Question 1
A household will buy a good as long as the
◦ good's price is greater than the maximum a consumer would be willing to pay for it.
◦ marginal utility from its consumption is greater than or equal to its market price.
◦ good still provides the consumer with average utility.
◦ good's use value is less than the price being charged for the good.
Question 2
If a restaurant runs a special and sells a lobster dinner for $4.50, Amy buys one lobster dinner a week. If lobster dinners are not on special and the price is $16.00, Amy buys zero lobster dinners per week. Which of the following is
true?
◦ Amy's demand for lobster is inelastic.
◦ Amy's marginal utility from a lobster dinner is less than $4.50.
◦ The value of Amy's marginal utility from a lobster dinner is at least $4.50 and less than $16.00.
◦ Amy's marginal utility from a lobster dinner is greater than $16.00.
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