Budgets and Utility Maximization
Multiple Choice Questions
After watching the Budgets and Utility Maximization video lecture, consider the question(s) below. Then “submit” your response.
Question
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After watching the Budgets and Utility Maximization video lecture, consider the question(s) below. Then “submit” your response.
Question
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Question
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Question
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Short Answer/Discussion Questions
After watching the Budgets and Utility Maximization video lecture, consider the question(s) below. Then “submit” your response.
Question
FY/9kmsUnsxmTu39XnmWm2DX46j7QIbPPS7ITUEenFA08WogoAjfpEAg52DRdJ/0sPccBobmi0sgUzS+
Suggested solution: Yes, changes in product prices do change the budget line even without changes in income. For example, if the price of a good declines, the consumer can now purchase more of the good whose price has declined or possibly more of the good whose price is unchanged. A decrease in a good’s price is shown by moving the budget line’s intercept with the good’s axis out from the origin. This shows that a greater number of choices are now available to the consumer.
Question
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Suggested solution: With a decrease in the budget (the maximum the consumer is willing to spend), the budget line moves to the left (closer to the origin) parallel to the original budget line. This shows that the reduction in budget or income has reduced the combinations of goods the consumer can purchase.
Question
ENb3D//kzhk35QMHhGQM3B/eJnEaPPCkLYscsHqJM2lakSylcS416914PVY23e0b
Suggested solution: The utility maximization rule states total utility is maximized when the marginal utility per dollar for the last unit of each good consumed is equal. Utility is the satisfaction or well-being a consumer enjoys from consuming a good. Marginal utility is the additional satisfaction from consuming an additional unit of a good. When the utility maximization condition is not met, consumers can improve their total utility by reallocating their spending until the condition is met.