The following graphs depict two sets of indifference curves.

A consumer currently spends a given budget on two goods, X and Y, in such quantities that the marginal utility of X is 10 and the marginal utility of Y is 8. The unit price of X is $5 and the unit price of Y is $2. The utility-maximizing rule suggests that this consumer should

Which of the following statement is TRUE Group of answer choices As the consumption of a good increases, marginal utility rises, but total utility falls. As the consumption of a good increases, total utility falls and marginal utility falls. As the consumption of a good increases, total utility rises, but marginal utility falls.

There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. Where x₁ measures the number of episodes watched of Show 1 and x2 measures the number of episodes watched of Show 2, Jeff's preferences can be represented by u(x₁, x₂) = x² + ax. Jeff has 8 hours available for watching Netflix today. Each episode of Show 1 lasts 30 minutes, while each episode of Show 2 lasts one hour. Draw an indifference curve for Jeff, then answer the following questions. If rounding is needed, please round to 3 decimal places. a) When a = 2, Jeff optimally watches_ episodes of Show 1..... (fill in the blank) b)... and he watches episodes of Show 2. (fill in the blank) c) When a = 6, Jeff optimally watches_ episodes of Show 1..... (fill in the blank) d) ... and he watches. episodes of Show 2. (fill in the blank)

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Tessa likes both ice-creams and pies. However, if she eats too much of them, she gets sick. That is, cating ice-creams or pics beyond a certain amount lowers Tessa's utility. Draw a set of indifference curve which might represent Tessa's preferences for ice-creams and pies.

The marginal utility for shoes and coffee is given below for five individuals. A pair of shoes costs $2, and a cup of coffee costs $1. Which of these consumers are optimizing over their choices? Explain  For those who are not, how should they adjust their spending? Explain  “Pasta is Miguel’s favorite meal therefore the law of diminishing marginal utility does not apply”. Do you agree with this statement?  It is known that the indifference curve is convex. What does this tell you about the relationship between the goods?  The income effect and the substitution effect work in the same direction for a normal good. Explain how this differs for an inferior good.

Question 11 Marcus spends his income on movies and concerts. At his optimum, Marcus’ Group of answer choices marginal rate of substitution is equal to 1. marginal utility per dollar spent on movies equals his marginal utility per dollar spent on concerts. utility from consuming movies is equal to his utility from consuming concerts. marginal utility of movies is equal to his marginal utility of concerts.

Lorenzo enjoys going to the theater to see plays, and he also enjoys going to rock concerts. The following diagram shows two of Lorenzo's indifference curves for going to plays and concerts. With Lorenzo's initial budget constraint (BC1), he chose to go to five concerts and three plays per month (point X). Then his budget constraint shifted to BC2, and he chose to go to four concerts and six plays per month (point Y). PLAYS 10 0 4 5 CONCERTS BC 8 Show Transcribed Text BC 10 C Of the following choices, which could have shifted Lorenzo's budget constraint from BC₁ to BC₂? Check all that apply. The price of theater tickets increased while his income and the price of concert tickets stayed the same. His income decreased while the prices of theater and concert tickets stayed the same. His income increased while the prices of theater and concert tickets stayed the same. The prices of both theater and concert tickets decreased while his income stayed the same. Based on Lorenzo's consumption…

Charlie has the utility function U(xA, xB) = xAxB. His indifference curve passing through 35 apples and 18 bananas will also pass through the point where he consumes 5 apples and Select one