QUESTION 30 U (X, Y) = min {3X, 4Y] 3X + 4Y =72 What is the slope of the Engel Curve for Y? 0 6 04 O None of these answers. QUESTION 31 U(X, Y)=3X+2Y 4X+4Y=80 What is the optimal consumption bundle? O None of these answers. O X=20, Y=0 O X=20, Y=20 O X=0, Y=20 O X=0, Y=40 QUESTION 32 U(XY)=3X+2Y 4X+4Y=80 What is the slope of the Engel curve for the good that is consumed? 0 4 0 6 O2 0 8 QUESTION 33 U(X. Y)=X+3Y 2X+3Y=80 What is the slope of the Engel curve for the good that is consumed? 0 2 O None of these answers. 6QUESTION 18 The slope of the indifference curve for diminishing utility (Cobb-Douglas) preferences is NOT which of the following? O. The ratio of the marginal utility of X to the marginal utility of Y. Diminishing as more Y is consumed. O Diminishing as more X is consumed. O the marginal rate of substitution QUESTION 19 A PPF shows the production possibilities for boats and cars. At point C on the curve, 30 boats and 34 cars are produced. At point D on the curve, 20 boats and 36 cars are produced. Between points C and D, what is the opportunity cost of 1 car? O 0.2 0 3 01 0 5 None of these Answers. QUESTION 20 Suppose the production possibilities frontier for Ireland has corned beef on the horizontal axis and cabbage on the vertical axis and a constant slope of -2. What is the opportunity cost of one unit of comed beef? O 2 0 0.2 O 0.5 0 1 None of these answers. QUESTION 21 Along a bowed out PPF for Eggs and Butter, two possible production points are A and B. A: (2 Eggs, 20 Butter) B: (4 Eggs, 14 Butter) What is the opportunity cost of one unit of Butter between A and B? O 1/2 O 1/3 e of these answers. O 2 03QUESTION 6 A consumer has a budget constraint given by P X + P, Y=m, and typical (Cobb-Douglas) preferences. If P increases, the budget constraint will get and the optimal amount of Y consumed will O flatter, decrease O steeper, decrease O flatter, increase steeper, increase QUESTION 7 U(x. Y) =x /By7/3 and P =4. What is the slope of the Engel curve for Y? 0 6 O 12 02 04 QUESTION & U(x, M) =x7/53/5 3X + 4Y=60 What is the optimal consumption bundle? O None of these answers. X=16, Y=18 O X=18, Y=16 O X=48, Y=54 QUESTION 9 U(x, n=x /Sy3/5 4X + 3Y =60 What is the optimal consumption bundle? O X=6, Y=12 O X=12, Y=6 O X=16, Y=12QUESTION 3 U(X,Y) = x /3y-/3 and P =4 what is the slope of the Engel Curve for good X? 0 6 O 4/3 O 1/6 12 QUESTION 4 Px A consumer has a budget constraint given by p X + p, Y=m, and the utility function U(X, Y) = X"Y-". At the consumption bundle where MRS = P . , which of the following is true? None of these answers. The consumer should purchase more XThe consumer is maximizing her utility to increase utility. O The consumer is maximizing her utility. O The consumer should purchase more Y to increase utility. QUESTION 5 P If goods X and Y are perfect substitutes and MRS > - P the optimal consumption bundle is O P. O X=0, Y= P . O -, Y=0 O X=0, Y=0