Question 1 3 Not yet answered Marked out of 1.000 \\V Flag question Question 14 Not yet answered Marked out of 1.000 \\V Flag question Question 1 5 Not yet answered Marked out of 1.000 \\V Plan B moodle,uleth.ca E Search | Perlego 0 Apple Google U E4 (page 5 of 24) Time left Suppose a consumer spends all his income. His marginal utility per dollar on X is 4 and marginal utility per doll know that Select one: A. B, C. D. E. the price of Y must be onethird the price of X. utility is maximized. utility can be increased by decreasing the consumption of X and increasing the consumption of Y. utility can be increased by increasing the consumption ofXand decreasing the consumption of Y. the price of Y must be eight times the price of X. Which of the following statements is true? Select one: A. Marginal utility theory predicts that all goods are normal goods and that all goods are substitutes for each other. B It is possible to derive the law of demand that a higher price decreases demand using marginal utility theory, C. Marginal utility theory predicts that an increase in a consumer's income increases consumption of all goods, D It is possible to derive the law of demand that a higher price decreases the quantity demanded using marginal utility theory. E. Marginal utility theory makes no prediction about a consumer's responses to hikes in the prices of the goods and services he or she consumes. If the marginal utilities from two goods are not equal, then the consumer Select one: A. B. should increase consumption of the good with the lower marginal utility. should decrease consumption of the good with the lower marginal utility. Matching Definition i12'3H4H5H6H7li8i'9i 2 mm Multiple Choice - Ch 8 Multiple Choice - Ch 9 26 25' '27 '28 '29' 30' 31' 32 '33 34 35 36 Multiple Choice - Ch 8 & 9 - Extended 37' 38 '39 '40 '41' 42' 43' 44 '45' 46' 47 '48 '49 '50' 51' 52' 53 '54' 55 56 Fill-in-the-Blanks l__ll_-ll_-ll--ll-ull--ll--ll-.ll-_l moodle,uleth.ca E Search | Perlego 0 Apple Google 'J 'lCilT U E4 (page 5 of 24) Question 15 Not yet answered Marked out of 'l.000 \\V Flag question Question 16 Not yet answered Marked out of 1.000 \\V Flag question Previous page UofL i:. iVIarginai utility tneory maKes no prediction about a consumer's responses to niKes in me prices or me services he or she consumes. Time left 2: 9:39 If the marginal utilities from two goods are not equal, then the consumer Select one: A. should increase consumption of the good with the lower marginal utility, should decrease consumption of the good with the lower marginal utility. B C. may possibly be in equilibrium. D will definitely be in equilibrium. E cannot be in equilibrium You are consuming hot dogs and Cokes and believe you are maximizing utility for your entire budget of $12. The price of a hot dog is $2 and the price of a Coke is $2. Suppose the price of hot dogs rises to $4 and the price of a Coke remains at $2. You adjust your consumption of hot dogs and Cokes and believe you are once again receiving maximum total utility from the meal. Which one of the following can you conclude? Select one: A. You are purchasing 2 hot dogs and 2 Cokes. The marginal utilities from hot dogs and Cokes must be equal. B C. The total utility from hot dogs is maximized. D You are purchasing 1 hot dog and 4 Cokes. E The marginal utility from hot dogs must rise compared to the marginal utility from Cokes. Next page -Extendecl 37 38 '39H4OH41H42H43' \"Has! 46 47 '48\"49H50H51H52' 53H\"! 55 56 758 Fill-in-the-Blanks 5 SQHGOHG'IH62H63H64H65' Application 72 73 '74H75H76H77H7SH79H80, Zinish attempt v moodle.uleth.ca ch + P Search | Perlego Apple G Google U ECON-1010-N-Fall 2023: E4 U E4 (page 6 of 24) Dashboard UofL Question 17 Time left 2:29:32 Danny has $12 to spend on two goods: pies and pop. The price of a pie is $4, and the price of a can of pop is $2. TO TraATIZE Not yet his utility, Danny buys answered Matching Definition Marked out of Select one: 1.000 O A. 3 pies and no pop. Flag 10 11 12 question B. 6 cans of pop and no pie. . C. the combination that gives him the same total utility from pies as from pop. O D. 2 pies and 2 cans of pop. Multiple Choice - Ch 8 O E. the combination that gives him the same marginal utility per dollar on pies as on pop. 13 14 15 16 18 19 20 21 22 23 24 Question 18 Lucky buys hats for $20, but Lucky will not sell one of her hats for less than $35. Lucky is Not yet answered Select one: Multiple Choice - Ch 9 Marked out of 25 26 27 28 29 30 31 32 33 1.000 A. a behavioural economist. Flag B. exhibiting bounded self-interest. 34 35 36 question C. making decisions using her prefrontal cortex. D. displaying the endowment effect. O E. showing unbounded willpower. Multiple Choice - Ch 8 & 9 - Extended 37 38 39 40 41 42 43 44 45 Question 19 Utility is similar to temperature because Not yet 46 47 48 49 50 51 52 53 54 answered Select one: Marked out of 55 56 1.000 A. both are positive. Flag B. both are measured on the same scale. question O C. both are negative. Fill-in-the-Blanks both are observable.v moodle.uleth.ca C ch + P Search | Perlego Apple G Google U ECON-1010-N-Fall 2023: E4 U E4 (page 6 of 24) Dashboard UofL D. displaying the endowment effect. Time left 2:29:29 O E. showing unbounded willpower. Multiple Choice - Ch 8 & 9 - Extended 37 38 39 40 41 42 43 44 45 Question 19 Utility is similar to temperature because Not yet 46 47 48 49 50 57 52 53 54 answered Select one: Marked out of 55 56 1.000 A. both are positive. Flag B. both are measured on the same scale. question O C. both are negative. Fill-in-the-Blanks D. both are observable. 57 58 59 60 61 62 63 64 65 O E. both have units of measurement that are arbitrary. 66 67 68 69 70 71 Question 20 Sarah can consume either pizzas or hamburgers. The price of a hamburger is $1 and the price of a pizza is $5. Let MUh be the Not yet marginal utility of hamburgers and MUp be the marginal utility of pizzas. In consumer equilibrium, what must the ratio MUh/MUp Application answered equal? 72 73 74 75 76 77 78 79 80 Marked out of 1.000 Select one: Finish attempt ... Flag question O A. 1/6 O B. 1/1 O C. 1/5 O D. 5/1 O E. 4 Previous page Next pageQuestion 21 Not yet answered Marked out of 1.000 \\V Flag question Question 22 Not yet answered Marked out of 1.000 \\V Flag question Question 23 Not yet answered Marked out of 1.000 \\7 Flag question 6 moodle.uleth.ca E Search | Perlego 0 Apple 'l 101? U E4(page7of24) UofL If the price of a good falls, then in the new consumer equilibrium Select one: A. B. C. D. E. the quantity of substitutes consumed increases. the marginal utility from consuming the good will be higher than before. the quantity of the good consumed decreases. the marginal utility from substitutes will be lower than before the fall in price. none of the above When total utility is increasing, marginal utility Select one: A. must be between zero and one. B. is negative. C. is either increasing or decreasing. D. is also increasing. E. is either positive or negative. Behavioural economics and neuroeconomics seek to achieve Select one: A. B C. D E a method of using willpower and selfinterest to gain utility maximization. a new method for the human brain to work out rational choice. the rational concepts that support the law of demand and the law of supply, the reason why we do not always make rational economic decisions. a theory in which consumers are always utilitymaximizers. Google Time left 2:29:21 ion ' 2 Matching Defin' 1 3 l 14i15i16117118i19i 10 11 F 3, Multiple Choice Ch 8 14 [mml Multiple Choice - Ch 9 '25' 26' 12112112911311\"1131131 Ii Multiple Choice - Ch 8 & 9 -Extended 37' 38 '39\"40H41H42H43' 44H45' 46' 47 '48HAQH50H51H52' 53"\"! j 56 Fill-in-the-Blanks 57' 58'59ll60ll61||62H63H64H65| moodle.uleth.ca E Search | Perlego 0 Apple Google 'J 'lCilT U E4 (page 7 of 24) UofL B. H II II H H H Ii I question C. is either increasing or decreasing. 35 D. is also increasing. E. is either positive or negative M I . I Ch _ Ch 8 & 9 u tip e Olce - - Extended Ques'i'm 23 Behavioural economics and neuroeconomics seek to achieve 37 38 I 39 I I 40 H 41 H42 I I 43 I 44 I I 45 I Not yet answered Select one: 48 47 I48 I I 49 I I 50 II 51 I I 52 I 53 I I 54 I M k d t f 138: DU 0 A. a method of using willpower and self-interest to gain utility maximization 55 56 \\V Flag B a new method for the human brain to work out rational choice. question C. the rational concepts that support the law of demand and the law of supply. D the reason why we do not always make rational economic decisions. Fi||-in-the-B|anks E a theory in which consumers are always utility-maximizers. 57 58 59II60II61II62II63II64II65I Question 24 Which one of the following is not an assumption of marginal utility theory? Not yet . _ answered Select one: Appl Icatlon Marked out of , . .. 72 73 74 75 76 77 7s 79 80 1000 A. Consumers maXImIze total utility. V B More consumption yields more total utility. \\ Flag Finish attempt question C. Marginal utility diminishes with more consumption. D Utility can be measured. E People derive utility from their consumption. Previous page Next page