If digital cameras and memory cards are complements for Consumers, then it is likely that: O their cross price elasticities are greater than zero. O their price elasticities of demand are less than one. O their income elasticities are less than zero. O their cross price elasticities are less than than zero.The demand curve for Humalog (a specific type of insulin) has a perfectly inelastic demand curve. A decrease of supply will cause the equilibrium price to: O rise and the equilibrium quantity to fall. O rise and the equilibrium quantity to stay the same. O rise and the equilibrium quantity to rise. O stay the same and the equilibrium quantity to fall.Price elasticity of demand analyzes how the: O responsiveness of quantity demanded to a change in quantity supplied. O responsiveness of price to a change in quantity demanded. O responsiveness of quantity demanded to a change in price. O responsiveness of quantity demanded to a change in income.The demand curve for a particular good or service is perfectly elastic. If the supply curve were to decrease what would happen? O decrease the quantity exchanged but result in no change in the price. O increase the quantity exchanged but result in no change in the price. O increase the price but result in no change in the quantity exchanged. O increase both the price and the quantity exchanged.Richie purchases 1 ribeye steak from a local steak house per month when the price is $23 and 3 steaks per month when the price is $19. What is the price elasticity of Richie's demand curve? O 5.26 O .19 O .53 O 6.33:} Question 10 4 pts The demand fora product is unit elastic. At a price of $50, 100 units of a product are sold. If the price is decreased to $40, then one would expect sales to equal: O 8D units O 6D units O 4D units O 1DD units As a general rule, utility-maximizing choices between consumption goods occur where the: O rise in income has created the greatest utility. O price ratio and marginal utilities ratio of two goods is equal. O higher-income households have the greatest satisfaction. O constraints on budget expenditures has fallen substantially.How much satisfaction one derives from the consumption of a good or service is known O utility O market power O Lorenz curve O elasticityBob budgets $30 a week for entertainment and fitness. He splits his time between going to the movies and going to the gym. Each movie costs $6 and each session at the gym costs $3. The total utility from each of these activities is shown in the table below. Bob's utility maximizing point is: Movies Total Utility Gym Total Utility 0 0 0 1 30 1 50 2 55 2 85 3 76 3 100 4 92 4 107 5 103 5 111 6 114 115 O 5 movies; 0 gym workout sessions O 4 movies; 2 gym workout sessions O 3 movies; 4 gym workout sessions O 2 movie; 6 gym workout sessionsKim has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs $4. The total utility from each of these activities is set out in the table below. What is Kim's total utility maximizing point? Movies Total Utility Yoga Classes Total Utility 0 0 1 40 1 30 75 2 55 3 105 3 76 130 4 92 5 150 5 106 6 114 7 116 8 117 O 1 movies, 4 yoga classes O 2 movie, 2 yoga classes O 3 movies, 0 yoga classes O 0 movies, 6 yoga classesA 10 percent increase in income leads to a 15% decrease in the quantity of macaroni and cheese demanded but no change in the price of macaroni and cheese. From this information, we can assume: O macaroni is a normal good and price elasticity of demand is greater than 1. O macaroni is an inferior good and price elasticity of supply is equal to zero. O macaroni is an inferior good and price elasticity of supply is infinite. O macaroni is an inferior good and price elasticity of demand is less than 1.Jane has a budget constraint line with food on the horizontal axis and entertainment on the vertical axis. If her income were to decrease what would happen to her budget constraint line? O pivot out along the horizontal axis. O pivot out along the vertical axis. O shift to the left. O shift to the right.The most common pattern for marginal utility is O diminishing marginal utility O a budget constraint model O a long-term perspective theoretical model O substitute consumptionJennifer has a budget constraint line with coffee on the horizontal axis and books on the vertical axis. If the price of books were to decrease what would happen to her budget constraint line? C) pivot out along the horizontal axis. (:3; pivot in along the horizontal axis. O pivot out along the vertical axis. O pivot in along the vertical axis. When Marjatta chooses to only purchase a combination of goods that lie within her budget line, she: O is decreasing utility. O is maximizing utility. O likely has negative savings. O must reduce the quantity.In terms of microeconomic analysis, what is the function of "utils"? O a form of budget constraint O applies to changes in income O a measurement of utility O relates to a consumer's original choiceThe marginal utility of two goods changes O with the quantities consumed O for the better, if taxes are imposed O if they are intertemporal choices O if the mother controls the household budgetIf the price goes down for a product, the purchasing power increases for consumers, thus allowing them to purchase more. This is an example of the... O income effect O substitution effect O backward-bending supply curve O preferences effectEconomists are able to determine total utility by: O multiplying the marginal utility of the first unit consumed by the number of units consumed. O multiplying the marginal utility of the last unit consumed by the number of units consumed. O multiplying the marginal utility of the last unit consumed by the unit price. O summing up the marginal utilities of each unit consumed.The price elasticity of demand for tickets to the regional yodeling championships is estimated to be equal to 1.89. In order to boost ticket revenues, an economist would advise: O increasing the price of game tickets because demand is inelastic. O not changing the price of game tickets because demand is unit elastic. O increasing the price of game tickets because demand is elastic. O decreasing the price of game tickets because demand is elastic