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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.

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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
Transcribed Image Text: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
Transcribed Image Text: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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