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Ch. 18 - Consumer Choice and Behavioral EconomicsWorksheetSee all chapters
All Chapters
Ch. 1 - Introduction to Microeconomics
Ch. 2 - Introductory Economic Models
Ch. 3 - Supply and Demand
Ch. 4 - Elasticity
Ch. 5 - Consumer and Producer Surplus; Price Ceilings and Floors
Ch. 6 - Introduction to Taxes and Subsidies
Ch. 7 - Externalities
Ch. 8 - The Types of Goods
Ch. 9 - International Trade
Ch. 10 - The Costs of Production
Ch. 11 - Perfect Competition
Ch. 12 - Monopoly
Ch. 13 - Monopolistic Competition
Ch. 14 - Oligopoly
Ch. 15 - Markets for the Factors of Production
Ch. 16 - Income Inequality and Poverty
Ch. 17 - Asymmetric Information, Voting, and Public Choice
Ch. 18 - Consumer Choice and Behavioral Economics

Concept #1: Budget Constraint (Budget Line)

Practice: The Amazing Andy spends all of his $1,200 income on magic tricks. If card tricks cost $50 and wand tricks cost $300, which of the following consumption bundles lies upon Amazing Andy’s budget constraint?

Concept #2: Budget Constraint: Change in Income

Practice: An increase in income will:

Concept #3: Budget Constraint: Change in Price of a Good

Practice: A change in the price of one good will:

Practice: A consumption bundle inside the budget line

Practice: Lil Kiddo just got $10 for his allowance. He has big dreams for that money and plans to buy out the toy store, slapping down the tenner at the cash register. Disillusioned, he decides to buy pogs for $0.50 each and action figures for $2 each. Which consumption bundle is unaffordable to Lil Kiddo?

Practice: Campin’ Sam buys firewood and ice. When the price of firewood decreases, the maximum number of firewood she can purchase _____________ and the maximum number of ice she can purchase _______________