Exam 6: Household Behavior and Consumer Choice

Refer to the information provided in Figure 6.9 below to answer the question(s) that follow. Figure 6.9 -Refer to Figure 6.9. The ________ video game rental has a marginal utility of eight.

Refer to the information provided in Figure 6.14 below to answer the question(s) that follow. Figure 6.14 -Refer to Figure 6.14. The ________ is the ratio of the marginal utility of ice cream cones to the marginal utility of ice cream sandwiches.

Refer to the information provided in Table 6.1 below to answer the question(s) that follow. Table 6.1 Number of Hamburgers per Day Total Utility Marginal Utility 1 30 2 52 3 67 4 76 5 4 Number of Sodas per Day Total Utility Marginal Utility 1 20 2 35 3 47 4 57 5 7 -Refer to Table 6.1. If the price of a soda is $2, the price of a hamburger is $6, and George has $14 of income, George's utility-maximizing combination of sodas and hamburgers per day is

The law of diminishing marginal utility implies that total utility never reaches a maximum.

Refer to the information provided in Table 6.1 below to answer the question(s) that follow. Table 6.1 Number of Hamburgers per Day Total Utility Marginal Utility 1 30 2 52 3 67 4 76 5 4 Number of Sodas per Day Total Utility Marginal Utility 1 20 2 35 3 47 4 57 5 7 -Refer to Table 6.1. The total utility of five sodas per day is

Refer to the information provided in Figure 6.5 below to answer the question(s) that follow. Figure 6.5 -Refer to Figure 6.5. Molly's budget constraint is CD. If the price of CDs increases, her new budget constraint becomes

The ________ states that things with the greatest value in use frequently have little or no value in exchange.

Refer to the information provided in Figure 6.9 below to answer the question(s) that follow. Figure 6.9 -Refer to Figure 6.9. The marginal utility of the fourth video game rental is

When consumers maximize utility, they are equating the ratio of total utility to price across all goods consumed.

Refer to the information provided in Figure 6.7 below to answer the question(s) that follow. Figure 6.7 -Refer to Figure 6.7. Along budget constraint AB, the price of good X is $25 and the price of good Y is $18. If the price of Y decreases to $14, the budget constraint will

Refer to the information provided in Table 6.3 below to answer the question(s) that follow. Table 6.3 Dozens of Oysters per Day Total Utility Marginal Utility 1 60 2 104 3 134 4 152 8 5 Number of Beersper Day Total Utility Marginal Utility 1 40 2 70 3 94 4 114 5 14 -Refer to Table 6.3. The total utility of five beers per day is

Assuming well-defined indifference curves, when marginal utility is zero, total utility is at a maximum.

Refer to the information provided in Figure 6.2 below to answer the question(s) that follow. Figure 6.2 -Refer to Figure 6.2. Mr. Lingleʹs budget constraint is AC. Point A is

Refer to the information provided in Figure 6.6 below to answer the question(s) that follow. Figure 6.6 -Refer to Figure 6.6. Bill's budget constraint is BD. Bill's income is $600, the price of a bell pepper is $1, and the price of a bag of black beans is $2. At point D Bill is buying ________ bell peppers and ________ bags of black beans.

We derive the ________ for X from indifference curves and a budget constraint by changing the price of X.

Refer to the information provided in Figure 6.1 below to answer the question(s) that follow. Figure 6.1 -Refer to Figure 6.1. Assume Tom is on budget constraint AC and the price of a hot dog is $2.50. Tom's monthly income is

Refer to the information provided in Figure 6.14 below to answer the question(s) that follow. Figure 6.14 -Refer to Figure 6.14. If the price of an ice cream cone is $3, the price of ice cream sandwiches is

Refer to the information provided in Figure 6.1 below to answer the question(s) that follow. Figure 6.1 -Refer to Figure 6.1. AC represents Tom's budget constraint. Point E then represents a point that is

Refer to the information provided in Table 6.2 below to answer the question(s) that follow. Table 6.2 Number of Candy Bars per Day Total Utility Marginal Utility 1 40 2 75 3 100 4 115 5 5 Number of Hot Dogs per Day Total Utility Marginal Utility 1 30 2 54 3 72 4 84 5 6 -Refer to Table 6.2. The marginal utility of the second candy bar per day is

Refer to the information provided in Figure 6.8 below to answer the question(s) that follow. Figure 6.8 -Refer to Figure 6.8. The marginal utility of the second movie rental is