Author: Anonymous

When a consumer buys more of a good as a result of a relative price change, economists call it

Alice is trying to figure out what combination of bags of peanuts and bags of popcorn she should buy with her $20 budget. The price of peanuts is $5 per bag and the price of popcorn is $4 per bag. Alice is deciding whether to purchase one more bag of peanuts or one more bag of popcorn. She should choose

Which of the following statements is NOT always correct when determining the consumer optimum?

What is the opportunity cost of purchasing a college textbook?

Utility is a balance between ________ and ________ factors.

A change in which of the following will cause a change in the quantity demanded of coffee?

Refer to the following table to answer the next six questions. — — Chips Consumed Marginal Utility Soda Consumed Marginal Utility 0 0 1 18 1 12 2 15 2 10 3 12 3 8 4 9 4 6 5 6 5 4 6 3 6 2 7 0 7 0 Assume that chips cost $1 and soda costs $2. If the consumer has $7, the combination of goods that would maximize her utility leads to a utility equal to ________ utils.

The table below shows the daily production potential of two workers if they devote all their time to making either pizza or wings. Who has the absolute advantage at producing pizzas?Click to view larger image.

8.3 State which items when combined create a homogenous mixture and which items when combined create a heterogeneous mixture.   A) Water                                      B) Samp C) Sugar D) Curry powder              (4)

Refer to the following table to answer the next six questions.The table describes the utility Alice receives from her consumption of movies or used DVDs. Movies Consumed Total Utility Used DVDs Consumed Total Utility 0 0 0 0 1 200 1 50 2 350 2 80 3 400 3 100 4 480 4 110 5 480 5 103 Assume that movies cost $5 and used DVDs cost $1. If Ashley has $12, the bundle of goods that would maximize her utility leads to a total utility equal to ________ utils.