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ECO 365T Wk 4 - Practice Knowledge Check (2021 New)

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ECO 365T Wk 4 - Practice Knowledge Check (2021 New)

 

Answer the question on the basis of the following marginal utility data for products X and Y. Assume that the prices of X and Y are $4 and $2, respectively, and that the consumer's income is $18.

 

Units of X      Marginal Utility, XUnits of Y      Marginal Utility, Y

1     20    1     16

2     16    2     14

3     12    3     12

4     8     4     10

5     6     5     8

6     4     6     6

 

Which of the following represents the demand schedule for X?

Multiple Choice

  •     

P          Qd

$4         2

2          5

  •     

P          Qd

$4         2

2          4

  •     

P          Qd

$4         3

2          6

  •     

P          Qd

$4         3

2          5

 

 

 

 

The individual demand curve that is implied by the budget constraints and indifference curves above will be

Multiple Choice

  •      perfectly elastic.
  •      relatively elastic.
  •      perfectly inelastic.
  •      relatively inelastic.

 

 

A change in the slope of a budget line is solely the result of a change in

Multiple Choice

  •      consumer preferences.
  •      the price of one good relative to the other.
  •      money income.
  •      the slope of the indifference curve that is tangent to the budget line.

 

 

If the marginal utility from consuming the fifth unit of a product is 6 and the total utility from all five units is 162, then the total utility from consuming four units must be

Multiple Choice

  •      168.
  •      27.
  •      156.
  •      972.

 

 

The goal of a rational consumer is to maximize

Multiple Choice

  •      the quantities of all goods consumed.
  •      the MU/P of all goods consumed.
  •      marginal utility of all goods consumed.
  •      total utility from all goods consumed.

 

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