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Unit 4 - Week
2: Marshallian Consumer Theory and Optimization
Theory & Techniques

Course
outline
Assessment Week 2
The due date for submitting this assignment has passed.
How to access As per our records you have not submitted this Due on 2018-08-15, 23:59 IST.
the portal assignment.

Week 1: 1) Which of the following is not an assumption of the Marshallian theory on consumer 1 point
Introduction to behaviour?
Microeconomics
Utility is cardinally measurable.
Week 2:
Marshallian Law of diminishing marginal utility.
Consumer
Theory and Utility function is dependent.
Optimization
Marginal utility of money is constant.
Theory &
Techniques No, the answer is incorrect.
Lecture 6:
Score: 0
Comparative Accepted Answers:
Statics and Utility function is dependent.
Marshallian
Consumer 2) An individual consumes two goods X and Y. His utility function is given 1 point
0.5 0.5
byU = X +Y
Theory
. Suppose price of X is 2, price of Y is 1 and income of the individual is 12. If
Lecture 7: the individual utilizes all of his income to purchase X and Y, then how many units of X and Y he will
Marshallian consumed?
Consumer
Theory
(Contd...)
X = 2 and Y = 8
Lecture 8:
Optimization
Theory and X = 4 and Y = 6
Techniques -
Part 1 No, the answer is incorrect.
Score: 0
Lecture 9:
Optimization Accepted Answers:
Theory and X = 2 and Y = 8
Techniques -
Part 2 3) Suppose in the previous question (Question 2) only price of X changes but other things (i.e. 1 point
Utility function,
© 2014 NPTELprice of Y, and
- Privacy income
& Terms of theCode
- Honor individual)
- FAQsremain
- same. The new price of X is 1. In this
lecture10:
A project of case we will get a ________________ In .association with
Practice
Session
Positively sloped demand curve for X
Quiz :
Assessment Negatively sloped demand Funded
curve for
byX
Week 2

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Microeconomics: Theory and Applications - - Uni... https://onlinecourses.nptel.ac.in/noc18_mg22/un...

WEEK 2 - Powered by
Horizontal demand curve for X
FEEDBACK -
Microeconomics: No, the answer is incorrect.
Theory and
Score: 0
Applications
Accepted Answers:
Solution
Negatively sloped demand curve for X
Assignment 2
4) For a given commodity the market demand function is Pd = 325 − 2Q and the supply 1 point
DOWNLOAD function is Ps = 25 + Q . The quantities are in Kg and prices in Rs. What are the market equilibrium
VIDEOS
price (P*) and quantity (Q*)?

Week 3: Modern
Consumer
Theory P ∗ = Rs. 125, Q∗ = 100Kg

Week 4:
Consumer P ∗ = Rs. 100, Q∗ = 125Kg
Equilibrium

P ∗ = Rs. 75, Q∗ = 125Kg

Week 5:
Consumer No, the answer is incorrect.
Equlibrium (Part Score: 0
2)
Accepted Answers:
Week 6: P ∗ = Rs. 125, Q∗ = 100Kg
Consumer
Behaviour Under 5) Suppose in the previous question (Question 4) the supply function changes 0 points
Risk to Ps = 75 + Q but the market price remains the same (P*). There will be _______ .

Week 7: Theory excess demand of 16.67 Kg.

of cost
excess supply of 16.67 Kg.
Week 8: Perfect no change in market equilibrium.
competition
No, the answer is incorrect.
Week 9: Score: 0
Competitive
Accepted Answers:
Market
excess demand of 16.67 Kg.

Week 10: 6) Consider a market with demand and supply functions P = 100 − Q and 1 point
Monopoly and
P = 4Q respectively where P is the price of good and Q is the quantity of good demanded and
Duopoly
supplied. Now suppose government fixes the price of the product at 60 because it feels market price is
too high. What will happen immediately?
Week 11:
Externality and
Linear Excess supply of 25 units
Programming
Excess demand of 25 units

Week 12: Basics No impact on market

of Linear
Regression No, the answer is incorrect.
Analysis Score: 0
Accepted Answers:
Excess demand of 25 units

7) The table below contains the information about the utility Bhajji gains from ice cream he 1 point
buys from the ice cream shop.

Number of ice cream 1 2 3 4 5

Utility 15 27 36 36 33

Then how many ice creams will Bhajji buy if price of ice cream is Rs. 10?

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Microeconomics: Theory and Applications - - Uni... https://onlinecourses.nptel.ac.in/noc18_mg22/un...

No, the answer is incorrect.

Score: 0
Accepted Answers:
2

8) A B C D E F 1 point
X 15 14 12 9 5 0
Y 0 2 4 6 8 10

As shown in the above table, the concept of increasing opportunity costs is reflected in the fact that

the quantity of consumer goods produced can never be zero.

a graph of the production data is a downward-sloping straight line.

greater amounts of X goods must be sacrificed to produce an additional 2 units of Y goods.

No, the answer is incorrect.

Score: 0
Accepted Answers:
greater amounts of X goods must be sacrificed to produce an additional 2 units of Y goods.

9) 2 points
Solve the following optimization problem using Lagrange-Multiplier method.

Minimize z = x2 + y 2 subject to x + 4y = 2

z ∗ = 4/17, x∗ = 2/17, y ∗ = 8/17

z ∗ = 4/13, x∗ = 2/13, y ∗ = 8/13

z ∗ = 5/17, x∗ = 2/17, y ∗ = 7/17

No, the answer is incorrect.
Score: 0
Accepted Answers:
z ∗ = 4/17, x∗ = 2/17, y ∗ = 8/17

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