Exam 7: Consumer Choice

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Quantity of Movies Watched per Week Michelle's Total Utility per Week Robert's Total Utility per Week 0 0 0 1 100 100 2 195 190 3 270 270 4 340 340 5 390 400 6 420 350 7 435 390 8 445 420 9 450 440 10 440 450 -Refer to the above table.In examining the utility schedules for Michelle and Robert,we can conclude that

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The price of good "a" is $5 and the price of good "b" is $15.If the marginal utility of good "a" is 20 then the marginal utility of good "b" must be ________ to have an optimum combination of goods purchased.

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The marginal rate of substitution is the

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The change in total utility derived when a customer consumes one more unit of a good or service is called

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In cardinal utility analysis

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An increase in income will

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Quantity of Hamburgers/Wk Total Utility Quantity of Movies/Wk Total Utility 1 40 1 400 2 60 2 700 3 76 3 850 4 86 4 950 5 91 5 1000 6 93 6 1025 -Refer to the above table.The price of a hamburger is $2,the price of a movie is $5,and the consumer's income is $29.What is the marginal utility per last dollar spent on movies equal to if the consumer is at an optimum?

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A good synonym for "utility" is

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The additional utility or satisfaction that one derives from consuming one more unit of any good or service is referred to as

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Bob's Marginal Utility for consuming beer and pizza with $8.00 in income Quantity of Pizza Marginal Utility Quantity of Beer Marginal Utility 1 45 1 40 2 40 2 40 3 30 3 35 4 15 4 10 5 -5 5 0 -In the above table,how much beer and pizza will Bob consume if the price of a piece of pizza is $2.00 and the price of a beer is $2.00?

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When Stephanie increases the consumption of pizza and decrease the consumption of soda,her marginal utility of

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Quantity of Magazines/Wk Total Utility Quantity of Paperbacks/Wk Total Utility 0 0 0 0 1 60 1 200 2 100 2 400 3 130 3 500 4 140 4 550 5 142 5 575 6 142 6 580 -Refer to the above table.If the price of a magazine is $2 and the price of a paperback book is $5 and the consumer has $19,the rational consumer will purchase

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Number of Bottles of Soda Total Utility Marginal Utility 1 100 2 20 3 15 4 140 -Using the above table,what is the total utility of consuming 3 bottles of soda?

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  -In the above figure,the budget line will change from line DE to line DF when -In the above figure,the budget line will change from line DE to line DF when

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An individual's demand curve slopes down because

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  -In the above figure,budget line DF would swivel in to the left if -In the above figure,budget line DF would swivel in to the left if

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When marginal utility is negative,total utility is

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John is currently spending all of his income.For the last unit of Good A consumed John gets 20 utils and for the last unit of Good B consumed he gets 10 utils.The price of Good A is $10.The price of Good B is $5.If John wants to maximize his utility he should

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John is currently spending all of his income.For the last unit of Good A consumed John gets 20 utils and for the last unit of Good B consumed he gets 10 utils.The price of Good A is $4.The price of Good B is $2.If John wants to maximize his utility he should

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Quantity Total Utility per Week Michelle Robert David Lauren 0 0 0 0 0 1 50 1000 60 60 2 99 1900 120 130 3 147 2700 180 220 4 194 3400 240 310 5 240 4000 300 425 6 285 4500 360 575 7 329 4900 420 900 8 372 5200 480 1275 9 414 5400 540 1770 -According to the above table,what is Michelle's marginal utility of the 8th unit?

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