1. EQ #3 AGEC 105 (4 pts) September 14, 2011 1. Given the following data:
Quantity of Sodas Total Utility Marginal Utility (MU) ?(a)
?(b)
The MU between 1 and 2 sodas is ______________.
The MU between 2 and 6 sodas is ______________.
A rational consumer maximizes his/her satisfaction or _____________.
The marginal utility of a good (i.e. ice cream) declines with increases in the consumption of that good. This phenomenon is referred to as the ___________________.
For a representative consumer, 4 wings and 3 bottles of Dr. Pepper generate the same utility as 6 wings and 2 bottles of Dr. Pepper.
How many wings must the consumer give up in order to get one more bottle of Dr. Pepper?
What is the technical name associated with this trade-off? _________________
5. The graph of alternative consumption bundles that provide a consumer a given level of satisfaction is called a(n) ________________ curve.
½ pt.
1 pt.