A budget constraint is:   Group of answer choices   a line showing various combinations of goods that are affordable given consumer income.   total income - total expenses.   total utility given consumer choice.   a comparison of total marginal and total utility.

Q: Which of the following statements is correct? ___ Marginal utility is the sum of total utility. ____…

A: Total utility is the total satisfaction derived from consuming a good.

Q: The marginal utility derived from the consumption of extra unit of commodity. True/False

A: Utility in economics refers to the pleasure or usefulness that a person gets from consuming a good…

Q: True/False Marginal utility refers to the satisfaction or pleasure that occur due to the…

A: The satisfaction or pleasure that a person experiences after using a good or service is referred to…

Q: Think about a favorite thing you often buy or enjoy. It could be your favorite food, a favorite…

A: Suppose I buy chocolates in the course of a day. The largest utility I get is from consuming the…

Q: What is utility? the satisfaction a person gets from the consumption of a good a measure of…

A: please find the answer below

Q: True/False Marginal utility keeps falling with the each additional consumption of a good or…

A: Economists uses the concept of marginal utility to determine how much of a product consumers are…

Q: Suppose one have a budget of $1000. The price of one unit of X is $20 and the price of one Unit of Y…

A: Thus, the consumer can purchase 50 units of X, or 100 units of Y, or some allocation in between.…

Q: With diminishing marginal utility, how do consumers decide how much to consume? Students are…

A: A utility is the satisfaction derived from the consumption of goods and services . Utility is…

Q: Marginal utility is defined as the increment to total utility that results from the consumption of…

A: Meaning of Utility Function: The term utility function refers to the total utility for a consumer…

Q: Marissa has $30 to spend on beer and hamburgers. Beers are $3/beer and hamburgers are $5/hamburger.…

A: Budget constraint: - it is a graphical representation of different bundles of goods that a consumer…

Q: Explain the four kinds of utility.

A: In economics, to represent benefit or worth, the idea of utility is utilized. Its use has grown…

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

A: In economics, utility refers to the overall satisfaction derived from the consumption of a good or…

Q: Describe the point at which a consumer maximizes utility.

A: A rational consumer is going to be in equilibrium when his utility is maximized within a given…

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

A: Quantity Marginal Utility $ marginal utility Quantity Marginal Utility $ marginal utility 1 8 8 1…

Q: Consumer value can be determined by how consumer utility compares between different items. Comment

A: In a market, utility refers to the economic concept to explains the value of a good for a specific…

Q: The concept of diminishing marginal utility with the help of necessary tables and graphs taking a…

A: In economics, utility refers to the entire pleasure derived from the consumption of an item or…

Q: Price for good A is $6 and good b is $8.  Budget is $36.            Good A…

A: Quantity Total Utility marginal utility  $MU Quantity Total Utility marginal utility  $MU 1 18 18…

Q: If marginal utility is less than the price, the consumer will

A: Marginal utility: It is the satisfaction that a consumer gets from having one more unit of a good or…

Q: Advertisement is one of the factors that influence customers to increase demand for a specific good.

A:

Q: The ratio of the marginal utility of coffee to the marginal utility of donuts is four for an…

A: Utility: It means total satisfaction received from the consumption of goods and services.

Q: Total utility may be determined by Multiple Choice O O O multiplying the marginal utility of the…

A: In economics, the term 'utility' is used to explain the amount of satisfaction obtained by an…

Q: True or false.  A budget constraint, budget line or budget set is a graphical way to illustrate all…

A: It's vital to remember that the slope of the budget line equals the cost ratio of two commodities.…

Q: marginal utility is a measure of the benefit (or value, or enjoyment) a person obtains by a)…

A: Marginal utility is an economic concept that refers to the additional satisfaction, benefit, or…

Q: Explain utility and its connection to consumer behavior

A: The Utility is a concept used by economists to define and rank preferences of the consumer’s…

Q: Optimal consumption refers to   Multiple Choice   the mix of products that maximizes total utility…

A: In consumer theory, the consumer has some sort of preference when choosing different goods for…

Q: Marie has a weekly budget of $24. Pie's are $12. Magazine's are $4. What is the maximum number of…

A: The amount of goods that a consumer can purchase over a given period of time is limited by the…

Q: Diminishing Marginal Utility. Explain the law of diminishing marginal utility Discuss an instance…

A: The idea of marginal utility is used to measure how individuals' satisfaction levels affected their…

Q: Total utility

A: In economics, utility refers to the complete satisfaction derived from the consumption of an item or…

Q: Derive consumer's budget constraint       ii) Derive the marginal utility X and  marginal…

A: TUx  = 50x - 5x^2 TUy = 32y - 4y^2 Px = 5 Py = 8 Income = 120

Q: True/ False  Marginal utility decline with the increase in the unit of consumption of a good.

A: Utility refers to the satisfaction or benefit that a consumer derives from consuming a good or…