-3 For the utility function: U = XY05, is there constant, increasing or diminishing marginal utility in x? a. Increasing b. Constant c. Decreasing d. There are no returns to marginal utility

Q: 3. A consumer is maximizing his satisfaction. Due to a change in tastes, his marginal utility…

A: The consumer consumes two goods and he is presently maximizing his satisfaction. The satisfaction…

Q: Price for X is $1 and Y is $2.  Budget is $9.            Good X                Good Y…

A: The utility maximizing level is given as MUx/Px= MUy/Py Good X   Good Y   Quantity MUx/Px…

Q: 6. The law of diminishing marginal utility can be stated as follows: a. as the amount of a good…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: 3. Susan has the following utility function U(x,y) = xy, where x represents food and y represents…

A: *SOLUTION :-  * (3)

Q: Help!

A: Now, we will examine each component more thoroughly:  (a) Budget Constraint: The budget constraint…

Q: if there are 2 products, milk and yoghurt, how can we understand the satisfaction maximization…

A: In the context of consumer choice and satisfaction maximization, a budget line represents all…

Q: Total utility OA. falls as long as marginal utility is negative. OB. is at a maximum when marginal…

A: The utility refers to the satisfaction obtained from using a product or service. Total utility…

Q: Number Consumed Total Utility Marginal Utility 0 0 NA 1 9 9 2 19 10 3 27 8 4 35 9…

A: diminishing marginal utility implies that as the consumption of a good increases then the utility…

Q: Consider the utility function U(r, g) = r+ Iny. (a) Find the marginal rate of substitution, MRS of…

A: The marginal rate of substitution (MRS) is the amount of a good that a consumer is willing to…

Q: Marginal utility is

A: Marginal utility refers to the additional satisfaction of the consumer while consuming one more unit…

Q: Partial Question 14 The difference between total utility and marginal utility is that total utility…

A: Utility: - Utility is the satisfaction derived by any consumer from consuming a good or service.

Q: 2345 6 370 450 120 50 520 a. Complete the table solving for the missing total utility or marginal…

A: Marginal utility is the delight a buyer gets from each extra unit of utilization. It computes the…

Q: 23. A consumer chooses an optimal consumption point were the a. marginal rate of substitution is…

A: The point/place at which the consumption is optimal is wherein the slopes of the IC and that of its…

Q: [Lecture on indirect utility function] 1. (a) What is the indirect function? What does it show? (b)…

A: The utility function of the individual for the goods shows the preference of the consumer. It can be…

Q: A consumer with a fixed income will maximize utility when each good is purchased in amounts such…

A: Marginal utility refers to the additional happiness a consumer gets when he/she consumes an…

Q: Utility is a type of function that occurs in economics. When a consumer receives x unils of a…

A: The utility function provides a measure of the overall satisfaction (denoted by 'U') that an…

Q: Generally speaking, as more of a good is purchased by an individual consumer, marginal utility A.…

A: Marginal utility refers to the additional satisfaction or benefit that a consumer derives from…

Q: . What will be her total utility from both leisure and income when working 25 hours per week?   2.…

A: Total Utility (TU): - the total utility is the aggregate utility derived by the consumption of a…