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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