Deck 3: Extension: A: Preferences

Question 1

Ambrose has indifference curves with the equation x₂ = constant - 4x^1/2₁, where larger constants correspond to higher indifference curves.If good 1 is drawn on the horizontal axis and good 2 on the vertical axis, what is the slope of Ambrose's indifference curve when his consumption bundle is (1, 11)?

A)-1/11
B)-11/1
C)-12
D)-2
E)-1

Answer 1

-2

Question 2

Nancy Lerner is taking a course from Professor Goodheart who will count only her best midterm grade and from Professor Stern who will count only her worst midterm grade.In one of her classes, Nancy has scores of 70 on her first midterm and 30 on her second midterm.When the first midterm score is measured on the horizontal axis and her second midterm score on the vertical, her indifference curve has a slope of zero at the point (70, 30).This class could

A)not be either Professor Goodheart's or Professor Stern's.
B)be Professor Stern's but could not be Professor Goodheart's.
C)be either Professor Goodheart's or Professor Stern's.
D)be Professor Goodheart's but could not be Professor Stern's.
E)There is not enough information to tell whose class it could or couldn't be.

Answer 2

be Professor Stern's but could not be Professor Goodheart's.

Question 3

Nancy Lerner is taking a course from Professor Goodheart who will count only her best midterm grade and from Professor Stern who will count only her worst midterm grade.In one of her classes, Nancy has scores of 40 on her first midterm and 80 on her second midterm.When the first midterm score is measured on the horizontal axis and her second midterm score on the vertical, her indifference curve has a slope of zero at the point (40, 80).This class could

A)be Professor Goodheart's but could not be Professor Stern's.
B)not be either Professor Goodheart's or Professor Stern's.
C)be either Professor Goodheart's or Professor Stern's.
D)be Professor Stern's but could not be Professor Goodheart's.
E)There is not enough information to tell whose class it could or couldn't be.

Answer 3

be Professor Goodheart's but could not be Professor Stern's.

Question 4

if we graph Mary Granola's indifference curves with avocados on the horizontal axis and grapefruits on the vertical axis, then whenever she has more grapefruits than avocados, the slope of her indifference curve is -2.Whenever she has more avocados than grapefruits, the slope is -1/2.Mary would be indifferent between a bundle with 23 avocados and 29 grapefruits and another bundle with 31 avocados and

A)25 grapefruits.
B)27 grapefruits.
C)19 grapefruits.
D)22 grapefruits.
E)23.50 grapefruits.

Question 5

Ambrose has indifference curves with the equation x₂ = constant - 4x^1/2₁, where larger constants correspond to higher indifference curves.If good 1 is drawn on the horizontal axis and good 2 on the vertical axis, what is the slope of Ambrose's indifference curve when his consumption bundle is (16, 10)?

A)-0.50
B)-16/10
C)-10/16
D)-14
E)-4

Question 6

Ambrose has indifference curves with the equation x₂ = constant -4x^1/2₁, where larger constants correspond to higher indifference curves.If good 1 is drawn on the horizontal axis and good 2 on the vertical axis, what is the slope of Ambrose's indifference curve when his consumption bundle is (4, 11)?

A)-4/11
B)-11/4
C)-1
D)-13
E)-2

Question 7

Charlie's indifference curves have the equation x_B = constant/x_A, where larger constants correspond to better indifference curves.Charlie strictly prefers the bundle (5, 13)to the bundle

A)(13, 5).
B)(6, 12).
C)(11, 8).
D)All of the above.
E)None of the above.

Question 8

Charlie's indifference curves have the equation x_B = constant/x_A, where larger constants correspond to better indifference curves.Charlie strictly prefers the bundle (8, 13)to the bundle

A)(14, 7).
B)(9, 12).
C)(13, 8).
D)All of the above.
E)None of the above.

Question 9

Nancy Lerner is taking a course from Professor Goodheart who will count only her best midterm grade and from Professor Stern who will count only her worst midterm grade.In one of her classes, Nancy has scores of 20 on her first midterm and 70 on her second midterm.When the first midterm score is measured on the horizontal axis and her second midterm score on the vertical, her indifference curve has a slope of zero at the point (20, 70).This class could

A)be Professor Stern's but could not be Professor Goodheart's.
B)be Professor Goodheart's but could not be Professor Stern's.
C)not be either Professor Goodheart's or Professor Stern's.
D)be either Professor Goodheart's or Professor Stern's.
E)There is not enough information to tell whose class it could or couldn't be.

Question 10

Nancy Lerner is taking a course from Professor Goodheart who will count only her best midterm grade and from Professor Stern who will count only her worst midterm grade.In one of her classes, Nancy has scores of 40 on her first midterm and 50 on her second midterm.When the first midterm score is measured on the horizontal axis and her second midterm score on the vertical, her indifference curve has a slope of zero at the point (40, 50).This class could

A)be Professor Stern's but could not be Professor Goodheart's.
B)be either Professor Goodheart's or Professor Stern's.
C)not be either Professor Goodheart's or Professor Stern's.
D)be Professor Goodheart's but could not be Professor Stern's.
E)There is not enough information to tell whose class it could or couldn't be.

Question 11

Charlie's indifference curves have the equation x_B = constant/x_A, where larger constants correspond to better indifference curves.Charlie strictly prefers the bundle (6, 15)to the bundle

A)(15, 6).
B)(7, 14).
C)(11, 13).
D)All of the above.
E)None of the above.

Question 12

Charlie's indifference curves have the equation x_B = constant/x_A, where larger constants correspond to better indifference curves.Charlie strictly prefers the bundle (9, 17)to the bundle

A)(17, 9).
B)(14, 14).
C)(10, 16).
D)All of the above.
E)None of the above.

Question 13

if we graph Mary Granola's indifference curves with avocados on the horizontal axis and grapefruits on the vertical axis, then whenever she has more grapefruits than avocados, the slope of her indifference curve is -2.Whenever she has more avocados than grapefruits, the slope is -1/2.Mary would be indifferent between a bundle with 21 avocados and 33 grapefruits and another bundle with 33 avocados and

A)21 grapefruits.
B)29 grapefruits.
C)25 grapefruits.
D)17 grapefruits.
E)23 grapefruits.

Question 14

Charlie's indifference curves have the equation x_B = constant/x_A, where larger constants correspond to better indifference curves.Charlie strictly prefers the bundle (5, 14)to the bundle

A)(6, 13).
B)(14, 5).
C)(11, 11).
D)All of the above.
E)None of the above.

Question 15

if we graph Mary Granola's indifference curves with avocados on the horizontal axis and grapefruits on the vertical axis, then whenever she has more grapefruits than avocados, the slope of her indifference curve is -2.Whenever she has more avocados than grapefruits, the slope is -1/2.Mary would be indifferent between a bundle with 9 avocados and 21 grapefruits and another bundle with 19 avocados and

A)7 grapefruits.
B)17 grapefruits.
C)10 grapefruits.
D)13 grapefruits.
E)11.50 grapefruits.

Question 16

if we graph Mary Granola's indifference curves with avocados on the horizontal axis and grapefruits on the vertical axis, then whenever she has more grapefruits than avocados, the slope of her indifference curve is -2.Whenever she has more avocados than grapefruits, the slope is -1/2.Mary would be indifferent between a bundle with 24 avocados and 30 grapefruits and another bundle with 30 avocados and

A)22 grapefruits.
B)24 grapefruits.
C)26 grapefruits.
D)28 grapefruits.
E)25 grapefruits.

Question 17

if we graph Mary Granola's indifference curves with avocados on the horizontal axis and grapefruits on the vertical axis, then whenever she has more grapefruits than avocados, the slope of her indifference curve is -2.Whenever she has more avocados than grapefruits, the slope is -1/2.Mary would be indifferent between a bundle with 9 avocados and 15 grapefruits and another bundle with 15 avocados and

A)13 grapefruits.
B)11 grapefruits.
C)7 grapefruits.
D)9 grapefruits.
E)10 grapefruits.

Question 18

Nancy Lerner is taking a course from Professor Goodheart who will count only her best midterm grade and from Professor Stern who will count only her worst midterm grade.In one of her classes, Nancy has scores of 20 on her first midterm and 30 on her second midterm.When the first midterm score is measured on the horizontal axis and her second midterm score on the vertical, her indifference curve has a slope of zero at the point (20, 30).This class could

A)be Professor Goodheart's but could not be Professor Stern's.
B)be Professor Stern's but could not be Professor Goodheart's.
C)not be either Professor Goodheart's or Professor Stern's.
D)be either Professor Goodheart's or Professor Stern's.
E)There is not enough information to tell whose class it could or couldn't be.

Question 19

Ambrose has indifference curves with the equation x₂ = constant -4x^1/2₁, where larger constants correspond to higher indifference curves.If good 1 is drawn on the horizontal axis and good 2 on the vertical axis, what is the slope of Ambrose's indifference curve when his consumption bundle is (36, 10)?

A)-0.33
B)-16
C)-36/10
D)-10/36
E)-6

Question 20

Ambrose has indifference curves with the equation x₂ = constant - 4x^1/2₁, where larger constants correspond to higher indifference curves.If good 1 is drawn on the horizontal axis and good 2 on the vertical axis, what is the slope of Ambrose's indifference curve when his consumption bundle is (9, 19)?

A)-9/19
B)-19/9
C)-0.67
D)-22
E)-3

Question 21

Charlie's indifference curves have the equation x_B = constant/x_A, where larger constants correspond to better indifference curves.Charlie strictly prefers the bundle (6, 15)to the bundle

A)(12, 11).
B)(7, 14).
C)(15, 6).
D)More than one of these options are correct.
E)None of the above are correct.

Question 22

Charlie's indifference curves have the equation x_B =constant/x_A, where larger constants correspond to better indifference curves.Charlie strictly prefers the bundle (9, 18)to the bundle

A)(10, 17).
B)(18, 9).
C)(11, 12).
D)More than one of these options are correct.
E)None of the above are correct.

Question 23

recall that Tommy Twit's mother measures the departure of any bundle from her favorite bundle for Tommy by the sum of the absolute values of the differences.Her favorite bundle for Tommy is (2, 7), that is, 2 cookies and 7 glasses of milk.Tommy's mother's indifference curve that passes through the point (c, m)=(4, 5)also passes through

A)the points (4, 7), (2, 5), and (2, 9).
B)the point (2, 7).
C)the point (6, 3).
D)the points (2, 3), (6, 7), and (4, 9).
E)None of the above.

Question 24

Charlie's indifference curves have the equation x_B = constant/x_A, where larger constants correspond to better indifference curves.Charlie strictly prefers the bundle (5, 11)to the bundle

A)(11, 5).
B)(6, 10).
C)(8, 6).
D)More than one of these options are correct.
E)None of the above are correct.

Question 25

Charlie's indifference curves have the equation x_B =constant/x_A, where larger constants correspond to better indifference curves.Charlie strictly prefers the bundle (7, 15)to the bundle

A)(8, 14).
B)(15, 7).
C)(10, 13).
D)More than one of these options are correct.
E)None of the above are correct.

Question 26

Charlie's indifference curves have the equation x_B = constant/x_A, where larger constants correspond to better indifference curves.Charlie strictly prefers the bundle (10, 15)to the bundle

A)(15, 10).
B)(11, 14).
C)(12, 13).
D)More than one of these options are correct.
E)None of the above are correct.

Question 27

recall that Tommy Twit's mother measures the departure of any bundle from her favorite bundle for Tommy by the sum of the absolute values of the differences.Her favorite bundle for Tommy is (2, 7), that is, 2 cookies and 7 glasses of milk.Tommy's mother's indifference curve that passes through the point (c, m)= (4, 5)also passes through

A)the points (4, 7), (2, 5), and (2, 9).
B)the point (2, 7).
C)the points (2, 3), (6, 7), and (4, 9).
D)the point (6, 3).
E)None of the above.

Question 28

recall that Tommy Twit's mother measures the departure of any bundle from her favorite bundle for Tommy by the sum of the absolute values of the differences.Her favorite bundle for Tommy is (2, 7), that is, 2 cookies and 7 glasses of milk.Tommy's mother's indifference curve that passes through the point (c, m)= (5, 4)also passes through

A)the point (8, 1).
B)the points (2, 1), (8, 7), and (5, 10).
C)the point (2, 7).
D)the points (5, 7), (2, 4), and (2, 10).
E)None of the above.

Question 29

recall that Tommy Twit's mother measures the departure of any bundle from her favorite bundle for Tommy by the sum of the absolute values of the differences.Her favorite bundle for Tommy is (2, 7), that is, 2 cookies and 7 glasses of milk.Tommy's mother's indifference curve that passes through the point (c, m)= (5, 4)also passes through

A)the points (2, 1), (8, 7), and (5, 10).
B)the point (2, 7).
C)the point (8, 1).
D)the points (5, 7), (2, 4), and (2, 10).
E)None of the above.

Question 30

recall that Tommy Twit's mother measures the departure of any bundle from her favorite bundle for Tommy by the sum of the absolute values of the differences.Her favorite bundle for Tommy is (2, 7), that is, 2 cookies and 7 glasses of milk.Tommy's mother's indifference curve that passes through the point (c, m)= (4, 5)also passes through

A)the points (2, 3), (6, 7), and (4, 9).
B)the point (6, 3).
C)the point (2, 7).
D)the points (4, 7), (2, 5), and (2, 9).
E)None of the above.