Assignment 6

Assignment 6 - ES 102-03: Principles of Economics Micro...

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ES 102-03: Principles of Economics – Micro Stetson University Assignment 6 Spring 2009 1. Refer to the above data. The value for Y is: A. 25. B. 30. C. 40. D. 45. 2. Refer to the above data. The value for X is: A. 15. B. 5. C. 55. D. 10. 3. Refer to the above data. The value for W is: A. 15. B. 20. C. 25. D. 30. 4. The first Pepsi yields Craig 18 units of utility and the second yields him an additional 12 units of utility. His total utility from three Pepsis is 38 units of utility. The marginal utility of the third Pepsi is: A. 26 units of utility. B. 6 units of utility. C. 8 units of utility. D. 38 units of utility. 5. Suppose that MU x / P x exceeds MU y / P y . To maximize utility the consumer who is spending all her money income should buy: A. less of X only if its price rises. B. more of Y only if its price rises. C. more of Y and less of X. D. more of X and less of Y. Answer the next question(s) on the basis of the following two schedules which show the amounts of additional satisfaction (marginal utility) which a consumer would get from successive quantities of products J and K.
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6. Refer to the above data. If the consumer has a money income of $52 and the prices of J and K are $8
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This note was uploaded on 03/23/2009 for the course ES 102 taught by Professor Dr.ekanayake during the Spring '09 term at Stetson.

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Assignment 6 - ES 102-03: Principles of Economics Micro...

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