Homework Answers
Answer – d) DE
As per the question
Price of good X = $6
Price of good Y = $12
Budget = $36
If the consumer spends all his money on good X, he can buy $36 ÷ $6 = 6 units of X.
If the consumer spends all his money on good Y, he can buy $36 ÷ $12 = 3 units of Y.
In the diagram, horizontal axis represents X and the vertical axis represents Y. The consumers purchase will be between 6 units of X and 3 units of Y.
At 6 units of X the point is D and at 3 units of Y the point is E.
Therefore, the answer is d) DE
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Refer to the figure below. You have $36 to spend on good X and good Y....
Refer to Figure above. You have $300 to spend on good X and good Y. If...
Refer to Figure above. You have $300 to spend on good X
and good Y. If good X costs $30 and good Y costs $50, your budget
constraint is
a. AB.
b. BC.
c. CD.
d. DE.
2. Refer to Figure above. You have $600 to spend on good
X and good Y. If good X costs $100 and good Y costs $100, your
budget constraint is
a.AB.
b. BC.
c. CD.
d. DE.
3. Based on the figure above,...
(Figure: Good Y and Good XI) Given the change in the budget constraint, which of the...
(Figure: Good Y and Good XI) Given the change in the budget constraint, which of the following statements is TRUE? Units of good Y 10 U BC BC2 0 1 2 3 4 5 6 7 8 9 10 Units of good X O Good X is an inferior good. Good X and good Y are complements. The demand curve for good Y has shifted inward. The demand curve for good X has shifted outward.
Figure 21-1 The downwardsloping line on the figure represents a consumer’s budget constraint. Refer to Figure...
Figure 21-1
The downwardsloping line on the
figure represents a consumer’s budget constraint.
Refer to Figure 21-1. If the
consumer’s income is $140, then what is the price of a CD?
$3
$5
$7
$9
Refer to Figure 21-1. A
consumer who chooses to spend all of her income could be at which
point(s) on the figure?
A only
E only
B, C, or D only
A, B, C, or D only
(Figure: Good Y and Good X VI) Which set of points (Good X, Good Y) is...
(Figure: Good Y and Good X VI) Which set of points (Good X, Good Y) is consistent with the income expansion path? Good Y 18 16 15 12 10- 8 5 4 UZ U 0 2 4 5 6 7 8 Good x 10 12 14 16 18 (0,0), (4,0), (8,0), (12,0), and (16,0) (0,0), (4,4), (8,8), (12,12), and (16,16) O (0,0), (2,2), (5,3), (7,5), and (8,8) (0,0), (0,4), (0,8), (0.12), and (0,16)
Refer to Figure 21-19. Assume that the consumer depicted in the figure has an income of...
Refer to Figure 21-19. Assume that the consumer depicted in the
figure has an income of $20. The price of Skittles is $2 and the
price of M&M's is $4. The consumer’s optimal choice is point
(Hint: Solve using the budget constraint formula)
A. A
B. B
C. C
D. D
Figure 21-19 Quantity of M&M's 10 8 7 6 B 5 4 11 3 2 1 o 2 3 4 5 6 7 8 9 10 Quantity of Skittles
(refer to the figure below) part a: If the price of good X is $5, the...
(refer to the figure below) part a: If the price of good X is $5, the price of good Y is $20, and the consumer's income is $40, what will be the consumption bundle that maximizes this consumer's utility? part b: If the price of good X is $6, the price of good Y is $6, and the consumer's income is $24, what will be the consumption bundle that maximizes this consumer's utility? $ E 3 B 2 IC 2...
Figure 5-6 Good X Good Y Good Z Price Price Price Demand Quantity Quantity Quantity Refer...
Figure 5-6 Good X Good Y Good Z Price Price Price Demand Quantity Quantity Quantity Refer to Figure 5-6. Identify the two goods which are substitutes. O It is not possible to distinguish any relationship among the goods. O Good X and Good Y O Good X and Good Z O Good Y and Good Z
4. You spend all your money on goods X and Y. In utility terms, the marginal...
4. You spend all your money on goods X and Y. In utility terms, the marginal cost of spending a dollar on good X is equal to a. The marginal utility of good X b. The marginal utility of good X per dollar C. The marginal utility of good Y d. The marginal utility of good Y per dollar e. The price of good X 5. Seema has $20 for coffee (C) and nuts (N), with pc = $2 and...
Canvas Question 30 3.45 pts (Figure Water and Electricity) Refer to the figure Using the solid...
Canvas Question 30 3.45 pts (Figure Water and Electricity) Refer to the figure Using the solid budget (black) constraint in this diagram how much electricity and water per hour does this individual consume? Water (gallons/hour 8 10 12 14 16 Electricity M hour) 7 MJ and 5 gallons 2 M d 9 gallons 6 Medallons 4 MJ and 6 gallons 9% 5 6 o w ER TY u о Aso F G H с у
D Question 5 1 pts Refer to the figure below. A scenario involving "attainable production and...
D Question 5 1 pts Refer to the figure below. A scenario involving "attainable production and unemployment is! represented graphically by point 15 LA Chairs OHNWAUavo 10 Desks Question 6 1 pts Refer to the figure below. Point Z is currently Chairs ONWAUNO 10 Desks table without cha n ced resources watabi table withom olo with Question 7 1 pts Refer to the figure below. If the economy was operating at full employment and producing 4 desks, it could produce...
Refer to Figure above. You have $300 to spend on good X
and good Y. If good X costs $30 and good Y costs $50, your budget
constraint is
a. AB.
b. BC.
c. CD.
d. DE.
2. Refer to Figure above. You have $600 to spend on good
X and good Y. If good X costs $100 and good Y costs $100, your
budget constraint is
a.AB.
b. BC.
c. CD.
d. DE.
3. Based on the figure above,...
(Figure: Good Y and Good XI) Given the change in the budget constraint, which of the following statements is TRUE? Units of good Y 10 U BC BC2 0 1 2 3 4 5 6 7 8 9 10 Units of good X O Good X is an inferior good. Good X and good Y are complements. The demand curve for good Y has shifted inward. The demand curve for good X has shifted outward.
Figure 21-1
The downwardsloping line on the
figure represents a consumer’s budget constraint.
Refer to Figure 21-1. If the
consumer’s income is $140, then what is the price of a CD?
$3
$5
$7
$9
Refer to Figure 21-1. A
consumer who chooses to spend all of her income could be at which
point(s) on the figure?
A only
E only
B, C, or D only
A, B, C, or D only
(Figure: Good Y and Good X VI) Which set of points (Good X, Good Y) is consistent with the income expansion path? Good Y 18 16 15 12 10- 8 5 4 UZ U 0 2 4 5 6 7 8 Good x 10 12 14 16 18 (0,0), (4,0), (8,0), (12,0), and (16,0) (0,0), (4,4), (8,8), (12,12), and (16,16) O (0,0), (2,2), (5,3), (7,5), and (8,8) (0,0), (0,4), (0,8), (0.12), and (0,16)
Refer to Figure 21-19. Assume that the consumer depicted in the
figure has an income of $20. The price of Skittles is $2 and the
price of M&M's is $4. The consumer’s optimal choice is point
(Hint: Solve using the budget constraint formula)
A. A
B. B
C. C
D. D
Figure 21-19 Quantity of M&M's 10 8 7 6 B 5 4 11 3 2 1 o 2 3 4 5 6 7 8 9 10 Quantity of Skittles
(refer to the figure below) part a: If the price of good X is $5, the price of good Y is $20, and the consumer's income is $40, what will be the consumption bundle that maximizes this consumer's utility? part b: If the price of good X is $6, the price of good Y is $6, and the consumer's income is $24, what will be the consumption bundle that maximizes this consumer's utility? $ E 3 B 2 IC 2...
Figure 5-6 Good X Good Y Good Z Price Price Price Demand Quantity Quantity Quantity Refer to Figure 5-6. Identify the two goods which are substitutes. O It is not possible to distinguish any relationship among the goods. O Good X and Good Y O Good X and Good Z O Good Y and Good Z
4. You spend all your money on goods X and Y. In utility terms, the marginal cost of spending a dollar on good X is equal to a. The marginal utility of good X b. The marginal utility of good X per dollar C. The marginal utility of good Y d. The marginal utility of good Y per dollar e. The price of good X 5. Seema has $20 for coffee (C) and nuts (N), with pc = $2 and...
Canvas Question 30 3.45 pts (Figure Water and Electricity) Refer to the figure Using the solid budget (black) constraint in this diagram how much electricity and water per hour does this individual consume? Water (gallons/hour 8 10 12 14 16 Electricity M hour) 7 MJ and 5 gallons 2 M d 9 gallons 6 Medallons 4 MJ and 6 gallons 9% 5 6 o w ER TY u о Aso F G H с у
D Question 5 1 pts Refer to the figure below. A scenario involving "attainable production and unemployment is! represented graphically by point 15 LA Chairs OHNWAUavo 10 Desks Question 6 1 pts Refer to the figure below. Point Z is currently Chairs ONWAUNO 10 Desks table without cha n ced resources watabi table withom olo with Question 7 1 pts Refer to the figure below. If the economy was operating at full employment and producing 4 desks, it could produce...
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