Q.9 An indifference curve is related towhich of the following?A. Choices and preferences of consumerB. Prices of goods X and YC. Consumer's incomeD. Total utility from goods X and Y

The indifference curve analysis approach was given by an Italian economist name Pareto. An…

Answered: .9 An indifference curve is related to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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. TOTAL AND MARGINAL UTILITY E UTILITY CALCULATIONS Reset Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 2 40 10 14 3 4 6 8 3 54 Quantity Consumed Marginal Utility 10 20 4 64 6. 10 70 4 6. -10 72 -20 -2 Quantity Consumed 70 Quantity Consumed -6 8 64 2. 4 6 8
Name: Maximizing Utility The following table shows represents the utility received by Sharon for cookies and pretzels. Fill in the missing data. Total Marginal Utility Utility # of pretzels # of Marginal Utility Utility Total cookies --- --- 1 20 1 12 2 10 2 8 3 5 3 4 4 4 5 32 5 20 28 -10 Use the above completed table to answer the folloiwng questions. If your budget is $ 5.00 and both cookies and pretxels cost $1.00 each, how many cookies and pretzels will you buy to maximize your utility? а. What will your total utility be?
In this question use 'well-behaved' indifference curves. (a) Draw an 'optimal solution'. (b) The price now falls. On the same graph draw the new optimal solution. (c) Has the consumption of good 1 gone up or down? What type of good could this be?
-uppose John is currently at point A on the indifference curve to the right. If he moves to point B, en A. the level of utility remains constant because the marginal utility of pizza increases and the marginal utility of Pepsi decreases. OB. the level of utility increases because the marginal utility of pizza increases. OC. the level of utility remains constant because the marginal utility of pizza decreases and the marginal utility of Pepsi increases. OD. the level of utility decreases because the marginal utility of Pepsi decreases. Pepsi (bottles per week) B Pizza (slices per week)
4. Calculating the marginal rate of substitution (MRS) Raphael enjoys eating croissants and eclairs. The following graph displays one of Raphael's indifference curves (1₁), which shows his preference for croissants and eclairs each month. ECLAIRS RX B 11 0 0 11 11 11 II 11 67 I 11 CROISSANTS 21 ?
5. The elasticity of substitution will be a lower number: (a) The less curved is the indifference curve (b) The more curved is the indifference curve (c) The greater the income elasticity of demand of the good on the horizontal axis (d) The greater the degree of substitutability between the two goods (e) If tastes are both homothetic and quasilinear
f 1 Appendix - showing an indifference curve. Quantity of Y C B Quantity of X The slope of the budget line facing the consumer is a. -Px/Py O b. -X/Y O c. -Py/Px d. -Y/X e. none of the above
4. The following questions refer to the following graph of a consumer's indifference curve. a. b. Quantity of Y 40 30 20 10 0 T I A 10 C B 1 20 30 40 Quantity of X X What is the consumer's marginal rate of substitution between points A and C? At point C, approximately what is the consumer's marginal rate of substitution at point?
12 2 4 6 8 Water (bottles per day) The figure above shows three of a consumer's indifference curves. Which point is most preferred? Point Conly Point Gonly Point Jonly Points Cand G are tied for the most preferred. More information is needed to determine which point is most preferred. 2.
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.9 An indifference curve is related to hich of the following? - Choices and preferences of consumer Prices of goods X and Y . Consumer's income Total utility from goods X and Y