Chapter 10 Flashcards
Adam is an economics working at the federal reserve bank of Boston. For Adam, the satisfaction, an individual derives from the consumption of goods and services is best described as.
Utility
If total utility is rising as more pasta is consumed, we can definitely say that marginal utility is
Greater than zero
Optimal choice of yogurt and cheese. The price of yogurt is two dollars per unit, and the price of cheese is four dollars per pound. Haley’s income is $16. If she spends all of her income on yogurt, the most she can buy is—— yogurt, enter total utility will be——
Eight, 144
Marginal utility per dollar of Twix. The marginal utility of the fourth Twix bar is.
Two
The amount by which total utility changes with additional unit of a good is consumed, is called
Marginal utility
Consumer equal of room in the market for pens and pencils. Assume that pens and pencils both cost one dollar each and you have four dollars to spend on both goods. To maximize utility, you would consume.—— pens, and——-pencils
3,1
And I believe that spending one hour studying statistics will increase her statistics exam score by 20 points. Studying for a second hour will increase the score by 10 points. She also believes that studying political science for an hour will increase your political science exam score by 15 points, but spending a second hour will increase her exam score by only five points. I need it has two hours to study. If I need a wants to maximize the sum total of her scores, what should she do.
Study each for one hour
Economists refer to the satisfaction of a person drives from the consumption of goods and services as
Utility
Utility from beyond meat, burgers, and fries. David’s marginal utility with respect to fries and burgers are given in the table. The price of fries is two dollars and the price of burgers is five dollars. If David’s income is $10 coming to maximize utility, he should buy.—— fries, and——-burgers
Five, zero
Mohamed spends all of his income on chimichangas and prickly pear margaritas. His income is $100. The price of chimichangas is $10 and the price of prickly pear. Margaritas is two dollars. But chimichangas on the horizontal axis and prickly pear margarita on the vertical access. The slope of a Muhammad’s budget line is equal to
-5
Budget line for tangerines and water melons. For some time Albert has had five dollars per month to spend on tangerines and watermelon’s. The price of a tangerine is $.50 and the price of watermelon is $.25. Which chart shows what will happen to his budget line if the price of a tangerine falls to $.25.
D
Budget line for bottled water and biscotti. For months now Angelina has had $20 per month to spend on bottled water and biscotti. The price of each cup of bottled water and each biscotti is one dollar. Which chart shows what will happen to her budget line if the price of both a cup of bottled water in the Scotty increased to two dollars.
C
The marginal utility of Matcha tea consumption for Alohana is the change in——-generated by consuming an additional cup of Matcha tea
Total utility
Ahmed spent all of his income on chimichangas and prickly pear margarita. His income is $100. The price of chimichangas is $10 in the process of Piggly pair. Margaritas is two dollars. If I’m how to spend all of his income, the opportunity cost of one prickly pear margarita is equal to.—— chimichangas
1/5
How much?—— savanna obtained from eating sushi is a measure of the utility of sushi for her.
Satisfaction
Consumer spending is restricted because of
His or her budget constraints?
The utility of California rolls. Marginal utility becomes negative for the.—-roll
Sixth
The utility of California rolls. The marginal utility of the fifth role is.
Zero
Which best describes the amount of utility gained from spending an additional dollar on yogurt
The marginal utility of one type of yogurt divided by the price of the yogurt tub
Budget lines for tangerines and watermelons. For sometime Albert has had five dollars per month to spend on tangerines and watermelon’s. The price of tangerines is $.50 and the price of a watermelon is $.25. Which chart shows what will happen to his budget line if his income increases to six dollars.
A
Utility from Reese’s peanut butter cups. If Oliver Consumers, one peanut butter cup, his total utility will be.
22
Max a careful utility maximizer, consumes peanut brittle and frozen yogurt. Assume that both peanut brittle and frozen yogurt or normal goods, and that diminishing marginal utility applies to both goods. Right after he choose the utility maximizing level of consumption of the two goods, the price of peanut butter falls. As he adjusts to this event, the marginal utility of peanut brittle.—-and that a frozen yogurt goes ——
Falls, rises
Drayden always tries to maximize is utility in consuming candy, corn, and tacos. Both kids are subject to diminishing marginal utility. Suppose the price of these go to along with treatments, budget and spending for these items stays the same, bedridden decides to decrease his conception of candy corn. Holding everything else. Constant, this means that Drayden must.——-his consumption of tacos and his marginal utility per dollar spent on candy corn will be—— then it used to be
Increase, greater
Utility from tangerines and passion fruit. Tangerines cost two dollars per bushel, and passion fruit cost five dollars per bushel. The table shows Camryn’s total utility from consuming various amount of tangerines and passion fruit. If Camryn has $26 he should purchase.—— tangerines, and—— bushels of passion fruit, and he will have——-leftover
Three, four, no money
Consumer equilibrium in the market for pens and pencils. Assume the price of pens is five dollars each, that the price of pencils is one dollar each, and that you have $10 to spend on both goods. To maximize utility you should consume.—-pens, and—— pencils
One, five
Assume that Tonya spent all of her income on baklava and prunes, and is purchasing the optimal consumption bundle. MUB divided by MUP equals three and the price of baklava is $12 than the price of prunes must be.
Four dollars
Marginal utility from eating sweet corn is the
Change in total utility from consuming an additional serving
Choices that maximize total utility generally produce demand curves that are
Downward sloping
Margaret spent her entire budget on smoothies and muffins. The last smoothie provided Margaret with 10 additional utilities, and the last muffin provided her with 25 additional utilities. The price of a muffin is twice that of a smoothie. Assuming that diminishing marginal utility applies to both good Margaret should consume.—— smoothies, and——-muffins
Fewer, more
Marginal utility per dollar of Twix. The marginal utility of the second Twix bar is.
Four
