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Question Score:  0 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

The water-diamond paradox was solved by realizing the price people are willing to pay for a unit of a particular commodity is determined by.

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Total utility

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Fill in the missing cells in the table.

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Other things remaining equal, as the relative price of a good falls, people consume more of that good because

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

In consumer theory, utility is

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Which of the following examples are used as evidence favouring the bounded rationality assumption?

 

Question Score:  0 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Suppose the price of apples falls relative to other similar goods, and as a result the quantity of apples demanded increases;  This is caused by

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Quantity of Hamburgers /Wk

Total Utility  Hamburgers

Marginal Utility Hamburgers

Quantity of Movies /Wk

Total Utility Movies /Wk

Marginal Utility Movies /Wk

1

40

40

1

400

400

2

60

20

2

700

300

3

76

16

3

850

150

4

86

10

4

950

100

5

91

5

5

1000

50

6

93

2

6

1025

25

 

 

 

Refer to the table above. Suppose the price of a movie is $5 and the consumer’s, Suppose the price of a movie is $5 and the consumers’ income is $29. What are the quantities demanded of hamburgers at prices of $2 and $1 respectively?

 

 

 

 

 

 

 

Question Score:  0.67 of 1 pt                                                                       Test Score:  63.89% (7.67 of 12 pts)

 

Given the following table, fill in the blank below.

 

 

 

 

 

 

 

 
   

Price of Pizza =$5

Price of Video =$4

Price of Video =$5

Units

Total Utility  Pizzas

MU/ S Pizzas

Total Utility Videos

MU/S Videos

MU/S Videos

 

1

50

10

30

7.5

6

 

2

90

8

58

7

5.6

 

3

120

6

82

6

4.8

 

4

140

4

102

5

4

 

5

150

2

118

 

3.2

 

6

155

1

130

3

2.4

 

7

155

0

138

2

1.6

 
             

 

If your income was $40 and the price of pizzas was $5 and the price of videos was $4, what combination of pizzas and video would maximize your utility?

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

The use of utility-based consumer choice theory

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

If total utility is increasing at a decreasing rate, marginal utility is

 

Question Score:  0 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

The law of diminishing marginal utility insures that

 

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