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1、Besanko&Braeutigam–Microeconomics,5theditionSolutionsManualChapter4ConsumerChoiceSolutionstoReviewQuestions1.Iftheconsumerhasapositivemarginalutilityforeachoftwogoods,whywilltheconsumeralwayschooseabasketonthebudgetline?Relativetoanypointonthebudgetline,whenthecon
2、sumerhasapositivemarginalutilityforallgoodsshecouldincreaseherutilitybyconsumingsomebasketoutsidethebudgetline.However,basketsoutsidethebudgetlineareunaffordabletoher,sosheisconstrained(asin“constrainedoptimization”)tochoosingthemostpreferredbasketthatliesalongthe
3、budgetline.2.Howwillachangeinincomeaffectthelocationofthebudgetline?Anincreaseinincomewillshiftthebudgetlineawayfromtheorigininaparallelfashionexpandingthesetofpossiblebasketsfromwhichaconsumermaychoose.Adecreaseinincomewillshiftthebudgetlineintowardtheorigininapa
4、rallelfashion,reducingthesetofpossiblebasketsfromwhichaconsumermaychoose.3.Howwillanincreaseinthepriceofoneofthegoodspurchasedbyaconsumeraffectthelocationofthebudgetline?Ifthepriceofoneofthegoodsincreases,thebudgetlinewillrotateinwardontheaxisforthegoodwiththepric
5、eincrease.Thebudgetlinewillcontinuetohavethesameinterceptontheotheraxis.Forexample,supposesomeonebuystwogoods,cupsofcoffeeanddoughnuts,andsupposethepriceofacupofcoffeeincreases.Thenthebudgetlinewillrotateasinthefollowingdiagram:Copyright©2014JohnWiley&Sons,Inc.Cha
6、pter4-33Besanko&Braeutigam–Microeconomics,5theditionSolutionsManual4.Whatisthedifferencebetweenaninterioroptimumandacornerpointoptimuminthetheoryofconsumerchoice?Withaninterioroptimumtheconsumerischoosingabasketthatcontainspositivequantitiesofallgoods,whilewithaco
7、rnerpointoptimumtheconsumerischoosingabasketwithazeroquantityforoneofthegoods.Thetangencyconditionusuallydoesnotapplyatcorneroptima.5.Atanoptimalinteriorbasket,whymusttheslopeofthebudgetlinebeequaltotheslopeoftheindifferencecurve?Iftheoptimumisaninteriorsolution,t
8、heslopeofthebudgetlinemustequaltheslopeoftheindifferencecurve.Iftheseslopesarenotequalatthechoseninteriorbasketthenthe“bangforthebuck”conditionwillnotho