Title11) Refer to Figure 6.15. The slope of the indifference curve is the ratio of the A) marginal...Description 11) Refer to Figure 6.15. The slope of the indifference curve is the ratio of theA) marginal utility of ice cream cones to the marginal utility of ice cream sandwiches.B) marginal utility of ice cream sandwiches to the marginal utility of ice cream cones.C) total utility of ice cream cones to the total utility of ice cream sandwiches.D) total utility of ice cream sandwiches to the total utility of ice cream cones.12) Refer to Figure 6.15. At point A, the slope of the indifference curve isA) -0.67.B) -1.5.C) -3.0.D) indeterminate because the marginal utilities are unknown.13) Refer to Figure 6.15. If the price of an ice cream cone is $2, the price of ice cream sandwiches isA) $2.B) $3.C) $50.D) $100.14) Refer to Figure 6.16. If the price of a hot dog is $2, Jason's income isA) $25.B) $200.C) $300.D) indeterminate because the price of sandwiches is not given.15) Refer to Figure 6.16. Why was Jason NOT maximizing his utility at point C?A) He is not spending his entire budget.B) His marginal utility per dollar spent on the last sandwich is greater than his marginal utility per dollar spent on his last hot dog.C) His marginal utility per dollar spent on the last sandwich is less than his marginal utility per dollar spent on his last hot dog.D) He is maximizing his utility at point C.16) Refer to Figure 6.16. The highest indifference curve depicted is the one on which point D lies. Why is Jason NOT maximizing his utility at point D?A) He cannot afford point D.B) His marginal utility per dollar spent on the last sandwich is greater than his marginal utility per dollar spent on his last hot dog.C) His marginal utility per dollar spent on the last sandwich is less than his marginal utility per dollar spent on his last hot dog.D) He is maximizing his utility at point C.17) We derive the demand curve for X from indifference curves and a budget constraint by changing theA) level of income.B) price of X.C) price of Y.D) consumers? preferences.18) Assuming the properties of normal indifference curves, a consumer will maximize his utility where his indifference curve is just tangent to his budget constraint.19) An indifference curve is a set of points, each point representing a combination of two goods, all of which represent the same total utility.

Title11) Refer to Figure 6.15. The slope of the indifference curve is the ratio of the A) marginal...Description 11) Refer to Figure 6.15. The slope of the indifference curve is the ratio of theA) marginal utility of ice cream cones to the marginal utility of ice cream sandwiches.B) marginal utility of ice cream sandwiches to the marginal utility of ice cream cones.C) total utility of ice cream cones to the total utility of ice cream sandwiches.D) total utility of ice cream sandwiches to the total utility of ice cream cones.12) Refer to Figure 6.15. At point A, the slope of the indifference curve isA) -0.67.B) -1.5.C) -3.0.D) indeterminate because the marginal utilities are unknown.13) Refer to Figure 6.15. If the price of an ice cream cone is $2, the price of ice cream sandwiches isA)$2.B) $3.C)$50.D) $100.14) Refer to Figure 6.16. If the price of a hot dog is$2, Jason's income isA) $25.B)$200.C) $300.D) indeterminate because the price of sandwiches is not given.15) Refer to Figure 6.16. Why was Jason NOT maximizing his utility at point C?A) He is not spending his entire budget.B) His marginal utility per dollar spent on the last sandwich is greater than his marginal utility per dollar spent on his last hot dog.C) His marginal utility per dollar spent on the last sandwich is less than his marginal utility per dollar spent on his last hot dog.D) He is maximizing his utility at point C.16) Refer to Figure 6.16. The highest indifference curve depicted is the one on which point D lies. Why is Jason NOT maximizing his utility at point D?A) He cannot afford point D.B) His marginal utility per dollar spent on the last sandwich is greater than his marginal utility per dollar spent on his last hot dog.C) His marginal utility per dollar spent on the last sandwich is less than his marginal utility per dollar spent on his last hot dog.D) He is maximizing his utility at point C.17) We derive the demand curve for X from indifference curves and a budget constraint by changing theA) level of income.B) price of X.C) price of Y.D) consumers? preferences.18) Assuming the properties of normal indifference curves, a consumer will maximize his utility where his indifference curve is just tangent to his budget constraint.19) An indifference curve is a set of points, each point representing a combination of two goods, all of which represent the same total utility.