Answer please questions 1,2,3,4,5,6,7Many thanks. Microeconomics true / false and Multiple choice1.When the price of each good as well as the consumer's budget all change by the sameproportion, there will be no shift to a new indifference curve.2.Firms pay famous individuals to endorse their products because demand is affected notjust by theproduct.number of people who use a product but also by the type of person that uses the3.Which of the following is logical, based on the law of diminishing marginal utility?а.Anna's satisfaction from her second apple was less than her satisfaction from herfirst orange.Greg enjoyed his second slice of pizza more than his first.Marybeth's utility from her first granola bar is greater than Diane's utility fromher second granola bar.b.с.d.Carol enjoyed her second bottle of iced tea less than her first bottle.4.The rational consumer will buy that combination of the two goods on an indifferencecurve graph where:а.the indifference curve intersects the horizontal axis.b.the indifference curve intersects the vertical axis.an indifference curve is tangent to the budget line.the budget line intersects one of the axesС.d.Part II Short Answer: Behavioral Economics5. What is behavioral economics?Explain (2) two of the three mistakes people commonly makeOR two effects that social influences have on decision-making Part IlI: Utility AnalysisSodaPretzels2#TUMUMU/PTUMUMU/P148136846431088841204100126104Soda costs $6 each; Pretzels cost $4 each.6. Complete the table.7. Suppose Lisa has $24 to spend. What combination of sodas and pretzels will maximize hersatisfaction?sodas andpretzels, for a total utility ofIf Lisa has $32 to spend, what combination will now maximize her satisfaction?sodas andpretzelsWhy?%233.LO

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

Answered: 1. When the price of each good as well…

1. When the price of each good as well as the consumer's budget all change by the same proportion, there will be no shift to a new indifference curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer please questions 1,2,3,4,5,6,7

Many thanks.

Microeconomics true / false and Multiple choice
1.
When the price of each good as well as the consumer's budget all change by the same
proportion, there will be no shift to a new indifference curve.
2.
Firms pay famous individuals to endorse their products because demand is affected not
just by the
product.
number of people who use a product but also by the type of person that uses the
3.
Which of the following is logical, based on the law of diminishing marginal utility?
а.
Anna's satisfaction from her second apple was less than her satisfaction from her
first orange.
Greg enjoyed his second slice of pizza more than his first.
Marybeth's utility from her first granola bar is greater than Diane's utility from
her second granola bar.
b.
с.
d.
Carol enjoyed her second bottle of iced tea less than her first bottle.
4.
The rational consumer will buy that combination of the two goods on an indifference
curve graph where:
а.
the indifference curve intersects the horizontal axis.
b.
the indifference curve intersects the vertical axis.
an indifference curve is tangent to the budget line.
the budget line intersects one of the axes
С.
d.
Part II Short Answer: Behavioral Economics
5. What is behavioral economics?
Explain (2) two of the three mistakes people commonly make
OR two effects that social influences have on decision-making

Part IlI: Utility Analysis
Soda
Pretzels
2#
TU
MU
MU/P
TU
MU
MU/P
1
48
1
36
84
64
3
108
88
4
120
4
100
126
104
Soda costs $6 each; Pretzels cost $4 each.
6. Complete the table.
7. Suppose Lisa has $24 to spend. What combination of sodas and pretzels will maximize her
satisfaction?
sodas and
pretzels, for a total utility of
If Lisa has $32 to spend, what combination will now maximize her satisfaction?
sodas and
pretzels
Why?
%23
3.
LO

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