Jamie's marginal utility from muffins and from doughnuts (in utils)is shown in the accompanying table. Jamie spends a total of $8 on muffins and/or doughnuts every morning. The price of each muffin is $2 and the price of each doughnut is $1. \[\begin{array} { | c | r | r | r | } \hline \begin{array} { c } \text { Mufins } \\ \text { Per Day } \end{array} & \begin{array} { c } \text { Marginnl Utility } \\ \text { Per Muftin } \end{array} & \begin{array} { c } \text { Deughnuts } \\ \text { Per Day } \end{array} & \begin{array} { c } \text { Marginal Utility } \\ \text { Per Deughnut } \end{array} \\ \hline 1 & 40 & 2 & 20 \\ \hline 2 & 30 & 4 & 15 \\ \hline 3 & 20 & 5 & 10 \\ \hline \end{array}\] If Jamie consumes 3 muffins a day, then what is her marginal utility per dollar spent on the third muffin?

A) 10 B) 20 C) 30 D) 40 A) 10 B) 20 C) 30 D) 40

Refer to the accompanying table. The total utility of consuming two dinners out per week is: $\begin{array}{|c|c|c|} \begin{array}{c} \text { Number of Dinners } \\ \text { Out Per Week } \end{array} & \text { Total Utility } & \text { Marginal Utility } \\ \hline 1 & 100 \\ \hline 2 & & 75\\ \hline 3 & 235 & \\ \hline 4 & 250 & \\ \hline \end{array}$

A) less than 100. B) 75. C) 175. D) 160. A) less than 100. B) 75. C) 175. D) 160.

Exam 5: Demand | Examlex

Refer to the accompanying figures. If Mallory and Rick are the only two consumers in this market and the price of soda increases from $0.75 to $1.00 per can, the quantity of soda demanded in the market will by cans per month.

(Multiple Choice)

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Question 41

Blair has vast riches and consumes thousands of dollars' worth of consumer goods each week, yet she is never satisfied. Why not?

(Multiple Choice)

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Question 42

Jamie's marginal utility from muffins and from doughnuts (in utils)is shown in the accompanying table. Jamie spends a total of $8 on muffins and/or doughnuts every morning. The price of each muffin is $2 and the price of each doughnut is $1. Mufins Per Day Marginnl Utility Per Muftin Deughnuts Per Day Marginal Utility Per Deughnut 1 40 2 20 2 30 4 15 3 20 5 10 If Jamie consumes 3 muffins a day, then what is her marginal utility per dollar spent on the third muffin?

(Multiple Choice)

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Question 43

Suppose that each week Henry buys 12 peaches and 3 apples at his local farmer's market. Both kinds of fruit cost $1 each. From this we can infer that:

(Multiple Choice)

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Question 44

Assume that Dusty has $30 in income, the price of a loaf of bread is $1.50, and the price of a jar of peanut butter is $3. At the original income of $30, if the price of a loaf of bread decreased to $1 and the price of a jar of peanut butter increased to $5, then Dusty could buy a maximum of loaves of bread or a maximum of jars of peanut butter.

(Multiple Choice)

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Question 45

Refer to the accompanying figure. At the equilibrium price, total consumer surplus is:

(Multiple Choice)

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Question 46

During Thanksgiving you participated in a pumpkin-pie eating contest. You really enjoyed the first two pies, the third one was okay, but as soon as you ate the fourth one you became ill and lost the contest. You got ________ utility from eating the fourth pie than from eating the second pie.

(Multiple Choice)

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Question 47

Refer to the accompanying figures. If Mallory and Rick are the only two consumers in this market and the price of soda is $0.75 per can, then what will be the market demand for soda each month?

(Multiple Choice)

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Question 48

Refer to the accompanying table. The total utility of consuming two dinners out per week is: Number of Dinners Out Per Week Total Utility Marginal Utility 1 100 2 75 3 235 4 250

(Multiple Choice)

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Question 49

Refer to the accompanying table. The law of diminishing marginal utility:

(Multiple Choice)

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Question 50

Shelter for homeless people is an example of:

(Multiple Choice)

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Question 51

Refer to the accompanying table. The law of diminishing marginal utility:

(Multiple Choice)

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Question 52

The accompanying figure shows a single consumer's demand for ice cream at the student union. If there are 1,000 students on campus during a regular semester, and each student's weekly demand for ice cream is shown above, then when the student union charges $3.00 per scoop, those 1,000 students purchase a total of ________ scoops per week.

(Multiple Choice)

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Question 53

Purchasing goods such that the ratio of marginal utility to price is equal across all goods results in the:

(Multiple Choice)

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Question 54

When the price of a good rises, marginal utility per dollar spent on that good , leading consumers to purchase of that good.

(Multiple Choice)

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Question 55

The goal of utility maximization is to allocate your in order to maximize your .

(Multiple Choice)

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Question 56

At her current level of consumption, Wiebke's marginal utility from an additional pencil is 15 utils, and her marginal utility from an additional pen is 10 utils. This implies that Wiebke would be willing to give up at most ________ pencils for an additional pen.

(Multiple Choice)

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Question 57

Sven likes to water ski, but can only water ski during the one week each year when he is on vacation. Therefore, he plans to ski every day, for eight hours a day. The first day, Sven skied for eight hours and enjoyed every hour. The second day, Sven slept in and then skied for seven hours, which was fun but not as much fun as the first day. The third day, Sven skied for six hours, but was starting to get a bit bored by the end. The fourth day, Sven skied for four hours and then took a nap. On the fifth day of Sven's vacation, Sven went blueberry picking all day. Sven's vacation convinced him that:

(Multiple Choice)

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Question 58

Suppose the price of an apple is $0.75, and the price of a banana is $0.50. If Hugh is maximizing his utility, and his marginal utility from consuming an apple is 24 utils, then his marginal utility from consuming a banana must be:

(Multiple Choice)

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Question 59

Laura's total utility from consuming 8, 9, and 10 bonbons is 35, 42, and 45, respectively. Her marginal utility from the 9ᵗʰ bonbon is ________.

(Multiple Choice)

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Question 60

Showing 41 - 60 of 144

Exam 5: Demand

Refer to the accompanying figures. If Mallory and Rick are the only two consumers in this market and the price of soda increases from $0.75 to $1.00 per can, the quantity of soda demanded in the market will ________ by ________ cans per month.

Blair has vast riches and consumes thousands of dollars' worth of consumer goods each week, yet she is never satisfied. Why not?

Suppose that each week Henry buys 12 peaches and 3 apples at his local farmer's market. Both kinds of fruit cost $1 each. From this we can infer that:

Refer to the accompanying figure. At the equilibrium price, total consumer surplus is:

During Thanksgiving you participated in a pumpkin-pie eating contest. You really enjoyed the first two pies, the third one was okay, but as soon as you ate the fourth one you became ill and lost the contest. You got ________ utility from eating the fourth pie than from eating the second pie.

Refer to the accompanying figures. If Mallory and Rick are the only two consumers in this market and the price of soda is $0.75 per can, then what will be the market demand for soda each month?

Refer to the accompanying table. The total utility of consuming two dinners out per week is: Number of Dinners Out Per Week Total Utility Marginal Utility 1 100 2 75 3 235 4 250

Refer to the accompanying table. The law of diminishing marginal utility:

Shelter for homeless people is an example of:

Refer to the accompanying table. The law of diminishing marginal utility:

Purchasing goods such that the ratio of marginal utility to price is equal across all goods results in the:

When the price of a good rises, marginal utility per dollar spent on that good ________, leading consumers to purchase ________ of that good.

The goal of utility maximization is to allocate your ________ in order to maximize your ________.

At her current level of consumption, Wiebke's marginal utility from an additional pencil is 15 utils, and her marginal utility from an additional pen is 10 utils. This implies that Wiebke would be willing to give up at most ________ pencils for an additional pen.

Suppose the price of an apple is $0.75, and the price of a banana is $0.50. If Hugh is maximizing his utility, and his marginal utility from consuming an apple is 24 utils, then his marginal utility from consuming a banana must be:

Laura's total utility from consuming 8, 9, and 10 bonbons is 35, 42, and 45, respectively. Her marginal utility from the 9ᵗʰ bonbon is ________.

Thinking Like an Economist

Comparative Advantage

Supply and Demand

Elasticity

Perfectly Competitive Supply

Efficiency, Exchange, and the Invisible Hand in Action

Monopoly, Oligopoly, and Monopolistic Competition

Games and Strategic Behavior

An Introduction to Behavioral Economics

Externalities, Property Rights, and the Environment

The Economics of Information

Labor Markets, Poverty, and Income Distribution

Public Goods and Tax Policy

International Trade and Trade Policy

Macroeconomics: The Birds Eye View of the Economy

Measuring Economic Activity: GDP and Unemployment

Measuring the Price Level and Inflation

Economic Growth, Productivity, and Living Standards

The Labor Market: Workers, Wages, and Unemployment

Saving and Capital Formation

Money Prices and the Federal Reserve

Financial Markets and International Capital Flows

Short-Term Economic Fluctuations: An Introduction

Spending and Output in the Short Run

Stabilizing the Economy: The Role of the Fed

Aggregate Demand, Aggregate Supply, and Inflation

Exchange Rates and the Open Economy

Filters

Refer to the accompanying figures. If Mallory and Rick are the only two consumers in this market and the price of soda increases from $0.75 to $1.00 per can, the quantity of soda demanded in the market will by cans per month.

When the price of a good rises, marginal utility per dollar spent on that good , leading consumers to purchase of that good.

The goal of utility maximization is to allocate your in order to maximize your .