1. Muoki says, “I'd rather see an action movie than a comedy, and I'd rather see a comedythan a foreign film. But given the choice, I think I'd rather see a foreign film than an actionmovie. Which of these statements about individual preferences is violated?A. Muoki's preference ordering is completeB. Muoki's indifference curves are convex to the originC. Muoki's indifference curves are negatively slopedD. Muoki's preferences are transitive2. Peter likes one cup of tea with two teaspoons of sugar. He gets no extra utility for anadditional cup of tea if he doesn't have two teaspoons of sugar and no extra utility for extrasugar without a cup of tea. Paul has,A. Linear and negatively sloped indifference curvesB. Linear and positively sloped indifference curvesC. L-shaped indifference curvesD. Vertical indifference curves3. Diminishing marginal rate of substitution of ugali (X) for rice (Y), MRSXY means that therate of substitution ofA. ugali for rice increases as the consumption of ugali increaseB. ugali for rice remains constant as consumption of ugali increasesC. ugali for rice decreases as the consumption of ugali increaseD. ugali for rice increases as the consumption of ugali decrease4. The price of an iced coffee is $4 and the price of a candy bar is $2. In order to maximizetotal utility, a consumer who buys some of each should allocate purchases such that:Page 1 of 5A. the marginal utility of each good is the same.B. the marginal utility of an iced coffee is half that of a candy bar.C. the marginal utility of an iced coffee is twice that of a candy barD. the total utility of an iced coffee is half that of a candy bar.

"Since you have asked multiple questions, we will solve first question for you .. If you want any…

1. Muoki says, “I'd rather see an action movie than a comedy, and I'd rather see a comedy than a foreign film. But given the choice, I think I'd rather see a foreign film than an action movie. Which of these statements about individual preferences is violated? A. Muoki's preference ordering is complete B. Muoki's indifference curves are convex to the origin C. Muoki's indifference curves are negatively sloped D. Muoki's preferences are transitive

1. Muoki says, “I'd rather see an action movie than a comedy, and I'd rather see a comedy than a foreign film. But given the choice, I think I'd rather see a foreign film than an action movie. Which of these statements about individual preferences is violated? A. Muoki's preference ordering is complete B. Muoki's indifference curves are convex to the origin C. Muoki's indifference curves are negatively sloped D. Muoki's preferences are transitive

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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1. Muoki says, “I'd rather see an action movie than a comedy, and I'd rather see a comedy
than a foreign film. But given the choice, I think I'd rather see a foreign film than an action
movie. Which of these statements about individual preferences is violated?
A. Muoki's preference ordering is complete
B. Muoki's indifference curves are convex to the origin
C. Muoki's indifference curves are negatively sloped
D. Muoki's preferences are transitive
2. Peter likes one cup of tea with two teaspoons of sugar. He gets no extra utility for an
additional cup of tea if he doesn't have two teaspoons of sugar and no extra utility for extra
sugar without a cup of tea. Paul has,
A. Linear and negatively sloped indifference curves
B. Linear and positively sloped indifference curves
C. L-shaped indifference curves
D. Vertical indifference curves
3. Diminishing marginal rate of substitution of ugali (X) for rice (Y), MRSXY means that the
rate of substitution of
A. ugali for rice increases as the consumption of ugali increase
B. ugali for rice remains constant as consumption of ugali increases
C. ugali for rice decreases as the consumption of ugali increase
D. ugali for rice increases as the consumption of ugali decrease
4. The price of an iced coffee is $4 and the price of a candy bar is $2. In order to maximize
total utility, a consumer who buys some of each should allocate purchases such that:
Page 1 of 5
A. the marginal utility of each good is the same.
B. the marginal utility of an iced coffee is half that of a candy bar.
C. the marginal utility of an iced coffee is twice that of a candy bar
D. the total utility of an iced coffee is half that of a candy bar.

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