# 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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