Mixed Micro Review 1

Maya gives up an $18/hour tutoring job to study. Four hours of study cost her:

A technological advance in wheat production shifts:

If the cross elasticity between goods A and B is +1.5, they are:

A consumer buys X and Y with MUx = 20, Px = $4, MUy = 30, Py =$10. To maximize utility the consumer should buy:

A price ceiling below equilibrium causes:

In the short run, at least one input is:

If demand is unit elastic, a 10% price increase will change total revenue by:

An inferior good has ___ income elasticity.

The law of diminishing marginal utility explains why demand curves:

A movement along a demand curve is caused by: