58.
Complete Table 19.2 below:
In Table 19.2, diminishing marginal utility occurs
59.
Complete Table 19.3 below. Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.
In Table 19.3, what is the total utility of two units of cola?
60.
Complete Table 19.3 below. Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.
In Table 19.3, what is the marginal utility of the fifth unit of cola?
61.
Complete Table 19.3 below. Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.
In Table 19.3 the marginal utility per dollar of the second cola is
62.
Complete Table 19.3 below. Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.
The marginal utility per dollar of the third pretzel is
63.
Complete Table 19.3 below. Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.
Refer to Table 19.3. Suppose Michael has $28 to spend on cola and pretzels. What combination should he
purchase in order to maximize his utility?
64.
Complete Table 19.3 below. Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.
Refer to Table 19.3. If Michael has $28 dollars to spend, why will three colas and four pretzels not be optimal?
65.
Complete Table 19.3 below. Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.
Refer to Table 19.3. If Michael has $40 to spend on cola and pretzels, what is his maximum utility possible?
66.
Complete Table 19.3 below. Assume the price of cola is $8 per unit and the price of pretzels is $4 per unit.
Refer to Table 19.3. If Michael has $48 to spend on cola and pretzels, what combination should he purchase in
order to maximize his utility?
67.
Refer to Figure 19.2. The total utility of five apples is
68.
Refer to Figure 19.2. The total utility of two apples is
69.
Refer to Figure 19.2. Total utility is maximized at
70.
Refer to Figure 19.2. With no budget constraint, a rational consumer will consume _________ apple(s).
71.
Refer to Figure 19.2. Diminishing marginal utility begins after
72. When choosing among products, consumers look at
A. The marginal utility per dollar and their budget constraint.
73. A successful advertising campaign will
74. If a successful advertising campaign increases brand loyalty,
the A. Supply of the advertised good will become less elastic.
75. If advertising is successful,
A. The demand becomes more elastic.
76. The In the News article titled “Men vs. Women: How They Spend” differentiates the spending habits of women
and men: “Men spend almost twice as much as women do on electronic equipment … young women spend
twice as much money on clothing, personal care items, and their pets.” Which determinant of demand is
most likely involved?
77. In the article “Men vs. Women: How They Spend,”
A. Both sexes spend more than they earn.
78. Marginal utility is the
79. An indifference curve shows the
80. An indifference map shows
A. A set of indifference curves.
81. All of the possible combinations of two goods that lie on one indifference curve
82. Which of the following is used to depict all combinations of goods that are affordable with a given income and
given prices?
A. An indifference curve.