$\begin{array}{cccccc} \text {Ouantity }&&\text {Ouantity }&&\text {Ouantity }&\\ \text { of A } & \mathbf{M U}_{\mathbf{a}} & \text { of B } & \mathbf{M U}_{\mathbf{b}} & \text { of C } & \mathbf{M U}_{\mathbf{c}} \\ \hline 1 & 15 & 1 & 12 & 1 & 15 \\ 2 & 12 & 2 & 10 & 2 & 10 \\ 3 & 9 & 3 & 8 & 3 & 5 \\ 4 & 6 & 4 & 4 & 4 & 4 \end{array}$ -Based on the information in the above table,what is the total satisfaction Mary can achieve if she is a wise consumer?

A) 111 utils B) 82 utils C) 74 utils D) 30 utils A) 111 utils B) 82 utils C) 74 utils D) 30 utils

\[\begin{array} { l c } \hline \text { Pizza } & \text { Marginal Utility } \\ \hline \text { 1st Slice } & 7 \text { utils } \\ \text { 2nd Slice } & 6 \text { utils } \\ \text { 3rd Slice } & 4 \text { utils } \\ \text { 4th Slice } & 3 \text { utils } \\ \hline \end{array}\] -Suppose a consumer is at an optimum,consuming 6 hamburgers a week at a price of $1.50 each and 10 donuts a week at 50 cents a donut.If the price of a hamburger increases to $2.00,what will the consumer do to arrive at a new equilibrium? Why?

At the equilibrium,the MU of the last do

A) the usefulness of a good or service. B) the value of a good or service. C) the want-satisfying power of a good or service. D) the degree to which a good or service is needed. A) the usefulness of a good or service. B) the value of a good or service. C) the want-satisfying power of a good or service. D) the degree to which a good or service is needed.

A) at first rises and then declines as a person consumes more of a good or service. B) can be thought of as being the equivalent to total utility. C) equals the total satisfaction from consumption of goods and services. D) is stable,but then as a person consumes more of a good or service,has a propensity to increase. A) at first rises and then declines as a person consumes more of a good or service. B) can be thought of as being the equivalent to total utility. C) equals the total satisfaction from consumption of goods and services. D) is stable,but then as a person consumes more of a good or service,has a propensity to increase.

Exam 7: Consumer Choice

Ouantity Ouantity Ouantity of A of B of C 1 15 1 12 1 15 2 12 2 10 2 10 3 9 3 8 3 5 4 6 4 4 4 4 -Based on the information in the above table,what is the total satisfaction Mary can achieve if she is a wise consumer?

(Multiple Choice)

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(40)

Question 21

Pizza Marginal Utility 1st Slice 7 utils 2nd Slice 6 utils 3rd Slice 4 utils 4th Slice 3 utils -Suppose a consumer is at an optimum,consuming 6 hamburgers a week at a price of $1.50 each and 10 donuts a week at 50 cents a donut.If the price of a hamburger increases to $2.00,what will the consumer do to arrive at a new equilibrium? Why?

(Essay)

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Question 22

One characteristic of indifference curves is that

(Multiple Choice)

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Question 23

Consumers usually buy fewer units of a good than the quantity that would maximize total utility from consuming the good because

(Multiple Choice)

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Question 24

Marginal utility is measured as

(Multiple Choice)

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Question 25

Suppose that an individual consumes only two goods.What will happen to the individual if her last dollar spent on one good yields more marginal utility than that from another good?

(Essay)

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Question 26

Quantity Total Utility Per Week Amy Robert David Michelle 0 0 0 0 0 1 5.0 100 600 60 2 9.9 190 1200 130 3 14.7 270 1800 220 4 19.4 340 2400 310 5 24.0 400 3000 425 6 28.5 450 3600 575 7 32.9 490 4200 900 8 37.2 520 4800 1275 9 41.4 510 5400 1770 -Refer to the above table.Michelle's utility schedule is characterized by

(Multiple Choice)

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Question 27

A budget constraint shows

(Multiple Choice)

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Question 28

Suppose that a consumer is currently at an optimum when consuming goods A and B.Which of the following must be true?

(Multiple Choice)

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Question 29

-Given the above figure,when Joey eats a third piece of pizza his marginal utility is and his total utility is .

(Multiple Choice)

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Question 30

Observations of violations of consumer optimum predicted by consumer choice theory could provide support forI.utility analysis II)bounded rationality III)behavioral economics

(Multiple Choice)

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Question 31

Suppose that Usher derives 45 utils of total utility from eating 6 hotdogs and 55 utils of total utility from eating 7 hotdogs.What is Usher's marginal utility from eating the 7th hotdog?

(Multiple Choice)

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Question 32

The marginal rate of substitution measures

(Multiple Choice)

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Question 33

Utility refers to

(Multiple Choice)

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Question 34

A consumer who has chosen the right mix of goods and services to maximize his or her utility is said to have achieved

(Multiple Choice)

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Question 35

A decrease in the price of a good causes

(Multiple Choice)

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Question 36

The tendency of people to substitute cheaper commodities for more expensive commodities is the

(Multiple Choice)

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Question 37

Which of the following shows the feasible combinations of two goods that a consumer could afford given her money income?

(Multiple Choice)

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Question 38

A consumer is maximizing utility when

(Multiple Choice)

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Question 39

Marginal utility

(Multiple Choice)

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Question 40

Ouantity Ouantity Ouantity of A of B of C 1 15 1 12 1 15 2 12 2 10 2 10 3 9 3 8 3 5 4 6 4 4 4 4 -Based on the information in the above table,what is the total satisfaction Mary can achieve if she is a wise consumer?

One characteristic of indifference curves is that

Consumers usually buy fewer units of a good than the quantity that would maximize total utility from consuming the good because

Marginal utility is measured as

Suppose that an individual consumes only two goods.What will happen to the individual if her last dollar spent on one good yields more marginal utility than that from another good?

A budget constraint shows

Suppose that a consumer is currently at an optimum when consuming goods A and B.Which of the following must be true?

-Given the above figure,when Joey eats a third piece of pizza his marginal utility is and his total utility is .

Observations of violations of consumer optimum predicted by consumer choice theory could provide support forI.utility analysis II)bounded rationality III)behavioral economics

Suppose that Usher derives 45 utils of total utility from eating 6 hotdogs and 55 utils of total utility from eating 7 hotdogs.What is Usher's marginal utility from eating the 7th hotdog?

The marginal rate of substitution measures

Utility refers to

A consumer who has chosen the right mix of goods and services to maximize his or her utility is said to have achieved

A decrease in the price of a good causes

The tendency of people to substitute cheaper commodities for more expensive commodities is the

Which of the following shows the feasible combinations of two goods that a consumer could afford given her money income?

A consumer is maximizing utility when

Marginal utility

The Nature of Economics

Scarcity and the World of Trade-Offs

Demand and Supply

Extensions of Demand and Supply Analysis

Public Spending and Public Choice

Funding the Public Sector

Demand and Supply Elasticity

Rents, profits, and the Financial Environment of Business

The Firm: Cost and Output Determination

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Regulation and Antitrust Policy in a Globalized Economy

The Labor Market: Demand, supply and Outsourcing

Unions and Labor Market Monopoly Power

Income, poverty, and Health Care

Environmental Economics

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

Filters

Exam 7: Consumer Choice

Ouantity Ouantity Ouantity of A of B of C 1 15 1 12 1 15 2 12 2 10 2 10 3 9 3 8 3 5 4 6 4 4 4 4 -Based on the information in the above table,what is the total satisfaction Mary can achieve if she is a wise consumer?

One characteristic of indifference curves is that

Consumers usually buy fewer units of a good than the quantity that would maximize total utility from consuming the good because

Marginal utility is measured as

Suppose that an individual consumes only two goods.What will happen to the individual if her last dollar spent on one good yields more marginal utility than that from another good?

A budget constraint shows

Suppose that a consumer is currently at an optimum when consuming goods A and B.Which of the following must be true?

-Given the above figure,when Joey eats a third piece of pizza his marginal utility is ________ and his total utility is ________.

Observations of violations of consumer optimum predicted by consumer choice theory could provide support forI.utility analysis II)bounded rationality III)behavioral economics

Suppose that Usher derives 45 utils of total utility from eating 6 hotdogs and 55 utils of total utility from eating 7 hotdogs.What is Usher's marginal utility from eating the 7th hotdog?

The marginal rate of substitution measures

Utility refers to

A consumer who has chosen the right mix of goods and services to maximize his or her utility is said to have achieved

A decrease in the price of a good causes

The tendency of people to substitute cheaper commodities for more expensive commodities is the

Which of the following shows the feasible combinations of two goods that a consumer could afford given her money income?

A consumer is maximizing utility when

Marginal utility

The Nature of Economics

Scarcity and the World of Trade-Offs

Demand and Supply

Extensions of Demand and Supply Analysis

Public Spending and Public Choice

Funding the Public Sector

Demand and Supply Elasticity

Rents, profits, and the Financial Environment of Business

The Firm: Cost and Output Determination

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Regulation and Antitrust Policy in a Globalized Economy

The Labor Market: Demand, supply and Outsourcing

Unions and Labor Market Monopoly Power

Income, poverty, and Health Care

Environmental Economics

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

Filters

-Given the above figure,when Joey eats a third piece of pizza his marginal utility is and his total utility is .