Economics Lars has asserted that he prefers bacon to sausage, sausage to chips and chips to bacon. Based on this evidence, can his preferences be complete and transitive? Explain.

Q: What does a negative marginal utility means? Why does it happen?

A: Utility refers to the want satisfying power of a commodity. Marginal Utility refers to the utility…

Q: Quantity of Cheese Cakes Total Utility (TU) Marginal Utility (MU) (slices per day) 1 20 36 3 48 4 55…

A: Marginal utility is nothing but the additional utility which is derived from consumption of an…

Q: If the price of one good changes, what happens to the relative price and the slope of the…

A: The budget line shows the combination of two goods that can be be purchased by the consumer given…

Q: Which situation is consistent with the law of diminishing marginal utility?  a. Paul's marginal…

A: The law of diminishing marginal utility states that as we consume more and more of a unit. The…

Q: What does the point on a budget line indicate in terms of prices?

A: # A budget line of the consume represents the price of the two goods and the budget of the income of…

Q: Celine won the prize at the end-of-year party and she had to choose between a $100 Amazon gift card…

A: The budget line is a graphical representation of all possible combinations of the two commodities…

Q: Jason spends his entire budget on coffee and doughnuts. You have the following data on his choices:…

A: Answer: Introduction: A consumer maximizes his utility where the indifference curve is tangent to…

Q: Susan has the option to purchase eyeglasses, E, $3 each, and orange juice, O, $1 each. Her income is…

A: Budget line shows the different combinations of two goods that a consumer can purchase with the…

Q: Who introduced utility

A: Utility is characterised as the whole satisfaction a customer experiences when utilising a good or…

Q: 24. Binita has a limited income and consumes only juice and pasta; her current consumptio hoice is…

A: The utility is maximized where the Budget line of consumer tangents the slope of indifference curve…

Q: If something has negative marginal utility, what happens to your total utilitywhen you consume it?

A: Marginal utility is defined as the utility gains after one more extra unit of consumption. It means…

Q: (Review Question) Sarah consumes both wine (x) and cheese y) and considers them perfect substitutes.…

A: Utility: Utility for a consumer can simply be defined as the want-satisfying power that a good…

Q: Lars has asserted that he prefers bacon to sausage, sausage to chips and chips to bacon. Based on…

A: A specialist has complete preference s in the event that she can think about any two articles. A…

Q: What is a budget line

A: Purchasing behavior is the decisions of consumers taken to purchase a particular type of product or…

Q: Economics True or False. Please provide a short explanation. A person with the utility function U(x,…

A:

Q: 3. When is substitution exercised?

A: It is not always easy to determine whether a product or service is a substitute. Products and…

Q: What do we mean when we say consumer preferences are complete and transitive?

A: Consumer preferences shows the taste of the consumer and how much satisfaction it receives from…

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: How does a consumer decide what combination of products to buy using the marginal utility concept?…

A: The satisfaction gained from consuming an extra unit is termed as a marginal utility.

Q: A rational consumer maximizes her Select one:

A: Micro economics is the branch of economics which deals with the individual units. The main concepts…

Q: Given that Tebogo's income is P1800, price of food is P30 and price of entertainment is P40. Draw…

A: The Income of the Tebogo is P1800, it means that this is the maximum amount which can be used to…

Q: Racquel tells you that she prefers hamburgers to hotdogs, hotdogs to nuggets, and nuggets to…

A: In economics, consumer preferences helps to analyze the behavior of a demand side participants when…

Q: what is the principle of utility

A: Utility refers to the satisfaction received by a consumer from consuming a particular commodity.

Q: Suppose that income rises 50% while price of X rises 25% and price of Y rises 75%. How would the…

A: Budget line is also known as price line for consumer it shows different combinations of two goods…

Q: Using the consumer choice theory, explain how an individual decides what combinations of different…

A: Consumer choice theory refers to the theory wherein the consumers’ preferences are considered to be…

Q: Individuals who buy second homes usually spend less. Why is this the case?

A: Utility: The term utility refers to the satisfaction that a person receives by consuming the goods…

Q: Explain how a consumer budget and product price changes impact the budget line by drawing…

A: The budget line explains the combination of products to be selected till the last money of budget is…

Q: Suppose we observe a rational consumer make the following choices: Ch(a, b, c) = b Ch(b, c, d) = b,…

A: Three choices have been given and the rational consumer prefers more of b than of e.

Q: Consumer spends $360 per week on two goods, X and Y. PX=$ 3 and PY=$2. His utility function is U=…

A: The equilibrium in consumer behavior arrives when a buyer extracts the highest amount of utility…

Q: 3. The economic analysis expects the consumer to behave in a manner which is Roti

A: To find : The consumer should behave in which manner.

Q: State each of the 4 features of preferences and an example of each being violated.

A: Consumer preference Theory The underlying foundation of demand, therefore, consumer preference…

Q: Consumer spends $450 per week on two goods, X and Y. PX= $5 and PY=$3. His utility function is U=…

A: Given Information: Consumer spends =$450 per week Two goods = X and Y price of X and Y : Px = $5…

Q: What is utility

A: Utility Utility refer to the complete satisfaction derived from the consumption of an item or…

Q: State and explain the law of diminishing marginal utility .Why does the law operate ?

A: The utility is the want satisfying power of the commodity. The preference of the consumer depends on…

Q: How does a consumer decide what combination of products to buy using the marginal utility concept

A: The concept of marginal utility studies increase in satisfaction that a consumer gets from consuming…

Q: Examples of form utility?

A: Utility is defined as the complete satisfaction a consumer derives from the usage of a product or…

Q: .A consumer that chooses to spend all of her income, and she dislikes most the two extreme points…

A: Since, the consumer dislikes the extreme points of consuming only one of the goods, so the…

Q: What can observing people’s actual choices tell us about their preferences? Whatis this approach…

A: Choices are the essentials in an economic system. A consumer being rational needs to take a…

Q: a) Fill in the missing numbers b) If income is 24, what is the utility maximizing combination? c) If…

A: Note- Since you have posted a question with multiple subparts, we will solve the first three…

Q: How do we predict future utility?

A: Utility Concept In economics, utility refers to the complete satisfaction derived from the…

Q: How utility is related to form utility?

A: Utility and Form utility are related as Utility is  mainly of four kinds.

Q: What does the law of equi marginal utility states? MU , MU x a) Px MU X b) Px MU, Pz > MU m P; MUY…

A: "Utility is the usefulness of a good. It refers to the want satisfying power of a commodity."…

Q: marginal utility of a hamburger is 8. s Ray maximizing utility at his current consumption basket? If…

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

Q: What unit do economists use to measure the satisfaction individuals get from consuming a good?…

A: The answer is - Utils