BUSINESS

Question Score:  0 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

The water-diamond paradox was solved by realizing the price people are willing to pay for a unit of a particular commodity is determined by.

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Total utility

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Fill in the missing cells in the table.

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Other things remaining equal, as the relative price of a good falls, people consume more of that good because

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

In consumer theory, utility is

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Which of the following examples are used as evidence favouring the bounded rationality assumption?

 

Question Score:  0 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Suppose the price of apples falls relative to other similar goods, and as a result the quantity of apples demanded increases;  This is caused by

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

Quantity of Hamburgers /Wk Total Utility  Hamburgers Marginal Utility Hamburgers Quantity of Movies /Wk Total Utility Movies /Wk Marginal Utility Movies /Wk
1 40 40 1 400 400
2 60 20 2 700 300
3 76 16 3 850 150
4 86 10 4 950 100
5 91 5 5 1000 50
6 93 2 6 1025 25

 

 

 

Refer to the table above. Suppose the price of a movie is $5 and the consumer’s, Suppose the price of a movie is $5 and the consumers’ income is $29. What are the quantities demanded of hamburgers at prices of $2 and $1 respectively?

 

 

 

 

 

 

 

Question Score:  0.67 of 1 pt                                                                       Test Score:  63.89% (7.67 of 12 pts)

 

Given the following table, fill in the blank below.

 

         
Price of Pizza =$5 Price of Video =$4 Price of Video =$5
Units Total Utility  Pizzas MU/ S Pizzas Total Utility Videos MU/S Videos MU/S Videos
1 50 10 30 7.5 6
2 90 8 58 7 5.6
3 120 6 82 6 4.8
4 140 4 102 5 4
5 150 2 118 3.2
6 155 1 130 3 2.4
7 155 0 138 2 1.6

 

If your income was $40 and the price of pizzas was $5 and the price of videos was $4, what combination of pizzas and video would maximize your utility?

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

The use of utility-based consumer choice theory

 

Question Score:  1 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

If total utility is increasing at a decreasing rate, marginal utility is

 

Question Score:  0 of 1 pt                                                                             Test Score:  63.89% (7.67 of 12 pts)

 

The law of diminishing marginal utility insures that

 

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