Intermediate Microeconomics quizzes
How prices and income shape consumer choices, and why a price increase can sometimes make people buy more.
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From Intermediate Microeconomics: When Pricier Rice Means Buying More
A consumer's utility is U = xy. If we replace it with V = 2xy + 5, what happens to her choices?
- They shift toward good x
- They stay exactly the same
- They double in intensity
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Answer: They stay exactly the same
Utility is ordinal: any increasing transformation keeps the same ranking of bundles, so demand doesn't change.
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