Review Chapter 5

# Review Chapter 5 - Econ 221 Winter, 2008 Williamson Review...

This preview shows pages 1–28. Sign up to view the full content.

Econ 221 Winter, 2008 Williamson Review of Chapter 5 1)

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

View Full Document
Jane has \$500 a week to spend on food ( f ) and clothing ( c ). The price of food is \$10 and the price of clothing is \$25. What is the equation for Jane ʹ s budget constraint? A)
f + c < \$500

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

View Full Document
B) \$10f + \$25c ≥ \$500
\$10f + \$25c = \$500

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

View Full Document
D) \$10f /\$25c = \$500 Refer to the information provided in Figure 6.3 below to answer the questions that follow. Figure 6.3 2 )
cassette tapes increased.

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

View Full Document
B) CDs decreased.
CDs increased.

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

View Full Document
D) cass ette tapes decreased. Refer to the information provided in Table 6.1 below to answer the questions that follow. Table 6.1 3 )
10.

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

View Full Document
B)
15.

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

View Full Document
C)
35.

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

View Full Document
D) 5 5 .
first

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

View Full Document
B)
second

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

View Full Document
C)
third

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

View Full Document
D) f o u r th
4 sodas and 1 hamburger.

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

View Full Document
B) 1 soda and 2 hamburgers.
3 sodas and 1.5 hamburgers.

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

View Full Document
D) indet erminate from this information.   6 ) less of both X and Y .
amount of X and Y since he is already maximizing utility. C)

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

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

## Review Chapter 5 - Econ 221 Winter, 2008 Williamson Review...

This preview shows document pages 1 - 28. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online