chapter 7 study questions - ECN 201 Study questions...

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Microeconomics: A Contemporary Introduction
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Chapter 6 / Exercise 13
Microeconomics: A Contemporary Introduction
McEachern
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ECN 201 Study questions Consumer Choice: Maximizing Utility and Behavioral EconomicsChapter 7 study questions—Consumer Choice: Maximizing Utility and Behavioral Economics1.If Fiona says that drinking soda gives her utility, what specifically does she mean?a.That there are things worse than drinking soda.b.That drinking soda is tasty.c.That drinking soda is something that gives her satisfaction or pleasure. d.That is something better than drinking soda. e.b and d
2. Suppose you are eating buffalo wings at a local happy hour. The total utils from doing soafter the fourth, fifth, sixth, and seventh wings are 80, 116, 136, 150, respectively. The marginal utility of the seventh wing is __________ utils.
3. Suppose Alice receives 123 utils from consuming one hamburger and 50 utils from consuming a second hamburger. What is the marginal utility of the second hamburger?
4. The law of diminishing marginal utility says that
5. You and your roommate are eating pizza and have already consumed all but the last slice. Your roommate claims that he is hungrier than you and therefore should get the last slice of pizza. Your roommate has made
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Microeconomics: A Contemporary Introduction
The document you are viewing contains questions related to this textbook.
Chapter 6 / Exercise 13
Microeconomics: A Contemporary Introduction
McEachern
Expert Verified
a.a diamond-water paradox.b.an interpersonal utility comparison.c.a correct statement.d.a marginal error.
6. To resolve the diamond-water paradox, it is important to note that under most circumstances,
7. Suppose that a consumer purchases a combination of X and Y such that MUX/PX= 15 utils per dollar and MUY/PY= 10 utils per dollar. To maximize utility, the consumer should buy

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