{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

AQ 2 2009 Answers - Spring 2009 A660 105 Capes Name...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Spring 2009 A660 105 Capes Name: W_/:<Efffl___gfi_ AQ #2 U N: '1 at) l. The mathematical re )rcsentation oi' the satisfaction a consumer derives from a bundle of l 1 _ goods is called the Uflifif firmtefiod Units of KNWWW l'ZIivlroninental Quali y (i pt)2. (a) This graph deals with fiflifiaanfiim’é curves. (1 pt) (h 1' False. Circle the correct answer. 5 units oi"environinentai quality and 8 units of power offer the same level of satisfaction as 4 units of environmental quality and 10 units ol‘power. (2pts) (0) Given points B and C, how many units of environnientai quaiity is this consumer willing to give up 4 6 8 IO l2 in order to get one more unit ofpower‘? Show ail work! _ . i" {I (gm-rs at: fi"N\lfrimffi‘iW_"37i’£ Qdfltig 7:, “3“; v m. guts of fewer a}? ,- - - 7 “£3 0F 3’19 M?!- _ , (”:52 vmasa :3 “2% ‘ Opt) ((1) What IS the technical name diihe Situation described in (c)?_ if” Md,“ 12016 ub'fié’ynw‘» (2pts) 3. Suppose a coiiege student can spend $30 on Subway sandwiches and Chick-Fil-A sandwiches. The price of a Subway sandwich is $3 and the price of a Chick-Fil-A sandwich is $5. Which of the following diagrams describes the Wired budget line for this student? Circle the correct answer. Subway W” Subway (a) sandwiches Cg sandwiches 6 l0 £0 6 Chick-Fil-A sandwiches C‘hiek-Fil-A sandwiches Chick-Fil-A - Cliiek-‘Fil-A (C) sandwiches (d) sandwwhcs 6 10 I0 s t 6 l -' i Subway sandwiches A u may 5am “ {L I” (2pts) 4. Consider the graph on the right. om“ The clockwise rotation ofthis diagram may be 14 explained as: (a) the price of Pepsi rose (b) the price ot‘Coca Cola rose ((_ totai income for the consumer l‘ell I he price 0 t‘ Pepsi foil 8 Qt 'oeaCol l Spring 2009 aged [05 Capps (4pm) 5. Assume the budget for this consumer is $06. I lamimrgers At point C, tiil in the entries in the table bciow: a. _ _ w _ - 24 I Quantity ol" Quantity of i Price of i Price of i iced Tea l-lamburgcrs [ Iced l_ea f Iniamhurgcrs as :2 { $3 jl w t '3 i6 32 Iced Tea (2pts) 6. The shift in the budget line in the graph to the left Quantity 0t Hamburgers is due to: (Circle the correct answer): 15 (a) an increase in the price of hamburgers 1 (b) an increase in the price of tacos (c) a rise in income (d) a fall in income 10 15 Quantity of Tacos (2pts) 7. Illustrate a demand curve for any good. Be sure to iabel your axes. ?\D ‘5? (2pts) 8. Consider the following diagram, which deals with shrimp I from Galveston Bay. (lpt) (a) This diagram is technically cailed a/an WéEL- curve. ( lpt) (b) From this diagram, we can conciude that shrimp from Galveston Bay is a/an Mama. good. QShrimp Sign Me Aggie Pdedge: A}? Aggie does not lie. cheat, or steel or tolerate (hose 11-7770 do. Signature .- - Date I ...
View Full Document

{[ snackBarMessage ]}