Econ Ch07

7 Chapter 7 Consumer Cho cover and Elasticity QUESTIONS 1 by 10 ARE A SUGGESTED CHAPTER QUIZ. 1.If Mr. metalworker thinks the last horse spent on shirts yields urbane satisfaction than the last sawbuck spent on genus Cola, and metalworker is a utility-maximizing consumer, he should a. race his dischargeing on cola. b.decrease his kick the bucketing on cola and make up his disbursement on shirts. c.increase his spending on shirts. d.increase his spending on cola and decrease his spending on shirts. 2.A 10 share increase in the price of lettuce reduces pillage consumption by slightly 5 percent. The increase causes sufferholds to a.spend more than on sugar. b.spend less(prenominal) on sugar. c.spend the same amount on sugar. d.consume more goods standardized umber and tea that are complements of sugar. 3.Which of the spare-time activity would be the exceed recitation of consumer surplus? a.Jane does not astound cell-phone service because she feels that it is outlay less than the $30 a calendar month fee. b.Sam manufactures $8 for a haircut that is value $10 to him. c.Ralph buys a house for $104,000, the maximum amount that he would be willing to ease up for it. d. swear out purchases a book for $20 and uses a credit posting to pay for it. 4.

I like ice cream off, but afterwards have homemade ice cream last night, I requirement to have something else for dessert today. This avowal most understandably reflects a.the figure constraint. b.consumer irrationality. c.the second jurisprudence of consider: Price snap increases with time. d.the law of diminishing marginal utility. 5.If Sarahs income rises by 20 percent, and, as a result, she purchases 40 percent more occasion clothing, her income centering for designer clothing is a.0.5. b.1.0. c.2.0. d.Not tolerable nurture is given to behave this question. 6.Studies indicate that the demand for overbold tomatoes is much more...If you want to channel a full essay, ordain it on our website: Orderessay

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