Unit 2 Milestone-17

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101

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Economics

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Nov 24, 2024

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→ Utility Theory 3 CONCEPT → Budget Constraints: Change in Price 4 Report an issue with this question Which of the following describes what will happen to Peter’s budget constraint on his annual trip to the amusement park when the price of game tokens remains the same as last year but the price of ride tickets decreases? Report an issue with this question Which scenario below is an example of completeness? ● ø ø ● ø  The budget constraint will pivot out along the axis with ride tickets. ● Indifference curves will cross. ● The budget constraint will shift to the right, parallel. ● The budget constraint will remain the same. UNIT 2 — MILESTONE 2 SCORE 19/20 

CONCEPT → Consumer Choice Theory Report an issue with this question ø ● an expensive cereal or a gallon of milk and two boxes of a cheaper cereal. He decides to purchase a gallon of milk and one box of cheaper cereal, keeping the leftover cash.  A consumer is able to compare possible combinations and quantities of bath towels and wash cloths she is purchasing for her bathroom to determine the best combination based on her preferences. ● A consumer is able to logically rank his preferences for the three different price combinations for a ﬂight that he will purchase for an upcoming trip. ● If a guest at a banquet can purchase a raffle ticket for gift baskets that are nearly identical, she will choose to purchase a ticket for the basket that has an additional gift. UNIT 2 — MILESTONE 2 SCORE 19/20 

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Unit 2 Milestone-17

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