Please answer all questions 6. The law of diminishing marginal utility can be stated as follows:a. as the amount of a good consumed increases, the sum of satisfaction receivedtends to decrease.b. as the amount of a good consumed increases, the additional satisfaction gainedfrom consuming additional units tends to decreasec. as the amount of a good consumed decreases, the additional satisfaction gainedfrom consuming additional units tends to increase.d. as the amount of a good consumed increases, the sum of satisfaction receivedtends to increase but at a diminishing ratee. b and dFigure 1:aMI3I2Rb7. Refer to Figure 3.1. I1, I2, and I3 are indifference curves and Line ab is the relevant budgetconstraint. The equilibrium position for the consumer is ata. any point on the budget constraint.b. Point Mc. Point Jd. Point Te. Point R28. Refer to Figure 1. I2 and I3 are indifference curves and Line ab is the relevant budgetconstraint. If the consumer is initially at Point R, he shoulda. strive for Point N by obtaining a larger money income.b. purchase more of X and less of Y.c. remain at that point in order to maximize utility.d. purchase more of Y and less of X.e. none of the above9. Refer to Figure 1. I1, I2, andconstraint. Point N isa. the consumer's equilibrium positionb. unattainableare indifference curves and Line ab is the relevant budgetc. inferior to every other labeled point on the diagram.d. attainable, but does not exhaust the consumer's income10. The budget constraints cuts the horizontal axis at 12 units of good X and it cuts the verticalaxis at 20 units of good Y. If the price of good X is $20 and the price of good Y is $12, thenwhat does income equala. $200. (b) $240 (c) $520 (d) $280 (e) there is not enough info to answer it

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6. The law of diminishing marginal utility can be stated as follows: a. as the amount of a good consumed increases, the sum of satisfaction received tends to decrease. b. as the amount of a good consumed increases, the additional satisfaction gained from consuming additional units tends to decrease c. as the amount of a good consumed decreases, the additional satisfaction gained from consuming additional units tends to increase. d. as the amount of a good consumed increases, the sum of satisfaction received tends to increase but at a diminishing rate e. b and d

6. The law of diminishing marginal utility can be stated as follows: a. as the amount of a good consumed increases, the sum of satisfaction received tends to decrease. b. as the amount of a good consumed increases, the additional satisfaction gained from consuming additional units tends to decrease c. as the amount of a good consumed decreases, the additional satisfaction gained from consuming additional units tends to increase. d. as the amount of a good consumed increases, the sum of satisfaction received tends to increase but at a diminishing rate e. b and d

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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