We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

The progress of studies Essay Sample

essay
  • Pages: 4
  • Word count: 979
  • Rewriting Possibility: 99% (excellent)
  • Category: education

Get Full Essay

Get access to this section to get all help you need with your essay and educational issues.

Get Access

Introduction of TOPIC

?Section 3 1- The word “utility” means a) quantity demanded. c) demand. b) benefit or satisfaction. d) goal. 2- The benefit that John gets from eating an additional grape is called the a) quantity demanded. c) demand. b) total utility. d) marginal utility. 3- Marginal utility is the change in total utility that results from a) an increase in the consumer’s income. b) a one-unit change in the quantity of a good consumed. c) a decrease in the price of the good. d) an increase in the price of the good. – If the total utility of 2 bags of chips is 25, the total utility of 3 bags is 33, and the total utility of 4 bags is 40 units, then the marginal utility of the 3rd and 4th bags are a) 12. 5 and 11, respectively. b) 8 and 7, respectively. c) 11 and 10, respectively. d) 33 and 40, respectively. 5- Diminishing marginal utility means that an increase in the consumption of a good leads to a) an increase in marginal utility. b) an increase in the consumer’s budget. c) a decrease in marginal utility. d) a decrease in total utility. 6- State whether the following statements are true or false. Justify your answer. ) Total utility of X decreases as we increase consumption of X. False b) Marginal utility represents total utility divided by the quantity consumed. False c) If Total utility increases from 100 to 110 as I increase my consumption of X by 1 unit then MU must be 10. True 7- The table above gives Matt’s utility from consuming slices of pizza. His marginal utility from the 3rd slice is a) 9 units. c) 11 units. b) 5 units. d) 27 units. 8- The table above gives Matt’s utility from consuming slices of pizza. His marginal utility from the 4th slice is a) 30 units. c) 7. 5 units. b) 23. 5 units. d) 3 units. – The table above gives Matt’s utility from consuming slices of pizza. As Matt consumes more slices of pizza, he a) obtains less total utility. b) has diminishing total utility. c) has unchanging marginal utility. d) has diminishing marginal utility. 10- All other things being equal, it is assumed that the consumer always prefers ___________ of a commodity than ____________.

a) Less, More. b) More, Less. c) Less, Less. d) More, More. 11- If market basket A has more of X than market b

asket B, then A must have ___________ of Y than market basket B assuming that the two market baskets

Sorry, but full essay samples are available only for registered users

Choose a Membership Plan
are to yield equal utility to the consumer. ) More b) Less c) The same d) None 12- If Mary prefers bananas to plums and plums to peaches, but is indifferent between bananas and oranges, she a) prefers oranges to peaches. b) prefers plums to oranges. c) is indifferent between oranges and plums. d) is indifferent between oranges and peaches. 13- The absolute value of the slope of the indifference curve is called the:  a) Marginal revenue b) Average rate of substitution c) Marginal rate of substitution d) Marginal cost 14- The slope of an indifference curve shows a) the change in utility from an additional unit of the good. ) the rate at which the consumer is able to substitute one good in the market. c) is equal to the price ratio at all points. d) is the rate at which the consumer is willing to exchange one good for another, utility held constant. 15- Suppose that a market basket of two goods is changed by adding more of one of the goods and subtracting one unit of the other. The consumer will: a) rank the market basket more highly after the change. b) rank the market basket more highly before the change. c) rank the market basket just as desirable as before. ) any one of the above statements may be true. 16- If indifference curves cross, then: a) the assumption of a diminishing marginal rate of substitution is violated. b) the assumption of transitivity is violated. c) the assumption of completeness is violated. d) consumers minimize their satisfaction. Consider the following three market baskets: 17- Refer to Table 3. 1. If preferences satisfy all four of the basic assumptions: a) A is on the same indifference curve as B. b) B is on the same indifference curve as C. c) A is preferred to C. ) B is preferred to A. 18- Refer to Table 3. 1. Which of the following cannot be true? a) The consumer could be indifferent between A and B. b) A and C could be on the same indifference curves. c) The consumer could be indifferent between B and C. d) A and C could be on different indifference curves. 19- If Jill’s MRS of popcorn for candy is 2 (popcorn is on the horizontal axis), Jill would willingly give up: a) 2, but no more than 2, units of popcorn for an additional unit of candy. b) 2, but no more than 2, units of candy for an additional unit of popcorn. ) 1, but no more than 1, unit of candy for an additional 2 units of popcorn. d) 2, but no more than 2, units of popcorn for an additional 2 units of candy. State whether the following statements are true or false. Justify your answer. 20- The slope of the indifference curve increases as we move to the right along the curve. false 21- Marginal Rate of Substitution is equal to MUx. false 22- If MUx = 10 and MUy = 5, then at that point MRS must be equal to 2. true 6- Given the following table then answer the following questions Units of cola

Marginal Utility of cola Units of pretzels Marginal Utility of pretzels 1 40 1 30 2 32 2 20 3 24 3 16 4 16 4 12 5 12 5 6 Assume the price of cola is $4 per unit and the price of pretzels is $2 per unit. a) What is the condition of maximizing consumer’s utility? b) What is the optimal combination of these goods? Jim spends all his income on pizza and burgers. Currently, he is maximizing his utility, and the marginal utility of pizza is 200 and the marginal utility of burgers is 150. If pizza costs $6 per unit, how much do burgers cost?

We can write a custom essay on

The progress of studies Essay Sample ...
According to Your Specific Requirements.

Order an essay

You May Also Find These Documents Helpful

US Education vs European Education

Analyzing from the world university rankings compiled by the time's organization, almost half of the best universities in the world are located in the US and Europe. This is mostly due to the fact that they have a high regard for education, have access to the best research facilities and have rich intellectual culture. The aim of this paper is to analyze the education systems in the two regions, demonstrate major differences and identify areas that the US can do better so as to achieve similar or better results compared to Europe. In Europe the system of education is set out as follows; as of the year 2007/08, approximately over 55% of the population aged between 0-29 were in school spreading from preparatory to postgraduate, adult school and in special needs. The official teaching language is English although welsh and Irish languages are also selectively applied. Public sponsored schools are...

Education management and education leadership

Differentiate between education management and education leadership For education to achieve its set objectives and mission, there must be people whom fore sees the implementation and dissemination of the set objectives. A leader must inspire while a managers brings about transformation. There are many differences between manager and leaders which includes: Leadership inspires change in education, managers manages transformation in education A leader must set direction and inspire people to follow them. The process of following often requires great change. This is where strong management comes in. It's the manager's job to oversee the work needed to implement the necessary changes and realize the organizational transformation set forth by the leadership. Leadership in education set vision while managers in education requires tenacity. Leadership in education needs to envision what the education is to become. A great manager must have the willingness to do whatever it takes to achieve the goals...

Competency Differences in Nursing Education levels

During the Crimean war (1853 to 1856), Florence nightingale experienced the positive impact that a trained nurse can have on patient care. Her experience lead to her creating the nightingale training school for nurses at St. Thomas‘s hospital in London in 1860. The nursing education model she advocated for was based on apprenticeship, where women were trained in hospitals. The nightingale model of apprenticeship was adopted by the American women who had nursed the sick soldiers during the civil war and realized the effectiveness that trained nurses had. 2 to 3 year nurse training schools were started in hospital which was credited with providing knowledge and skills to women as, “trained nurses” who helped reform the care of the sick, though there were problem associated with the model. (Creasia and Friberg, 2010, p.4) notes that “the apprenticeship model of nursing advocated by nightingale provided physicians and hospitals with an inexpensive...

Popular Essays

logo

Emma Taylor

online

Hi there!
Would you like to get such a paper?
How about getting a customized one?