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A consumer is making purchases of products Alpha and Beta such that the marginal utility of product Alpha is 30 and the marginal utility of product Beta is 40. The price of product Alpha is $5, and the price of product Beta is $10. The utility-maximizing rule suggests that, to stay within a given budget constraint, this consumer should Multiple Choice BOOK O Increase consumption of product Beta and decrease consumption of product Alpha. O Increase consumption of product Beta and Increase consumption of product Alpha. O increase consumption of product Alpha and decrease consumption of product Beta. O make no change in the consumption of Alpha or Beta.10 A child is given $4 of pocket money to be spent on either hard candies or chocolates. Chocolates cost 10 cents and hard candies 50 cents each. The marginal utilities derived from each product are as shown in the following table. Number of Items MU of Chocolates MU of Hard Candies 1 60 150 2 50 140 3 40 120 4 30 100 Book 20 80 6 10 70 5 50 ca 20 If the child buys either chocolates or hard candies one piece at a time. what will be his first two purchases? Multiple Choice O a chocolate, followed by another chocolate O a hard candy. followed by a hard candy O a chocolate, followed by a hard candy O a hard candy, followed by another chocolateIf the marginal utility from consuming the eighth unit of a product is 12 and the total utility from all eight units is 208, then the total utility from consuming seven units must be 2 Multiple Choice eBOOK O 220. O 26. O 196. O 1,664.3 Tony ran a marathon in 4 hours: his performance last year on the same course was 4.5 hours. Stacey ran the same marathon in 4 hours; her previous time was 4.4 hours. According to behavioral economists. and based solely on the information given, we would expect Multiple Choice eBook O Tony to feel bad about his performance. and Stacey to feel good about hers. O Tony to feel good about his performance, and Stacey to feel good about hers. O `Tony to feel bad about his performance. and Stacey to feel bad about hers. O Tony to feel good about his performance. and Stacey to feel bad about hers.4 Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $3, and the price of product Y is $2. The income of the consumer is $15. Product X Product Y Quantity MUX Quantity MUy 1 32 1 24 2 28 20 W w BOOK 24 16 4 20 4 12 UT 16 5 8 If the consumer buys both product X and product Y, how much will the consumer buy of each in order to maximize utility? Multiple Choice O 4X and ZY O 3X and 3Y O 2X and 4Y O 1X and 5Y5 The income of a consumer is $40. the price of A is $4, and the price of B is $6. If the quantity of A is measured vertically, then the slope of the budget line is Multiple Choice EBOOK O -1.5. O -0.5. O -0.67. O -25.6 The table shows an indifference schedule for several combinations of X and Y. Combination Quantity of X Quantity of Y a 20 1 b 16 2 C 12 3 d 10 4 e 9 5 Approximately how much of Y is the consumer willing to give up to obtain the twentieth unit of X? Multiple Choice O 4 O 1/4 O 2 O 1/27 The marginal utility of the last unit of apples consumed is 20, and the marginal utility of the last unit of bananas consumed is 12. What set of prices for apples and bananas, respectively, would be consistent with consumer equilibrium? Multiple Choice BOOK O $3 and $5 O $5 and $3 O $12 and $20 O $24 and $208 Frank is purchasing products C and D in utility-maximizing amounts. If the price of C is $6 and the price of D is $3, then Multiple Choice BBOOK O the marginal utility of D is twice that of C. O the marginal utility of D is the same as that of C. O the marginal utility of C Is twice that of D. O the relationship between the marginal utility of C and D cannot be determined.9 Suppose Ryan and Rita were randomly shown the numbers 15 and 82, respectively, and then asked to estimate the price of an item about which they have relatively limited knowledge. According to findings from behavioral economics, we would expect Multiple Choice BOOK O Ryan to estimate a price higher than what Rita would estimate. O Ryan to estimate a price lower than what Rita would estimate. O Ryan to estimate a price about the same as what Rita would estimate. O the randomly shown numbers to have no Influence on their estimates
