ECN 361 Week 5 Discussions plus Quiz
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(ECN 361 Week 5)
ECN 361 Week 5 Discussion Question 1, Participation, Responses
List and briefly explain each of the four properties of indifference curves. Provide an example where you have made a buying decision based on one or more of these properties. Justify your answer.
ECN-361 Week 5 Discussion Question 2, Participation, Responses
Evaluate the following statement: “Warren Buffet is one of richest people in the world. He doesn’t face any constraint on his ability to purchase commodities he wants.” Do you agree with this statement? Why or why not?
ECN 361 Week 5 Quiz (Questions & Answers)
- Question: The labor supply curve may have a backward-bending portion if, at higher wages, the income effect is the price of rice rises, he consumes more rice. For Paulo,
- Question: Table 21-2 A consumer likes two goods: pizza and The five bundles shown in the following table lie on the same indifference curve for the consumer.
- Question: Refer to Table 21-2. Which of the following statements regarding these bundles is correct?
- Question: When a consumer is purchasing the best combination of two goods, X and Y, subject to a budget constraint, we say that the consumer is at an optimal choice point. A graph of an optimal choice point shows that it occurs
- Question: When the price of a normal good increases,
- Question: Table 22-1 …. Three friends—Linda, Stephanie, and Jamie—are deciding where to go together for vacation. They all agree that they should go to one of the three places: France, Greece, or Italy. They also agree that they will have two pairwise votes to determine where to go on vacation, with the majority determining the outcome on each vote. The first, second, and third choices for each person are as indicated in the following table. Refer to Table 22-1. If the first vote pits France against Greece and the second vote pits Italy against the winner of the first vote, then the outcome is as follows: Figure 21-3 ….. In each case, the budget constraint moves from BC1 to BC2.
- Question: Refer to Figure 21-3 . Which of the graphs in the figure could reflect a simultaneous increase in the price of good X and decrease in the price of good Y?
- Question: Scenario 21-1 …. Suppose the price of hot wings is $10, the price of beer is $1, and the consumer’s income is $50. In addition, suppose the consumer’s budget constraint illustrates hot wings on the horizontal axis and beer on the vertical Refer to Scenario 21-1. If the price of beer doubles to $2, then the
- Question: When one party is better informed about an economic situation than another party, economists describe the problem as
- Question: The temptation of imperfectly monitored workers to shirk their responsibilities is an example of
