QUESTION 11
Moe's consumption of beer follows the law of diminishing
marginal utility.
True
False
1.5 points
QUESTION 12
Moe's consumption of pizza follows the law of diminishing
marginal utility
True
False
1.5 points
QUESTION 13
To maximize his utility given his income of $16 and the price
of beer is $4 per unit and the price of a slice is $2, Moe will
purchase ________ (numeric answer) beers.
1.5 points
QUESTION 14
To maximize his utility given his income of $16 and the price
of beer is $4 per unit and the price of a slice is $2, Moe will
purchase ________ (numeric answer) slices of pizza.
1.5 points
QUESTION 15
The utility maximizing combination of beer and pizza for Moe
will give him a level of total utility of _________ (numeric
answer) utils.
1.5 points
QUESTION 16
Now look at the SECOND CHART you filled out. Now that the
price of beer has fallen to $2 per unit and the price of pizza has
remained at $2 per slice, Moe will maximize his utility by
purchasing ________ (numeric answer) beers.
1.5 points
QUESTION 17
Now look at the SECOND CHART you filled out. Now that the
price of beer has fallen to $2 per unit and the price of pizza has
remained at $2 per slice, Moe will maximize his utility by
purchasing ________ (numeric answer) slices of pizza.
1.5 points
QUESTION 18
Now look at the SECOND CHART you filled out. When Moe buys the
combination of beer and pizza that maximizes his utility he will
reach a level of total utility (TU) equal to _________ (numeric
answer) utils.
1.5 points
QUESTION 19
Look at the demand curve you have drawn depicting Moe's demand
for beer. When the price of beer is $4 he is able and willing to
buy _________ (numeric answer) beers.
1.5 points
QUESTION 20
Look at the demand curve you have drawn depicting Moe's demand
for beer. When the price of beer is $2 he is able and willing to
buy _________ (numeric answer) beers