Exam 13: Consumer Choice and Demand

-The above figure shows one of Cheri's indifference curves.Suppose point a represents the best affordable point for Cheri.Cheri's best affordable point could move to point b if

If Tommy is consuming a combination of goods and services on his budget line,has he allocated his entire budget?

The slope of the budget line can be interpreted as which of the following?

-The figure above shows a consumer's budget line between sodas and DVD rentals.Point c represents an

When a consumer's budget increases,the budget line

At her best affordable point,Kris i.is on her budget line. ii.is on the highest attainable indifference curve. iii.has a marginal rate of substitution equal to the relative price of the goods.

Sheryl is maximizing her utility.She notices that her marginal utility from the last package of bubble gum consumed is greater than her marginal utility from the last package of mints consumed.This result means that the

-Suppose that you consume only pizza and Diet Pepsi.The table above gives your utility from consuming these two goods.What is the marginal utility you get from the fourth slice of pizza?

Samantha has a budget of $40 and buys beef jerky and fried pork rinds.Her budget does not change and the price of both beef jerky and fried pork rinds increases.As a result,

If a consumer has $30 to spend on apples and bananas,where on the apple axis would the consumer's budget line intersect if the price of apples is $3 a pound?

-The table above shows Buffy's utility from wooden stakes and cloves of garlic.The total utility Buffy gets from 5 wooden stakes is

-The figure above shows Sarah's budget line.Sarah earns $500 per week selling baskets made out of tree vines.With this money she buys sushi and rose bushes.Each piece of sushi costs $1 and each rose bush costs $10.Sarah is NOT able to purchase the combination of

As more of a good is consumed,total utility

A consumer is in equilibrium when the

The demand curve for macadamia nuts is downward sloping.This slope is because consumers maximize their utility and an increase in the price of macadamia nuts leads to

-The figure above shows a preference map for Sarah,who likes hamburgers and milk shakes. a.Which two combinations contain the same amount of hamburgers but different quantities of shakes? b.Which combination(s)does Sarah most prefer? Why? c.Which combination(s)does Sarah least prefer? Why? d.Between which combinations is Sarah indifferent? Why?

Katie has $15.She likes M&M candies and Hershey's white chocolate bars.M&M candies are $1.50 a pack and (the large)Hershey bars are $3.00 each.Katie can choose to buy

Sue consumes oysters and clams.Pounds of oysters are measured on the y-axis and pounds of clams on the x-axis.If the slope of Sue's budget line is 5 pounds of oysters per pound of clams,Sue must

How are total and marginal utility related?

An indifference curve shows