ECON QUIZ 6
Marginal utility is the ________ satisfaction gained by consuming ________ of a good. -
✔✔additional; one more unit
Kathy eats five slices of pizza on a Saturday night but admits each slice of pizza doesn't taste
as good as the previous one. This suggests that for Kathy the - ✔✔marginal utility of a slice
of pizza is positive but decreasing.
Refer to the Figure above: The marginal utility of the first movie rental is - ✔✔15
Refer to the Figure above: The marginal utility of the fourth movie rental is - ✔✔0
Jane has $500 a week to spend on clothing and food. The price of clothing is $25 and the
price of food is $10. The clothing and food pairs in Jane's choice set include ________ units
of clothing and ________ units of food. - ✔✔8; 30
Refer to the Table above: The marginal utility of the first hamburger is - ✔✔30
Refer to the Table above. The marginal utility of the third hamburger per day is - ✔✔15
Refer to the Table above: Diminishing marginal utility sets in after the ________ soda per
day. - ✔✔first
Refer to the Table above: The total utility of five hamburgers per day is - ✔✔80
Refer to the Table above: If the price of a soda is $2, the price of a hamburger is $6, and
George has $14 of income, George's utility maximizing combination of sodas and
hamburgers per day is - ✔✔4 sodas and 1 hamburger.
Refer to the Table above: Assume that a store is giving hamburgers and sodas away for free.
Consumers can have as many sodas and hamburgers as they want, but the food has to be
consumed one unit at a time. If George has already had one soda and two hamburgers, then
George should - ✔✔be indifferent between consuming the second soda or the third
hamburger.
A utility-maximizing consumer buys so as to make ________ for all pairs of goods. -
✔✔MUx/MUy = Px/Py
