Based on the budget constraint and 3 indifference curves shown here we know that

Question

Based on the budget constraint and 3 indifference curves shown here we know that ranking the consumption bundles in terms of utility:

Based on the budget constraint and 3 indifference curves shown here we know that to obtain consumption bundle Z:

The relative price of apples would have to fall

Based on the budget constraint and 3 indifference curves shown here we know that:

Consumption bundles Y and X cost the same

Based on the budget constraint and 3 indifference curves shown here we know that:

Consumption bundle Z is the best feasible option

FYI - All the point are supposed to lie on the indifference curves for these questions even if they appear a touch off.

Based on the budget constraint and 3 indifference curves shown here we know that:

Consumption bundles X and W provide the same utility

FYI - All the point are supposed to lie on the indifference curves for these questions even if they appear a touch off.

Based on the budget constraint and 3 indifference curves shown here we know that:

FYI - All the point are supposed to lie on the indifference curves for these questions even if they appear a touch off.

Based on the budget constraint and 3 indifference curves shown here we know that:

If pizzas cost $1 then apples must cost $0.25

FYI - All the point are supposed to lie on the indifference curves for these questions even if they appear a touch off.

Based on the budget constraint and 3 indifference curves shown here we know that:

If the price of pizzas were to fall while the price of apples remained constant then the budget constraint would flatten out (rotate in along the apple axis)

FYI - All the point are supposed to lie on the indifference curves for these questions even if they appear a touch off.

If the consumer is initially on her budget constraint choosing bundle x and then all prices AND income double:

Whether the utility would now rise of fall depends on the initial prices and income level

The marginal rate of substitution tells you

10 apples and 10 pizzas is not feasible but provides more utility than the best feasible bundle

Explanation / Answer

1) Z > Y = X > W

as Z is on the highest IC. Y and X are on the same IC so the utility level will be the same and W is on the lowest IC.

2) Income would have to rise if the price of both goods were to fall

With higher income IC will move upward and will afford Z.

3) Consumption bundle X and Y cost the same as they are on the same IC.

4) Consumption bundle Y has greater utility than bundle W AS it is on the hogher IC.

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