\[\begin{array} { | c | c | } \hline \text { Box of doughnuts } & \text { Homer's total utility } \\ \hline 1 & 30 \\ \hline 2 & 55 \\ \hline 3 & 75 \\ \hline 4 & 90 \\ \hline 5 & 100 \\ \hline 6 & 103 \\ \hline \end{array}\] -The above table shows Homer's total utility from boxes of doughnuts.As Homer's consumption of doughnuts increases,

A) both his total utility and his marginal utility increase. B) his total utility increases, but his marginal utility decreases. C) his total utility decreases, but his marginal utility increases. D) both his total utility and his marginal utility decrease. E) None of the above answers is correct. A) both his total utility and his marginal utility increase. B) his total utility increases, but his marginal utility decreases. C) his total utility decreases, but his marginal utility increases. D) both his total utility and his marginal utility decrease. E) None of the above answers is correct.

\[\begin{array} { | c | c | } \hline \begin{array} { c } \text { Quantity of } \\ \text { ice cream } \\ \text { (quarts) } \end{array} & \begin{array} { c } \text { Total utility } \\ \text { from ice cream } \end{array} \\ \hline 0 & 0 \\ \hline 1 & 80 \\ \hline 2 & 150 \\ \hline 3 & 210 \\ \hline 4 & 260 \\ \hline \end{array}\] -Given the data in the above table,what is the marginal utility of the third quart of ice cream?

A) 80 B) 70 C) 60 D) 230 E) 210 A) 80 B) 70 C) 60 D) 230 E) 210

\[\begin{array} { | c | c | } \hline \begin{array} { c } \text { Quantity of } \\ \text { ice cream } \\ \text { (quarts) } \end{array} & \begin{array} { c } \text { Total utility } \\ \text { from ice cream } \end{array} \\ \hline 0 & 0 \\ \hline 1 & 80 \\ \hline 2 & 150 \\ \hline 3 & 210 \\ \hline 4 & 260 \\ \hline \end{array}\] -Given the data in the above table,what is the marginal utility of the second quart of ice cream?

A) 80 B) 70 C) 60 D) 75 E) 150 A) 80 B) 70 C) 60 D) 75 E) 150

Exam 13: Consumer Choice and Demand

-The figure above contains several budget lines for Sarah,who uses her income to purchase two goods,cheese and crackers. a.A movement between which two budget lines represents an increase in Sarah's budget for cheese and crackers? b.A movement between which two budget lines represents an increase in the price of a pound of cheese? c.A movement between which two budget lines represents an increase in the price of a box of crackers?

(Essay)

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(76)

Question 261

In an indifference curve/budget line diagram,at the consumer equilibrium the slope of the budget line

(Multiple Choice)

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Question 262

As more of a good is consumed,total utility

(Multiple Choice)

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Question 263

Which of the following is shown by a budget line? i.The combinations of goods a person can afford ii.The production possibilities for a person iii.The combinations of goods a person cannot afford

(Multiple Choice)

4.8/5

(72)

Question 264

The magnitude of the slope of an indifference curve is the

(Multiple Choice)

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Question 265

Bobby buys cat food for his cat,Pearl.If the price of cat food falls,then Bobby's budget line will

(Multiple Choice)

4.9/5

(86)

Question 266

Suppose you have a $20 budget per week,the price of soda is $1 per bottle,and the price of pizza is $4 per slice.In the above below,draw a budget line for soda and pizza,placing soda on the horizontal axis.Correctly label the axes.

(Essay)

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Question 267

Box of doughnuts Homer's total utility 1 30 2 55 3 75 4 90 5 100 6 103 -The above table shows Homer's total utility from boxes of doughnuts.As Homer's consumption of doughnuts increases,

(Multiple Choice)

4.8/5

(72)

Question 268

Quantity of ice cream (quarts) Total utility from ice cream 0 0 1 80 2 150 3 210 4 260 -Given the data in the above table,what is the marginal utility of the third quart of ice cream?

(Multiple Choice)

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Question 269

What is "marginal utility"?

(Essay)

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Question 270

"Every point on a demand curve represents a consumer equilibrium in the indifference curve model." Explain why the previous statement is correct or not.

(Essay)

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Question 271

The benefit that John gets from eating an additional grape is called the ________ the grape.

(Multiple Choice)

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(82)

Question 272

Joe has $100 a week to purchase either computer online service or film for his other hobby,photography.The price of on-line service is $5 an hour while the price of film is $10 a roll.Draw Joe's budget line in the figure below.

(Essay)

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Question 273

A consumption point inside the budget line

(Multiple Choice)

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(73)

Question 274

Quantity of ice cream (quarts) Total utility from ice cream 0 0 1 80 2 150 3 210 4 260 -Given the data in the above table,what is the marginal utility of the second quart of ice cream?

(Multiple Choice)

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(70)

Question 275

The maximum price a consumer is willing to pay for an extra unit of a good or service when total utility is maximized is known as

(Multiple Choice)

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Question 276

The solution to the paradox of value is found by looking at which of the following?

(Multiple Choice)

4.8/5

(86)

Question 277

The figure above shows three budget lines. -Based on the figure above,on which budget line is the relative price of gum the highest?

(Multiple Choice)

4.9/5

(66)

Question 278

________ leads to a decrease in marginal utility per dollar for soda.

(Multiple Choice)

5.0/5

(80)

Question 279

Moving downward along a demand curve,so that the price falls and the quantity demanded increases,the marginal utility of each additional unit of the good consumed

(Multiple Choice)

4.8/5

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Question 280

In an indifference curve/budget line diagram,at the consumer equilibrium the slope of the budget line

As more of a good is consumed,total utility

Which of the following is shown by a budget line? i.The combinations of goods a person can afford ii.The production possibilities for a person iii.The combinations of goods a person cannot afford

The magnitude of the slope of an indifference curve is the

Bobby buys cat food for his cat,Pearl.If the price of cat food falls,then Bobby's budget line will

Suppose you have a $20 budget per week,the price of soda is $1 per bottle,and the price of pizza is $4 per slice.In the above below,draw a budget line for soda and pizza,placing soda on the horizontal axis.Correctly label the axes.

Box of doughnuts Homer's total utility 1 30 2 55 3 75 4 90 5 100 6 103 -The above table shows Homer's total utility from boxes of doughnuts.As Homer's consumption of doughnuts increases,

Quantity of ice cream (quarts) Total utility from ice cream 0 0 1 80 2 150 3 210 4 260 -Given the data in the above table,what is the marginal utility of the third quart of ice cream?

What is "marginal utility"?

"Every point on a demand curve represents a consumer equilibrium in the indifference curve model." Explain why the previous statement is correct or not.

The benefit that John gets from eating an additional grape is called the ________ the grape.

Joe has $100 a week to purchase either computer online service or film for his other hobby,photography.The price of on-line service is $5 an hour while the price of film is $10 a roll.Draw Joe's budget line in the figure below.

A consumption point inside the budget line

Quantity of ice cream (quarts) Total utility from ice cream 0 0 1 80 2 150 3 210 4 260 -Given the data in the above table,what is the marginal utility of the second quart of ice cream?

The maximum price a consumer is willing to pay for an extra unit of a good or service when total utility is maximized is known as

The solution to the paradox of value is found by looking at which of the following?

The figure above shows three budget lines. -Based on the figure above,on which budget line is the relative price of gum the highest?

________ leads to a decrease in marginal utility per dollar for soda.

Moving downward along a demand curve,so that the price falls and the quantity demanded increases,the marginal utility of each additional unit of the good consumed

Getting Started

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters