< Saint Leo Univ ECO 202 Chapter 20 Test (2015)>

Question Score: 0 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

The water-diamond paradox was solved by realizing the price people are willing to pay for a unit of a particular commodity is determined by.

Question Score: 1 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

Total utility

Question Score: 1 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

Fill in the missing cells in the table.

Question Score: 1 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

Other things remaining equal, as the relative price of a good falls, people consume more of that good because

Question Score: 1 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

In consumer theory, utility is

Question Score: 1 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

Which of the following examples are used as evidence favouring the bounded rationality assumption?

Question Score: 0 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

Suppose the price of apples falls relative to other similar goods, and as a result the quantity of apples demanded increases; This is caused by

Question Score: 1 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

Quantity of Hamburgers /Wk	Total Utility Hamburgers	Marginal Utility Hamburgers	Quantity of Movies /Wk	Total Utility Movies /Wk	Marginal Utility Movies /Wk
1	40	40	1	400	400
2	60	20	2	700	300
3	76	16	3	850	150
4	86	10	4	950	100
5	91	5	5	1000	50
6	93	2	6	1025	25

Refer to the table above. Suppose the price of a movie is $5 and the consumer’s, Suppose the price of a movie is $5 and the consumers’ income is $29. What are the quantities demanded of hamburgers at prices of $2 and $1 respectively?

Question Score: 0.67 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

Given the following table, fill in the blank below.


		Price of Pizza =$5		Price of Video =$4	Price of Video =$5
Units	Total Utility Pizzas	MU/ S Pizzas	Total Utility Videos	MU/S Videos	MU/S Videos
1	50	10	30	7.5	6
2	90	8	58	7	5.6
3	120	6	82	6	4.8
4	140	4	102	5	4
5	150	2	118		3.2
6	155	1	130	3	2.4
7	155	0	138	2	1.6

If your income was $40 and the price of pizzas was $5 and the price of videos was $4, what combination of pizzas and video would maximize your utility?

Question Score: 1 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

The use of utility-based consumer choice theory

Question Score: 1 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

If total utility is increasing at a decreasing rate, marginal utility is

Question Score: 0 of 1 pt Test Score: 63.89% (7.67 of 12 pts)

The law of diminishing marginal utility insures that

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