04 Jun Question 1. Kyle’s utility function is U = 4X + 3.7Y, where X is units of good X and Y is units of good Y. What is the marginal utility of good X?
Question
1.
Kyle’s utility function is U = 4X + 3.7Y, where X is units of good X and Y is units of good Y. What is the marginal utility of good X?
U/4
4
0.3X
4X + 3.7
2.
Figure 4.2
http://www.macmillanhighered.com/brainhoney/resource/6712/bcs.worthpublishers.com/webpub/Economics/gls1e_bridge/testbank_images/chapter_4-_consumer_behavior/r2-1.png
Reference: Ref 4-2
(Figure 4.2) Joanne’s utility function is U = TC, where T is baskets of tomatoes and Cis bags of carrots. One of Joanne’s indifference curves will go through points:
A, B, and F.
D, C, and E.
B, D, and E.
A, D, and E.
3.
Figure 4.3
http://www.macmillanhighered.com/brainhoney/resource/6712/bcs.worthpublishers.com/webpub/Economics/gls1e_bridge/testbank_images/chapter_4-_consumer_behavior/r3-1.png
Reference: Ref 4-3
(Figure 4.3) Which of the following statements is FALSE?
Bundle A is preferred to bundle C.
Bundle C is preferred to bundle D.
Indifference curve U2 provides a higher level of utility than indifference curve U1.
The consumer is indifferent between bundle A and bundle D.
4.
Monroe consumes crab cakes and tuna. Monroe’s utility increases with the consumption of crab cakes, but his utility neither increases nor decreases with the consumption of tuna. Assuming tuna is placed on the x-axis and crab cake is placed on the y-axis, what do Monroe’s indifference curves look like?
vertical lines
horizontal lines
downward-sloping lines
upward-sloping lines from the origin
5.
Figure 4.8
http://www.macmillanhighered.com/brainhoney/resource/6712/bcs.worthpublishers.com/webpub/Economics/gls1e_bridge/testbank_images/chapter_4-_consumer_behavior/r8-1.png
Reference: Ref 4-8
(Figure 4.8) Which of the following statements is FALSE?
I.
At point A, the consumer is willing to give up 3 winter coats for 1 wool sweater.
II.
At point B, the consumer is willing to give up 1 winter coat for 4 wool sweaters.
III.
At point A, the consumer is willing to give up 3 wool sweaters for 1 winter coat.
IV.
At point B, the consumer is willing to give up 4 wool sweaters for 1 winter coat.
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