 5m. 
E) m/17. 
A) m/5. 
B) 6m/5. 
C) 5C + 6W = m. 
D) 5m. 
E) m/17.

Question 12

Ambrose's brother Bartholomew has an income of $109 and a utility function U(x1, x2)= 32x1/21 + x2.The price of good 1 (nuts)is $4 and the price of good 2 (berries)is $1.How many units of nuts will Bartholomew demand?

Accepted Answer

A) 12 
B) 26 
C) 14 
D) 16 
E) 30 
A) 12 
B) 26 
C) 14 
D) 16 
E) 30

Question 13

where x is whips and y is leather jackets, if Kinko's utility function were U(x, y)=min{6x, 3x + 9y}, then if the price of whips were $20 and the price of leather jackets were $40, Kinko would demand

Accepted Answer

A) 2 times as many leather jackets as whips. 
B) 3 times as many whips as leather jackets. 
C) 4 times as many leather jackets as whips. 
D) 5 times as many whips as leather jackets. 
E) only leather jackets. 
A) 2 times as many leather jackets as whips. 
B) 3 times as many whips as leather jackets. 
C) 4 times as many leather jackets as whips. 
D) 5 times as many whips as leather jackets. 
E) only leather jackets.

Question 14

if Charlie's utility function were X 6A XB, if apples cost 90 cents each, and if bananas cost 10 cents each, Charlie's budget line would be tangent to one of his indifference curves whenever

Accepted Answer

A) XA = 6XB. 
B) XB = 6XA. 
C) XB = XA. 
D) 6XB = 9XA. 
E) 90XA + 10XB = M. 
A) XA = 6XB. 
B) XB = 6XA. 
C) XB = XA. 
D) 6XB = 9XA. 
E) 90XA + 10XB = M.

Question 15

Ambrose's brother Anthony has an income of $205 and a utility function U(x1, x2)= 60x1/21 + x2.The price of good 1(nuts)is $5 and the price of good 2(berries)is $1.How many units of berries will Augustine demand?

Accepted Answer

A) 36 
B) 42 
C) 50 
D) 25 
E) There is not enough information to determine the answer. 
A) 36 
B) 42 
C) 50 
D) 25 
E) There is not enough information to determine the answer.

Question 16

Ambrose's brother Anthony has an income of $75 and a utility function U(x1, x2)= 20x1/21 + x2.The price of good 1 (nuts)is $2 and the price of good 2 (berries)is $1.How many units of nuts will Anthony demand?

Accepted Answer

A) 35 
B) 21 
C) 23 
D) 25 
E) 48 
A) 35 
B) 21 
C) 23 
D) 25 
E) 48

Question 17

if Charlie's utility function were X 5A XB, if apples cost 50 cents each, and if bananas cost 10 cents each, Charlie's budget line would be tangent to one of his indifference curves whenever

Accepted Answer

A) 5XB = 5XA. 
B) XB = 5XA. 
C) XB = XA. 
D) XA = 5XB. 
E) 50XA + 10XB = M. 
A) 5XB = 5XA. 
B) XB = 5XA. 
C) XB = XA. 
D) XA = 5XB. 
E) 50XA + 10XB = M.

Question 18

if Charlie's utility function were X 2A XB, the price of apples were pA, the price of bananas were pB, and his income were m, then Charlie's demand for apples would be

Accepted Answer

A) m/(2p
A) . 
B) 0.50pAm. 
C) m/(pA + p
B) . 
D) 0.67m/pA. 
E) 1.50pBm/pA. 
A) m/(2p
A) . 
B) 0.50pAm. 
C) m/(pA + p
B) . 
D) 0.67m/pA. 
E) 1.50pBm/pA.

Question 19

if Charlie's utility function were X 3A XB, the price of apples were pA, the price of bananas were pB, and his income were m, then Charlie's demand for apples would be

Accepted Answer

A) m/(pA + p
B) . 
B) 0.33pAm. 
C) 0.75m/pA. 
D) m/(2p
A) . 
E) 1.3pBm/pA. 
A) m/(pA + p
B) . 
B) 0.33pAm. 
C) 0.75m/pA. 
D) m/(2p
A) . 
E) 1.3pBm/pA.

Question 20

if Charlie's utility function were X 5A XB, the price of apples were pA, the price of bananas were pB, and his income were m, then Charlie's demand for apples would be

Accepted Answer

A) 0.83m/pA. 
B) m/(2p
A) . 
C) 0.20pAm. 
D) m/(pA + p
B) . 
E) 1.20pBm/pA. 
A) 0.83m/pA. 
B) m/(2p
A) . 
C) 0.20pAm. 
D) m/(pA + p
B) . 
E) 1.20pBm/pA.

Exam 5: Demand-Part B

if Charlie's utility function were X 2A XB, the price of apples were pA, the price of bananas were pB, and his income were m, then Charlie's demand for apples would be

Ambrose's brother Augustine has an income of $52 and a utility function U(x1, x2)= 18x1/21 + x2.The price of good 1(nuts)is $3 and the price of good 2(berries)is $1.How many units of berries will Augustine demand?

recall that Miss Muffett insists on consuming 2 units of whey per unit of curds.If the price of curds is $5 and the price of whey is $2, then if Miss Muffett's income is m, her demand for curds will be

recall that Casper's utility function is 3x + y, where x is his consumption of cocoa and y is his consumption of cheese.If the total cost of x units of cocoa is x2, the price of cheese is $2, and Casper's income is $39, how many units of cocoa will he consume?

recall that Casper's utility function is 3x + y, where x is his consumption of cocoa and y is his consumption of cheese.If the total cost of x units of cocoa is x2, the price of cheese is $6, and Casper's income is $101, how many units of cocoa will he consume?

Ambrose's brother Bartholomew has an income of $114 and a utility function U(x1, x2)= 32x1/21 + x2.The price of good 1 (nuts)is $4 and the price of good 2 (berries)is $1.How many units of nuts will Bartholomew demand?

where x is whips and y is leather jackets, if Kinko's utility function were U(x, y)= min{7x, 3x + 12y}, then if the price of whips were $20 and the price of leather jackets were $60, Kinko would demand

recall that Casper's utility function is 3x + y, where x is his consumption of cocoa and y is his consumption of cheese.If the total cost of x units of cocoa is x2, the price of cheese is $4, and Casper's income is $51, how many units of cocoa will he consume?

recall that Miss Muffett insists on consuming 2 units of whey per unit of curds.If the price of curds is $4 and the price of whey is $4, then if Miss Muffett's income is m, her demand for curds will be

Ambrose's brother Bartholomew has an income of $133 and a utility function U(x1, x2)= 28x1/21 + x2.The price of good 1 (nuts)is $2 and the price of good 2 (berries)is $1.How many units of nuts will Bartholomew demand?

recall that Miss Muffett insists on consuming 2 units of whey per unit of curds.If the price of curds is $5 and the price of whey is $6, then if Miss Muffett's income is m, her demand for curds will be

Ambrose's brother Bartholomew has an income of $109 and a utility function U(x1, x2)= 32x1/21 + x2.The price of good 1 (nuts)is $4 and the price of good 2 (berries)is $1.How many units of nuts will Bartholomew demand?

where x is whips and y is leather jackets, if Kinko's utility function were U(x, y)=min{6x, 3x + 9y}, then if the price of whips were $20 and the price of leather jackets were $40, Kinko would demand

if Charlie's utility function were X 6A XB, if apples cost 90 cents each, and if bananas cost 10 cents each, Charlie's budget line would be tangent to one of his indifference curves whenever

Ambrose's brother Anthony has an income of $205 and a utility function U(x1, x2)= 60x1/21 + x2.The price of good 1(nuts)is $5 and the price of good 2(berries)is $1.How many units of berries will Augustine demand?

Ambrose's brother Anthony has an income of $75 and a utility function U(x1, x2)= 20x1/21 + x2.The price of good 1 (nuts)is $2 and the price of good 2 (berries)is $1.How many units of nuts will Anthony demand?

if Charlie's utility function were X 5A XB, if apples cost 50 cents each, and if bananas cost 10 cents each, Charlie's budget line would be tangent to one of his indifference curves whenever

if Charlie's utility function were X 2A XB, the price of apples were pA, the price of bananas were pB, and his income were m, then Charlie's demand for apples would be

if Charlie's utility function were X 3A XB, the price of apples were pA, the price of bananas were pB, and his income were m, then Charlie's demand for apples would be

if Charlie's utility function were X 5A XB, the price of apples were pA, the price of bananas were pB, and his income were m, then Charlie's demand for apples would be

Budget Constraint-Part A

Budget Constraint-Part B

Preferences-Part A

Preferences-Part B

Utility-Part A

Utility-Part B

Choice-Part A

Choice-Part B

Demand-Part A

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

if Charlie's utility function were X ²_AX_B, the price of apples were p_A, the price of bananas were p_B, and his income were m, then Charlie's demand for apples would be

Ambrose's brother Augustine has an income of $52 and a utility function U(x₁, x₂)= 18x^1/2₁ + x₂.The price of good 1(nuts)is $3 and the price of good 2(berries)is $1.How many units of berries will Augustine demand?

recall that Casper's utility function is 3x + y, where x is his consumption of cocoa and y is his consumption of cheese.If the total cost of x units of cocoa is x², the price of cheese is $2, and Casper's income is $39, how many units of cocoa will he consume?

recall that Casper's utility function is 3x + y, where x is his consumption of cocoa and y is his consumption of cheese.If the total cost of x units of cocoa is x², the price of cheese is $6, and Casper's income is $101, how many units of cocoa will he consume?

Ambrose's brother Bartholomew has an income of $114 and a utility function U(x₁, x₂)= 32x^1/2₁ + x₂.The price of good 1 (nuts)is $4 and the price of good 2 (berries)is $1.How many units of nuts will Bartholomew demand?

recall that Casper's utility function is 3x + y, where x is his consumption of cocoa and y is his consumption of cheese.If the total cost of x units of cocoa is x², the price of cheese is $4, and Casper's income is $51, how many units of cocoa will he consume?

Ambrose's brother Bartholomew has an income of $133 and a utility function U(x₁, x₂)= 28x^1/2₁ + x₂.The price of good 1 (nuts)is $2 and the price of good 2 (berries)is $1.How many units of nuts will Bartholomew demand?

Ambrose's brother Bartholomew has an income of $109 and a utility function U(x₁, x₂)= 32x^1/2₁ + x₂.The price of good 1 (nuts)is $4 and the price of good 2 (berries)is $1.How many units of nuts will Bartholomew demand?

if Charlie's utility function were X ⁶_AX_B, if apples cost 90 cents each, and if bananas cost 10 cents each, Charlie's budget line would be tangent to one of his indifference curves whenever

Ambrose's brother Anthony has an income of $205 and a utility function U(x₁, x₂)= 60x^1/2₁ + x₂.The price of good 1(nuts)is $5 and the price of good 2(berries)is $1.How many units of berries will Augustine demand?

Ambrose's brother Anthony has an income of $75 and a utility function U(x₁, x₂)= 20x^1/2₁ + x₂.The price of good 1 (nuts)is $2 and the price of good 2 (berries)is $1.How many units of nuts will Anthony demand?

if Charlie's utility function were X ⁵_AX_B, if apples cost 50 cents each, and if bananas cost 10 cents each, Charlie's budget line would be tangent to one of his indifference curves whenever

if Charlie's utility function were X ²_AX_B, the price of apples were p_A, the price of bananas were p_B, and his income were m, then Charlie's demand for apples would be

if Charlie's utility function were X ³_AX_B, the price of apples were p_A, the price of bananas were p_B, and his income were m, then Charlie's demand for apples would be

if Charlie's utility function were X ⁵_AX_B, the price of apples were p_A, the price of bananas were p_B, and his income were m, then Charlie's demand for apples would be