Exam 4: Choice-Part A

Explore all topics

Clara's utility function is U(x, Y)= (x + 2)(Y + 1).If her marginal rate of substitution is -3 and she is consuming 12 units of good x, how many units of good Y must she be consuming?

(Multiple Choice)

4.8/5

(85)

Question 41

Charlie has a utility function U(x_A, x_B)=x_Ax_B, the price of apples is $1, and the price of bananas is $2.If Charlie's income were $120, how many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?

(Multiple Choice)

4.9/5

(80)

Question 42

Roger consumes no commodities other than Miller Lite and Bud Light.His annual budget for these two commodities is described by the equation 5x +25y = 300, where x is sixpacks of Miller Lite and y is cases of Bud Light.Roger considers 2 cases of Bud Light to be perfect substitutes for 6 sixpacks of Miller Lite.

(Multiple Choice)

4.8/5

(68)

Question 43

Henri's utility function is min{x, 5y +2z}.The price of x is $1, the price of y is $15, and the price of z is $7.Henri's income is $44.How many units of x does Henri demand?

(Multiple Choice)

4.7/5

(76)

Question 44

Is the following statement true or false? Briefly explain your answer."A utility maximizer will always choose a bundle at which his indifference curve is tangent to his budget line."

(Essay)

4.8/5

(85)

Question 45

Paul's utility function is min{x + 3y, 3x + y}.Simon's utility function is min{3x + 9y, 9x + 3y}.Paul and Simon have the same income and face the same prices.

(Multiple Choice)

4.8/5

(78)

Question 46

Charlie has a utility function U(x, y)= (x + 3)(y + 4).The price of x is $1 and the price of y is $1.When he maximizes his utility subject to his budget constraint, he consumes positive amounts of both goods.Charlie consumes

(Multiple Choice)

4.8/5

(84)

Question 47

Charlie has a utility function U(x_A, x_B)=x_Ax_B, the price of apples is $1, and the price of bananas is $2.If Charlie's income were $200, how many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?

(Multiple Choice)

4.9/5

(67)

Question 48

Max has the utility function U(x, y)= x(y + 1).The price of x is $2 and the price of y is $1.Income is $10.How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max's demand for both goods double?

(Essay)

4.9/5

(72)

Question 49

Lorenzo lives on x and y alone.His utility function is U(x, y)=min{3x + 4y, 7y}.The prices of both goods are positive.He will

(Multiple Choice)

4.7/5

(86)

Question 50

Ollie has a utility function U(x, y)= (x + 2)(y + 3).The price of x is $1 and the price of y is $1.When he maximizes his utility subject to his budget constraint, he consumes positive amounts of both goods.Ollie consumes

(Multiple Choice)

4.9/5

(83)

Question 51

Clara's utility function is U(x, y)= (x + 2)(y + 1).If her consumption of both x and y are doubled, then her marginal rate of substitution between x and y remains constant.

(True/False)

4.7/5

(84)

Question 52

Joseph's utility function is given by U_J =x_A + 2x_B, where x_A denotes his consumption of apples and x_B his consumption of bananas.Clara's utility function is given by U_C =3x_A + 2x_B.Joseph and Clara shop at the same grocery store.

(Multiple Choice)

4.9/5

(84)

Question 53

Leo's utility function is min{x, 3y + 2z}.The price of x is $1, the price of y is $9, and the price of z is $8.Leo's income is $8.How many units of x does Leo demand?

(Multiple Choice)

4.9/5

(75)

Question 54

Charlie's utility function is U(x_A, x_B)= x_Ax_B.If Charlie's income is $40, the price of apples is $4, and the price of bananas is $2, how many apples are there in the best bundle that Charlie can afford?

(Multiple Choice)

4.8/5

(79)

Question 55

If a consumer doesn't consume any snails but does consume Big Macs, then his marginal rate of substitution between snails and Big Macs when his snail consumption is zero must be equal to the ratio of the price of snails to the price of Big Macs.

(True/False)

4.9/5

(67)

Question 56

Ambrose's utility function is U(x, y)= x +4y^1/2.The price of x is $1 and the price of y is $2.If his income rises from $100 to $150, his consumption of y increases by more than 10% but less than 50%.

(True/False)

4.8/5

(90)

Question 57

Elmer's utility function is U(x, y)=min{x, y²}.If the price of x is $10 and the price of y is $15 and if Elmer chooses to consume 4 units of y, what must his income be?

(Multiple Choice)

4.9/5

(68)

Question 58

Les has the utility function U(x, y)= (x + 1)(y + 4).The price of y is $1.Les spends all of his income to buy 6 units of y and no x.What must the price of x be? Explain your answer and draw a diagram to illustrate it.

(Essay)

5.0/5

(76)

Question 59

Ambrose's utility function is U(x₁, x₂)=4x^1/2₁ + x₂.If the price of nuts (good 1)is $1, the price of berries (good 2)is $6, and his income is $264, how many units of nuts will Ambrose choose?

(Multiple Choice)

4.8/5

(82)

Question 60

Showing 41 - 60 of 64

Exam 4: Choice-Part A

Clara's utility function is U(x, Y)= (x + 2)(Y + 1).If her marginal rate of substitution is -3 and she is consuming 12 units of good x, how many units of good Y must she be consuming?

Charlie has a utility function U(xA, xB)=xAxB, the price of apples is $1, and the price of bananas is $2.If Charlie's income were $120, how many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?

Henri's utility function is min{x, 5y +2z}.The price of x is $1, the price of y is $15, and the price of z is $7.Henri's income is $44.How many units of x does Henri demand?

Is the following statement true or false? Briefly explain your answer."A utility maximizer will always choose a bundle at which his indifference curve is tangent to his budget line."

Paul's utility function is min{x + 3y, 3x + y}.Simon's utility function is min{3x + 9y, 9x + 3y}.Paul and Simon have the same income and face the same prices.

Charlie has a utility function U(x, y)= (x + 3)(y + 4).The price of x is $1 and the price of y is $1.When he maximizes his utility subject to his budget constraint, he consumes positive amounts of both goods.Charlie consumes

Charlie has a utility function U(xA, xB)=xAxB, the price of apples is $1, and the price of bananas is $2.If Charlie's income were $200, how many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?

Max has the utility function U(x, y)= x(y + 1).The price of x is $2 and the price of y is $1.Income is $10.How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max's demand for both goods double?

Lorenzo lives on x and y alone.His utility function is U(x, y)=min{3x + 4y, 7y}.The prices of both goods are positive.He will

Ollie has a utility function U(x, y)= (x + 2)(y + 3).The price of x is $1 and the price of y is $1.When he maximizes his utility subject to his budget constraint, he consumes positive amounts of both goods.Ollie consumes

Clara's utility function is U(x, y)= (x + 2)(y + 1).If her consumption of both x and y are doubled, then her marginal rate of substitution between x and y remains constant.

Joseph's utility function is given by UJ =xA + 2xB, where xA denotes his consumption of apples and xB his consumption of bananas.Clara's utility function is given by UC =3xA + 2xB.Joseph and Clara shop at the same grocery store.

Leo's utility function is min{x, 3y + 2z}.The price of x is $1, the price of y is $9, and the price of z is $8.Leo's income is $8.How many units of x does Leo demand?

Charlie's utility function is U(xA, xB)= xAxB.If Charlie's income is $40, the price of apples is $4, and the price of bananas is $2, how many apples are there in the best bundle that Charlie can afford?

If a consumer doesn't consume any snails but does consume Big Macs, then his marginal rate of substitution between snails and Big Macs when his snail consumption is zero must be equal to the ratio of the price of snails to the price of Big Macs.

Ambrose's utility function is U(x, y)= x +4y1/2.The price of x is $1 and the price of y is $2.If his income rises from $100 to $150, his consumption of y increases by more than 10% but less than 50%.

Elmer's utility function is U(x, y)=min{x, y2}.If the price of x is $10 and the price of y is $15 and if Elmer chooses to consume 4 units of y, what must his income be?

Les has the utility function U(x, y)= (x + 1)(y + 4).The price of y is $1.Les spends all of his income to buy 6 units of y and no x.What must the price of x be? Explain your answer and draw a diagram to illustrate it.

Ambrose's utility function is U(x1, x2)=4x1/21 + x2.If the price of nuts (good 1)is $1, the price of berries (good 2)is $6, and his income is $264, how many units of nuts will Ambrose choose?

Budget Constraint-Part A

Budget Constraint-Part B

Preferences-Part A

Preferences-Part B

Utility-Part A

Utility-Part B

Choice-Part B

Demand-Part A

Demand-Part B

Revealed Preference-Part A

Revealed Preference-Part B

Slutsky Equation-Part A

Slutsky Equation-Part B

Buying and Selling-Part A

Buying and Selling-Part B

Intertemporal Choice-Part A

Intertemporal Choice-Part B

Asset Markets-Part A

Asset Markets-Part B

Uncertainty-Part A

Uncertainty-Part B

Risky Assets-Part A

Risky Assets-Part B

Consumers Surplus-Part A

Consumers Surplus-Part B

Market Demand-Part A

Market Demand-Part B

Equilibrium-Part A

Equilibrium-Part B

Auctions-Part A

Auctions-Part B

Technology-Part A

Technology-Part B

Profit Maximization-Part A

Profit Maximization-Part B

Cost Minimization-Part A

Cost Minimization-Part B

Cost Curves-Part A

Cost Curves-Part B

Firm Supply-Part A

Firm Supply-Part B

Industry Supply-Part A

Industry Supply-Part B

Monopoly-Part A

Monopoly-Part B

Monopoly Behavior-Part A

Monopoly Behavior-Part B

Factor Markets-Part A

Factor Markets-Part B

Oligopoly-Part A

Oligopoly-Part B

Game Theory-Part A

Game Theory-Part B

Game Applications-Part A

Game Applications-Part B

Behavioral Economics

Exchange-Part A

Exchange-Part B

Production-Part A

Production-Part B

Charlie has a utility function U(x_A, x_B)=x_Ax_B, the price of apples is $1, and the price of bananas is $2.If Charlie's income were $120, how many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?

Charlie has a utility function U(x_A, x_B)=x_Ax_B, the price of apples is $1, and the price of bananas is $2.If Charlie's income were $200, how many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?

Joseph's utility function is given by U_J =x_A + 2x_B, where x_A denotes his consumption of apples and x_B his consumption of bananas.Clara's utility function is given by U_C =3x_A + 2x_B.Joseph and Clara shop at the same grocery store.

Charlie's utility function is U(x_A, x_B)= x_Ax_B.If Charlie's income is $40, the price of apples is $4, and the price of bananas is $2, how many apples are there in the best bundle that Charlie can afford?

Ambrose's utility function is U(x, y)= x +4y^1/2.The price of x is $1 and the price of y is $2.If his income rises from $100 to $150, his consumption of y increases by more than 10% but less than 50%.

Elmer's utility function is U(x, y)=min{x, y²}.If the price of x is $10 and the price of y is $15 and if Elmer chooses to consume 4 units of y, what must his income be?

Ambrose's utility function is U(x₁, x₂)=4x^1/2₁ + x₂.If the price of nuts (good 1)is $1, the price of berries (good 2)is $6, and his income is $264, how many units of nuts will Ambrose choose?