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The following asks you to provide a short answer to each of the learning objectives outlined at the beginning of this chapter and prepare you for the quiz.

LO1 Explain four basic properties of a consumer’s preference ordering and their ramifications for a consumer’s indifference curves.


LO2 Illustrate how changes in prices and income impact an individual’s opportunities.


LO3 Illustrate a consumer’s equilibrium choice and how it changes in response to changes in prices and income.


LO4 Separate the impact of a price change into substitution and income effects.


LO5 Show how to derive an individual’s demand curve from indifference curve analysis and market demand from a group of individuals’ demands.


LO6 Illustrate how “ buy one, get one free” deals and gift certificates impact a con-sumer’s purchase decisions.


LO7 Apply the income– leisure choice frame-work to illustrate the opportunities, incentives, and choices of workers and managers.


LO8 Explain alternative ways of measuring the productivity of inputs and the role of the manager in the production process.


LO9 Calculate input demand and the cost-minimizing combination of inputs and use isoquant analysis to illustrate optimal input substitution.


LO10 Calculate a cost function from a production function and explain how economic costs differ from accounting costs.


LO11 Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs.


LO12 Calculate average and marginal costs from algebraic or tabular cost data and illustrate the relationship between average and marginal costs.


LO13 Distinguish between short- run and long-run production decisions and illustrate their impact on costs and economies of scale.


LO14 Conclude whether a multiple- output production process exhibits economies of scope or cost complementarities and explain their significance for managerial decisions.

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