\[\begin{array} { c c c c } \begin{array} { c } \text { Quantity of } \\ \text { Hamburgers/Wk } \end{array} & \begin{array} { c } \text { Total } \\ \text { Utility } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Movies/Wk } \end{array} & \begin{array} { c } \text { Total } \\ \text { Utility } \end{array} \\ \hline 1 & 40 & 1 & 400 \\ 2 & 60 & 2 & 700 \\ 3 & 76 & 3 & 850 \\ 4 & 86 & 4 & 950 \\ 5 & 91 & 5 & 1000 \\ 6 & 93 & 6 & 1025 \end{array}\] -Refer to the above table.Suppose the price of a hamburger is $2,the price of a movie is $5,and the income of the consumer is $29.How many hamburgers and movies will this consumer buy to be at an optimum?

A) 1 hamburger and 5 movies. B) 6 hamburgers and 3 movies. C) 4 hamburgers and 4 movies. D) 2 hamburgers and 5 movies. A) 1 hamburger and 5 movies. B) 6 hamburgers and 3 movies. C) 4 hamburgers and 4 movies. D) 2 hamburgers and 5 movies.

\[\begin{array} { c c c c } \begin{array} { c } \text { Quantity of } \\ \text { Hamburgers/Wk } \end{array} & \begin{array} { c } \text { Total } \\ \text { Utility } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Movies/Wk } \end{array} & \begin{array} { c } \text { Total } \\ \text { Utility } \end{array} \\ \hline 1 & 40 & 1 & 400 \\ 2 & 60 & 2 & 700 \\ 3 & 76 & 3 & 850 \\ 4 & 86 & 4 & 950 \\ 5 & 91 & 5 & 1000 \\ 6 & 93 & 6 & 1025\\\hline \end{array}\] -Refer to the above table.The price of a hamburger is $2,the price of a movie is $10,and the consumer has $44.What is the change in quantity demanded of hamburgers if the price of a hamburger decreases to $1?

A) Quantity demanded increases by 1 hamburger. B) Quantity demanded increases by 2 hamburgers. C) Quantity demanded increases by 3 hamburgers. D) Quantity demanded increases by 4 hamburgers. A) Quantity demanded increases by 1 hamburger. B) Quantity demanded increases by 2 hamburgers. C) Quantity demanded increases by 3 hamburgers. D) Quantity demanded increases by 4 hamburgers.

\[\begin{array} { c c } \begin{array} { c } \text { Quantity } \\ \text { of Pizza } \end{array} & \begin{array} { c } \text { Marginal Utility } \\ \text { of Pizza } \end{array} \\ \hline 1 & 50 \\ 2 & 25 \\ 3 & 0 \\ 4 & - 25 \\ \hline \end{array}\] -Using the above table,what is the total utility of the first piece of pizza?

A) 0 utils B) 50 utils C) 75 utils D) 100 utils A) 0 utils B) 50 utils C) 75 utils D) 100 utils

Bob's Marginal Utility for consuming beer and pizza with $8.00 in income \[\begin{array} { c c c c } \begin{array} { c } \text { Quantity } \\ \text { of Pizza } \end{array} & \begin{array} { c } \text { Marginal } \\ \text { Utility } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Beer } \end{array} & \begin{array} { c } \text { Marginal } \\ \text { Utility } \end{array} \\ \hline 1 & 45 & 1 & 40 \\ 2 & 40 & 2 & 40 \\ 3 & 30 & 3 & 35 \\ 4 & 15 & 4 & 10 \\ 5 & - 5 & 5 & 0 \\ \hline \end{array}\] -In the above table,how much total utility does Bob get from consuming 4 beers?

A) 10 utils B) 45 utils C) 125 utils D) 115 utils A) 10 utils B) 45 utils C) 125 utils D) 115 utils

\[\begin{array} { c c } \begin{array} { c } \text { Quantity } \\ \text { of Pizza } \end{array} & \begin{array} { c } \text { Marginal Utility } \\ \text { of Pizza } \end{array} \\ \hline 1 & 50 \\ 2 & 25 \\ 3 & 0 \\ 4 & - 25 \\ \hline \end{array}\] -Using the above table,what is the total utility of the third piece of pizza?

A) 75 utils B) 0 utils C) 25 utils D) -25 utils A) 75 utils B) 0 utils C) 25 utils D) -25 utils

Exam 7: Consumer Choice

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.Suppose the price of a hamburger is $2,the price of a movie is $5,and the income of the consumer is $29.How many hamburgers and movies will this consumer buy to be at an optimum?

(Multiple Choice)

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Question 121

If a consumer is initially at an optimum,and then the price of Y falls,then

(Multiple Choice)

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Question 122

The possible combinations of goods that can be purchased with a specific income are called the

(Multiple Choice)

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Question 123

If an individual's total utility from consuming two goods increases,then there must be

(Multiple Choice)

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Question 124

Combination Good A Good B A 17 4 B 13 5 C 10 6 D 8 7 -Refer to the above table.The table gives the various combinations of Good A and Good B along Jane's indifference curve.The marginal rate of substitution when Jane goes from combination C to combination D is

(Multiple Choice)

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Question 125

Suppose that the quantity of hamburgers is measured along the vertical axis and that the quantity of popcorn is measured along the horizontal axis.The vertical intercept is 10 hamburgers,and the slope of the budget line is -2.If the price of popcorn falls from $1 to $0.50,then we know that

(Multiple Choice)

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Question 126

John has just eaten another potato chip and his total utility increased.This means that John's marginal utility for this additional potato chip is

(Multiple Choice)

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Question 127

-Given the above figure,marginal utility becomes negative when Joey consumes the ________ piece of pizza.

(Multiple Choice)

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Question 128

-Refer to the above figure.All of the following are true concerning the diamond-water paradox EXCEPT

(Multiple Choice)

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Question 129

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 $10,and the consumer has $44.What is the change in quantity demanded of hamburgers if the price of a hamburger decreases to $1?

(Multiple Choice)

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Question 130

If marginal utility is zero,

(Multiple Choice)

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Question 131

Quantity of Pizza Marginal Utility of Pizza 1 50 2 25 3 0 4 -25 -Using the above table,what is the total utility of the first piece of pizza?

(Multiple Choice)

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Question 132

Why are diamonds more expensive than water?

(Multiple Choice)

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Question 133

The concept of marginality is important in economics because

(Multiple Choice)

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Question 134

When the price of a normal good decreases,people increase their consumption of the good.The reason is

(Multiple Choice)

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Question 135

Along an indifference curve

(Multiple Choice)

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Question 136

At the point at which total utility is at a maximum,

(Multiple Choice)

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Question 137

As marginal utility declines but remains positive,then

(Multiple Choice)

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Question 138

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 total utility does Bob get from consuming 4 beers?

(Multiple Choice)

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Question 139

Quantity of Pizza Marginal Utility of Pizza 1 50 2 25 3 0 4 -25 -Using the above table,what is the total utility of the third piece of pizza?

(Multiple Choice)

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Question 140

If a consumer is initially at an optimum,and then the price of Y falls,then

The possible combinations of goods that can be purchased with a specific income are called the

If an individual's total utility from consuming two goods increases,then there must be

Combination Good A Good B A 17 4 B 13 5 C 10 6 D 8 7 -Refer to the above table.The table gives the various combinations of Good A and Good B along Jane's indifference curve.The marginal rate of substitution when Jane goes from combination C to combination D is

Suppose that the quantity of hamburgers is measured along the vertical axis and that the quantity of popcorn is measured along the horizontal axis.The vertical intercept is 10 hamburgers,and the slope of the budget line is -2.If the price of popcorn falls from $1 to $0.50,then we know that

John has just eaten another potato chip and his total utility increased.This means that John's marginal utility for this additional potato chip is

-Given the above figure,marginal utility becomes negative when Joey consumes the ________ piece of pizza.

-Refer to the above figure.All of the following are true concerning the diamond-water paradox EXCEPT

If marginal utility is zero,

Quantity of Pizza Marginal Utility of Pizza 1 50 2 25 3 0 4 -25 -Using the above table,what is the total utility of the first piece of pizza?

Why are diamonds more expensive than water?

The concept of marginality is important in economics because

When the price of a normal good decreases,people increase their consumption of the good.The reason is

Along an indifference curve

At the point at which total utility is at a maximum,

As marginal utility declines but remains positive,then

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 total utility does Bob get from consuming 4 beers?

Quantity of Pizza Marginal Utility of Pizza 1 50 2 25 3 0 4 -25 -Using the above table,what is the total utility of the third piece of pizza?

The Nature of Economics

Scarcity and the World of Trade-Offs

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Extensions of Demand and Supply Analysis

Public Spending and Public Choice

Funding the Public Sector

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Rents, profits, and the Financial Environment of Business

The Firm: Cost and Output Determination

Perfect Competition

Monopoly

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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

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