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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define the Marginal Rate of Substitution.
💡 Hint: Think about how much of one good a consumer is willing to give up for more of another.
Question 2
Easy
What is an indifference curve?
💡 Hint: Recall what it means to be indifferent between two choices.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the term Marginal Rate of Substitution signify?
- A. The total satisfaction derived from goods.
- B. The rate at which one good can replace another while maintaining satisfaction.
- C. The minimum price of goods.
💡 Hint: It's about substitution without losing satisfaction.
Question 2
True or False: Indifference curves can intersect.
- True
- False
💡 Hint: Consider the implications of intersecting utility levels.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A consumer's utility from pairs of goods shows an indifference curve. If the consumer originally enjoys a mix of 4 bananas and 2 mangoes and is indifferent between this mix and 3 bananas and 3 mangoes, how does the MRS change?
💡 Hint: Trace the changes in the trade-off as quantity shifts.
Question 2
Given a budget constraint changing due to price alterations, calculate the new combination of goods looked after by the consumer if their utility is to be upheld.
💡 Hint: Analyze effects on MRS when considering the budget's new slope.
Challenge and get performance evaluation