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Consumer Behaviour Cardinal And Ordinal Utility Analysis — Practice Quiz

ICSE · Class 12 · Economics

Try a 4-question quiz on Consumer Behaviour Cardinal And Ordinal Utility Analysis for ICSE Class 12 Economics: tap an answer to check it and see why.

68 questions40 flashcards6 formulas & key relations5 concepts

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A graph showing the relationship between total utility (TU) and marginal utility (MU) as consumption of a good increases. TU increases at a diminishing rate, reaches a maximum, and then declines, whil
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Quick Quiz: Consumer Behaviour Cardinal And Ordinal Utility Analysis

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1

Two commodities equilibrium under the equi-marginal utility rule: MUx = 24 utils, Px = ₹3; MUy = 20 utils, Py = ₹4. What is MUx/Px and MUy/Py, and does the consumer reach equilibrium?

2

A consumer has ₹24 to spend on goods X and Y. Px = ₹2 and Py = ₹3. If the consumer buys 6 units of X and 4 units of Y, what total amount is spent and is the budget fully used?

3

For a single commodity, MU in money terms is 5, 4, 3, 2, 1, 0, and -2 units for the first seven units. If the price is ₹2 per unit, at which quantity is consumer equilibrium reached and what is the total utility at that point?

4

A consumer has income of ₹100. Px = ₹20 and Py = ₹10. What are the maximum quantities of X and Y that can be bought separately, and what is the budget line equation?

68 Questions·
multiple choicemultiple correct

Sample Questions

1multiple choice
3 marks

In an indifference schedule, Geeta has bundles: 1 food and 12 clothing; 2 food and 8 clothing; 3 food and 5 clothing. What is the total clothing given up to obtain the third unit of food, and what is the diminishing MRS pattern?

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7 clothing units in total; MRS falls from 4 to 3

From 1 to 2 food, Geeta gives up 4 clothing. From 2 to 3 food, she gives up 3 clothing. Total clothing given up to reach 3 food is 7 units, and MRS falls from 4 to 3.

2multiple choice
3 marks

For a good, TU is 10, 18, 24, 28, 30, 30, and 28 for the first seven units. What are the marginal utilities of the 2nd, 5th, 6th, and 7th units?

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8, 2, 0, and -2 units of utility

MU is the change in TU. So MU2 = 18 - 10 = 8, MU5 = 30 - 28 = 2, MU6 = 30 - 30 = 0, and MU7 = 28 - 30 = -2.

3multiple choice
3 marks

A consumer spends ₹24 on X and Y. Px = ₹2, Py = ₹3. The marginal utilities are MUx = 20, 18, 16, 14, 12, 10 for X and MUy = 24, 21, 18, 15, 12, 9 for Y. Which bundle gives equilibrium?

Show answer

6 units of X and 4 units of Y

Compute per rupee utility: MUx/Px = 10 at 1 unit, 9 at 2 units, ..., 5 at 6 units. MUy/Py = 8, 7, 6, 5, ... The equality occurs at MUx/Px = 5 for 6 units of X and MUy/Py = 5 for 4 units of Y.

4multiple choice
3 marks

A consumer's budget line shifts rightward when income rises from ₹100 to ₹120. If Px = ₹20 and Py = ₹10 remain unchanged, what are the new maximum quantities of X and Y, and why does the line remain parallel?

Show answer

6 units of X and 12 units of Y; because the price ratio stays the same

New maxima are 120/20 = 6 units of X and 120/10 = 12 units of Y. The budget line remains parallel because the price ratio Px/Py does not change.

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Frequently Asked Questions

What are the important topics in Consumer Behaviour Cardinal And Ordinal Utility Analysis for ICSE Class 12 Economics?
Key topics in Consumer Behaviour Cardinal And Ordinal Utility Analysis include Utility and Cardinal Utility Analysis, Types of Utility and Relationship Between MU and TU, Law of Diminishing Marginal Utility, Law of Equi-marginal Utility and Consumer's Equilibrium under Cardinal Utility. Study these first, then practise questions on each for the ICSE Class 12 board exam.
How many practice questions are there for Consumer Behaviour Cardinal And Ordinal Utility Analysis?
There are 68 questions on Consumer Behaviour Cardinal And Ordinal Utility Analysis. Try the 4-question sample quiz on this page first; each answer shows an explanation when you tap it.

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