1.Assume the demand for cherries is elastic and that the producer of cherries increases the price of cherries. As a result?

2.A convex indifference curve implies what type of behavior?

3.If a consumer always wishes to consume peanut butter and jam in fixed proportions, he treats these two goods as if they are?

4.Assume P_X= $3 and P_Y= $6 and income = $30. What is the relative price of an additional unit of good X in terms of the amount of good Y that has to be given up?

5.Assume there are only two goods (X and Y). Assume the relative price of good X, is 2 of good Y. If income doubles, the price of X doubles and the price of Y doubles, what will be the relative price of good Y?