Exam 20: Consumer Choice

John is going to spend all of his income. For the last unit of Good X consumed John gets 20 utils and for the last unit of Good Y consumed he gets 10 utils. The price of Good X is $4. The price of Good Y is $2. If John wants to maximize his utility he should

The change in people's purchasing power that occurs when the price of one good that they purchase changes is the

-In the above table, what is the marginal utility of the fourth hotdog consumed?

-Refer to the above table. Suppose the price of a hamburger is $2, the price of a movie is $5, and the income of the consumer is $29. What will the consumer's total utility equal at an optimum?

The amount of pleasure or satisfaction derived from consumption of a good is called

For good A and good B, the consumer maximizes personal satisfaction when

The marginal rate of substitution is the

-Refer to the above table. The price of a hamburger is $2, the price of a movie is $10, and the consumer has $44. What is the change in quantity demanded of hamburgers if the price of a hamburger decreases to $1?

The reason that all-you-can-eat restaurants can make a profit is due to

-Given the above figure, marginal utility becomes negative when David consumes the ________ piece of pizza.

-According to the above table, what is Diva's marginal utility of the 7th unit?

The diamond-water paradox illustrates the idea that ________ determines what consumers are willing to pay for a particular good.

The change in satisfaction derived when an individual consumes one more unit of a good or service is called

John is currently spending all of his income. For the last unit of Good X consumed John gets 20 utils and for the last unit of Good Y consumed he gets 10 utils. The price of Good X is $2. The price of Good Y is $5. If John wants to maximize his utility he should

The price of hamburgers is $2 and the price of brownies is $4. The consumer has $16 of income. The consumer is purchasing 3 hamburgers and receiving 20 utils for the last hamburger. He is also purchasing 2 brownies and receiving 40 utils for the last brownie. This set of goods

-Refer to the above table. The one who likes the good the most is

-Refer to the above table. Suppose the price of a hamburger is $2, the price of a movie is $5, and the income of the consumer is $29. How many hamburgers and movies will this consumer buy to be at an optimum?

A consumer's optimum is found when

The price of a hotdog is $1, the price of a movie ticket is $5, and the consumer has $13. A consumer has purchased 3 hotdogs and two movie tickets, receiving 10 units of utility for the last hotdog and 10 units of utility for the last movie. The set of goods

-The price of a magazine is $2, the price of a novel is $5, and the consumer has $33. According to the above table, the rational consumer will purchase