第二章 Consumer Choice：This chapter introduces you to the analysis of consumer behavior. All consumers must choose which goods to buy because limits on wealth prevent them from buying everything that catches their fancy. You will learn how to model consumer preferences in a utility function, and use this utility function to make predictions about what consumers will do when they have a given income and can buy goods at a given price.2.1Preferences:The decisions that individuals make about what and how much to consume are among the most important factors that shape the evolution of the overall economy, and we can analyze these decisions in terms of their underlying preferences. We use three properties of preferences to predict which combinations, or bundle, of goods an individual prefers to other combinations.[单选题]Joe's income is $500, the price of food (F) is $2 per unit, and the price of shelter (S) is $100. Which of the following represents his budget constraint?选项:[All of the above., 500 = 2F + 100S, F = 250 - 50S, S = 5 - .02F]
2.2Utility:Economists summarize a consumer's preferences using a utility function.All consumers make decisions to maximize their utility. In this section, we will learn about utility, how to define it and how we represent it mathematically.
2.3Budget Constraint:we are constrained in what we can choose: constrained by the amount of income, the amount of time, or any one of a number of factors. These constraints limit a consumer's ability to make purchases by determining the rate at which a consumer can trade one good for another.
[单选题]If the utility for two goods x and y is measured as U = x + y, then it can be concluded that选项:[x and y are both bads., x and y are perfect complements., x and y are perfect substitutes., the indifference curves on the x,y graph will be upward sloping.]
[单选题]If two bundles are on the same indifference curve, then选项:[the consumer derives the same level of ordinal utility from each but not the same level of cardinal utility., no comparison can be made between the two bundles since utility cannot really be measured., the consumer derives the same level of utility from each., B and C.]
[单选题]An indifference curve represents bundles of goods that a consumer选项:[All of the above., refers to any other bundle of goods., ranks from most preferred to least preferred., views as equally desirable.]
[单选题]Convexity of indifference curves implies that consumers are willing to选项:[settle for less of both x and y., give up more y to get an extra x the more x they have., give up more y to get an extra x the less x they have., acquire more x only if they do not have to give up any y.]
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