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- 10) Suppose that the utility function of an individual can be described as U(X,Y) = 4X +2Y. For this utility function the MRSA) is always X*YB) is always constantC) is always X/YD) is always X+YE) is always X-Y.10. Utility is a type of function that occurs in economics. When a consumer receives x unils of a certain product, a certain amount of pleasure, or utility U, is derived The graph represents a typical utility function. a) Find the average rate of change of U as x changes from 0 to 1 , from 1 to 2 , from 2 to 3 , from 3 to 4 b) Why do the average rates of change decrease as x increases? a) The average rate of change of U as x changes from 0 to 1 is (Type an integer or a decimal.)9- : MUx=2, Px=1 MUy=4, Py=A MUz=6, Pz=B If MUk=C, Pk=4, what should be the value of C to ensure consumer equilibrium? a) 4 B) one NS) 3 D) 2nd TO) 8
- 8. A positive statement ____________. a. is an opinion-based judgment b. is justified to be correct or not correct c. is based on optimistic judgment d. cannot be tested17 - Assume that a consumer has a given budget or income of $12 and that she can buy only two goods, apples or bananas. The price of an apple is $2.00 and the price of a banana is $1.00. If the consumer spent all of her budget on just apples or just bananas, how many apples or bananas maximum would she be able to buy?31- : If the total utility increases from 32 to 34 when the consumption of good X increases by one unit, what is the marginal utility? a) 5 B) 6 NS) 2nd D) 4 TO) 3
- 2. Gorgeousleny purchased a combination of 15 breads and 5 juices with her income of P150 and price of bread is P6 and price of juice is P12. She proudly showed this to her mom, and to her dismay her mom said that she likes more juices than bread since its summer season. While on her way home she lost the receipt, but fortunately she can still receive store credit based from the total value of products. While approaching the customer service representative , she thought of this what if she sticks with her original plan of buying bread alone with no juice and vice versa. At the moment all juices in the store is 50% off. Draw the graph showing the budget constraints arise from endowments. a. ) Measure the qty. of bread on the vertical axis and the qty. of juice on the horizontal axis. Label both graph with its corresponding points, pt. A for bread and point B for juice. the combination of bread and juice label it as point C. b.) For both graph, What is the slope from point C…1. Indicate which axiom(s) about consumer preferences imply(s) each of the following properties of indifference maps:A. Indifference curves do not intersect, that is, a basket can only be in oneset or indifference curve.B. Indifference curves have a negative slope.C. Each basket of goods is on some set or indifference curve.Pls help ASAP on this question (82)
- Title Suppose that Lynn enjoys coconut oil in her coffee. She has very particular preferences, and she mus Description Suppose that Lynn enjoys coconut oil in her coffee. She has very particular preferences, and she must have exactly two spoonfuls of coconut oil for each cup of coffee. Let C be the number of cups of coffee, and O be the number of spoonfuls of coconut oil. Also, let PC be the price of a cup of coffee. Suppose Lynn has $12 to spend on coffee and coconut oil. Also, the price of coconut oil is $.50 per spoonful.a) Graph Lynnâs Price Consumption Curve for prices, PC = $1, PC = $2, and PC = $3. Please put the number of cups of coffee on the horizontal axis, and the number of spoonfuls of coconut oil on the vertical axis. Be sure to label your graph carefully and accurately.b) Graph Lynnâs demand curve for coffee. You may assume that both coconut oil and coffee are continuous variables so she can consume any amount of coffee and coconut oil that she could afford.…Question1: a-Using an example with graph, explain when consumer is in equilibrium? b- Draw the graph (curves)18. Declining MRSXY implies that:(a) The total utility is decreasing along an indifference curve(b) The consumer’s preferences do not satisfy the more-is-better principle(c) The consumer is willing to give up more and more X for additional Y as the consumption of X increases along an indifference curve(d) The consumer is willing to give up less and less X for additional Y as the consumptionof X increases along an indifference curve
