Question 1

Which of the following best describes the amount of utility that is gained by spending an additional dollar on yogurt?
A.The average utility of yogurt divided by the price of yogurt.
B.The marginal utility of one tub of yogurt divided by the price of yogurt.
C.The total utility of a tub of yogurt divided by the price of yogurt
D.The value equal to the price of a related good.

Accepted Answer

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Question 2

(Table: Optimal Choice of Milk and Honey) Hal's total utility from consuming milk and honey is given in the table.The price of milk is $2 per gallon, and the price of honey is $4 per jar.Hal's income is $16.Assuming that Hal spends all of his income on honey and milk, the combination of milk and honey that will maximize his total utility is _____ jars of honey and gallons of milk.
A.8; 8
B.3; 2
C.2; 4
D.1; 6

Accepted Answer

The answer of (Table: Optimal Choice of Milk and Honey)...

Question 3

(Table: Optimal Choice of Milk and Honey) Hal's total utility from consuming milk and honey is given in the table.The price of milk is $2 per gallon, and the price of honey is $4 per jar.Hal's income is $16.Assuming that Hal spends all of his income on honey and milk, if he buys 2 jars of honey, he can buy _____ _ gallons of milk .
A.4
B.3
C.2
D.1

Accepted Answer

The answer of (Table: Optimal Choice of Milk and Honey)...

Question 4

(Table: Optimal Choice of Milk and Honey) Hal's total utility from consuming milk and honey is given in the table.The price of milk is $2 per gallon, and the price of honey is $4 per jar.Hal's income is $16.Assuming that Hal spends all of his income on honey and milk, if he buys 3 jars of honey and 2 gallons of milk, his total utility will be: 
A.7,200
B.180
C.120
D.60

Accepted Answer

The answer of   (Table: Optimal Choice of Milk...

Question 5

(Table: Optimal Choice of Milk and Honey) Hal's total utility from consuming milk and honey is given in the table.The price of milk is $2 per gallon, and the price of honey is $4 per jar.Hal's income is $16.Assuming that Hal spends all of his income on honey and milk, if he buys 1 jar of honey, he can buy ___ gallons of milk, and
his total utility will be _ .
A.6; 176
B.4; 132
C.3; 44
D.2; 60

Accepted Answer

The answer of (Table: Optimal Choice of Milk and Honey)...

Question 6

(Table: Optimal Choice of Milk and Honey) Hal's total utility from consuming milk and honey is given in the table.The price of milk is $2 per gallon, and the price of honey is $4 per jar.Hal's income is $16.If he spends all of his income on honey, the most he can buy is ____ _ jars, and his total utility will be__ _.
A.4; 152
B.4; 22
C.6; 204
D.8; 240

Accepted Answer

The answer of (Table: Optimal Choice of Milk and Honey)...

Question 7

(Table: Optimal Choice of Milk and Honey) Hal's total utility from consuming milk and honey is given in the table.The price of milk is $2 per gallon, and the price of honey is $4 per jar.Hal's income is $16.Assuming that Hal spends all of his income on honey and milk, if he buys 2 jars of honey and 4 gallons of milk, his total utility will be:
A.8
B.84
C.104
D.188

Accepted Answer

The answer of (Table: Optimal Choice of Milk and Honey)...

Question 8

(Table: Optimal Choice of Milk and Honey) Hal's total utility from consuming milk and honey is given in the table.The price of milk is $2 per gallon, and the price of honey is $4 per jar.Hal's income is $16.Assuming that Hal spends all of his income on honey and milk, if he buys 3 jars of honey, he can buy _____ _ gallons of milk .
A.4
B.3
C.2
D.1

Accepted Answer

The answer of (Table: Optimal Choice of Milk and Honey)...

Question 9

How much utility is gained by spending an additional dollar on coffee pots?
A.the average utility of coffee pots divided by the price of coffee pots
B.MUPots/PPots
C.TUPots/PPots
D.MUCoffee/PCoffee

Accepted Answer

The answer of How much utility is gained by spending...

Question 10

(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5 per pound.Calvin has $26 to spend.If Calvin buys 4 pounds of starfruit and 3 pounds of oranges, how much is his total utility?
A.72
B.180
C.252
D.364

Accepted Answer

The answer of (Table: Utility from Oranges and Starfruit) Oranges...

Question 11

Which of the following statements is true?
A.A budget constraint limits what a poor consumer can spend, but there is no similar constraint on rich people.
B.Utility maximization requires seeking the most utility from a given budget.
C.In consumer choice theory, we assume all goods and services are inferior.
D.The slope of the budget constraint depends on how much of each good is consumed.

Accepted Answer

The answer of Which of the following statements is true?
A.A...

Question 12

(Table: Utility from Oranges and Starfruit) Look at the table Utility from Oranges and Starfruit.Oranges costs $2 per pound and starfruit costs $5 per pound.The table shows Calvin's total utility from eating various amounts of oranges and starfruits.How many pounds of oranges and starfruit should Calvin eat, if he has $26?
A.0 pound of oranges, 5 pounds of starfruit,
B.$1 left over 8 pounds of oranges and 2 pounds of starfruit
C.3 pounds of oranges and 4 pounds of starfruit
D.4 pounds of oranges and 5 pounds of starfruit

Accepted Answer

The answer of (Table: Utility from Oranges and Starfruit) Look...

Question 13

(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5 per pound.Calvin has $26 to spend.If Calvin buys 2 pounds of starfruit, how many pounds of oranges can he buy? 
A.6
B.7
C.8
D.9

Accepted Answer

The answer of   (Table: Utility from Oranges and...

Question 14

(Table: Optimal Choice of Milk and Honey) Hal's total utility from consuming milk and honey is given in the table.The price of milk is $2 per gallon, and the price of honey is $4 per jar.Hal's income is $16.If he spends all of his income on milk, the most he can buy is _____ gallons, and his total utility will be_ _.
A.4; 104
B.6; 12
C.8; 144
D.8; 4

Accepted Answer

The answer of (Table: Optimal Choice of Milk and Honey)...

Question 15

(Table: Marginal Utility per Dollar of M&Ms) Andy's total utility from eating snack-size bags of M&Ms is given in the table.The price of M&Ms is $2 per bag.Andy's marginal utility per dollar of the first bag of M&Ms is: 
A.12
B.6
C.3
D.2

Accepted Answer

The answer of   (Table: Marginal Utility per Dollar...

Question 16

(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5 per pound.Calvin has $26 to spend.If Calvin spends all of his money on starfruit, how many pounds of starfruit can he buy?
A.7
B.6
C.5
D.4

Accepted Answer

The answer of (Table: Utility from Oranges and Starfruit) Oranges...

Question 17

You go to an all-you-can-eat buffet.If you maximize utility, the marginal utility of the last bite that you eat will be:
A.equal to the price of the buffet.
B.as high as possible.
C.zero.
D.dependent on how much you like the buffet.

Accepted Answer

The answer of You go to an all-you-can-eat buffet.If you...

Question 18

Emilio finds a new job that doubles his income.He adjusts his consumption.From this we know that for every normal good Emilio buys, Emilio's:
A.marginal utility per dollar will rise.
B.marginal utility per dollar will fall.
C.marginal utility per dollar will stay constant.
D.total utility will fall.

Accepted Answer

The answer of Emilio finds a new job that doubles...

Question 19

(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5 per pound.Calvin has $26 to spend.If Calvin spends all of his money on oranges, how many pounds of oranges can he buy? 
A.6
B.7
C.9
D.13

Accepted Answer

The answer of   (Table: Utility from Oranges and...

Question 20

(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5 per pound.Calvin has $26 to spend.If Calvin buys 4 pounds of starfruit, how many pounds of oranges can he buy?
A.2
B.3
C.4
D.7

Accepted Answer

The answer of (Table: Utility from Oranges and Starfruit) Oranges...

Quiz 10: The Rational Consumer

How much utility is gained by spending an additional dollar on coffee pots? A.the average utility of coffee pots divided by the price of coffee pots B.MUPots/PPots C.TUPots/PPots D.MUCoffee/PCoffee

(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5 per pound.Calvin has $26 to spend.If Calvin buys 4 pounds of starfruit and 3 pounds of oranges, how much is his total utility? A.72 B.180 C.252 D.364

(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5 per pound.Calvin has $26 to spend.If Calvin buys 2 pounds of starfruit, how many pounds of oranges can he buy? A.6 B.7 C.8 D.9

(Table: Marginal Utility per Dollar of M&Ms) Andy's total utility from eating snack-size bags of M&Ms is given in the table.The price of M&Ms is $2 per bag.Andy's marginal utility per dollar of the first bag of M&Ms is: A.12 B.6 C.3 D.2

(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5 per pound.Calvin has $26 to spend.If Calvin spends all of his money on starfruit, how many pounds of starfruit can he buy? A.7 B.6 C.5 D.4

You go to an all-you-can-eat buffet.If you maximize utility, the marginal utility of the last bite that you eat will be: A.equal to the price of the buffet. B.as high as possible. C.zero. D.dependent on how much you like the buffet.

(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5 per pound.Calvin has $26 to spend.If Calvin spends all of his money on oranges, how many pounds of oranges can he buy? A.6 B.7 C.9 D.13

(Table: Utility from Oranges and Starfruit) Oranges cost $2 per pound and starfruit costs $5 per pound.Calvin has $26 to spend.If Calvin buys 4 pounds of starfruit, how many pounds of oranges can he buy? A.2 B.3 C.4 D.7