Generally speaking the demand for a good will be more inelastic if the good is very specific and narrowly defined. O the greater the time period being considered. O if the good is a luxury. O if the good makes up a small part of an individual's budget.

Q: The following table shows the total utility gained from the consumption ofFanta Lemon in a week.left…

A: Marginal utility is the additional utility gained from the consumption of one more unit of output

Q: Quantity Total utility Marginal utility 1 250 180 3 580 4 700 100 The above table gives some of…

A: Marginal utility refers to the additional utility gained by an individual when he/she consumes an…

Q: Which among the following is not true? Select one: a. None of the answers are correct b. When…

A: As a buyer purchases more and more of a product, his marginal utility declines until he reaches a…

Q: When Pam's income increased by 10 percent, she bought 5% fewer containers of yogurt. What kind of…

A: Income elasticity is a term used in economics to describe how responsively demand for a specific…

Q: If the price of a product X rises, there will be a decline in the amount of the purchased good.…

A: The correct option is (E) Increase the marginal utility of this good.

Q: Dan and Georgie share a trail behind their homes that leads to the beach. It's easier to go to the…

A: A public good is that which is non rival that is, consumption by one does not affect amount…

Q: satisfaction that we get from the consumption of goods and services is called utility. Use a utility…

A: Utility graph shows the total utility with the consumption of the units consumed.

Q: In_, a change in quantity demanded for one product or service causes a change in simple demand for a…

A: Elasticity is a way to demonstrate the change in the quantity of commodity/services due to the…

Q: 1) The local breakfast restaurant has a new offer: those who buy more than 10 sandwiches a month get…

A: Answer -

Q: How will the elasticity of demand be affected in the following cases? C. The budget share increases…

A: The concept of elasticity relates the responsiveness of demand change due to price change.

Q: For normal goods A) the substitution effect of a price decrease will decrease the quantity of the…

A: A normal good is a product which is undergoing a spike in demand leading to a growth in the earnings…

Q: Consumers maximízestheirutiliy when Ybren a. The marginal utility of each good is equal 6. The…

A: Consumer maximizes his utility at the point when, MUX/PX = MUY/PY, where X and Y are the two…

Q: When deciding which goods to consume, you should choose to consume the good with the highest…

A: Marginal utility describes the additional satisfaction or benefit (utility) that a consumer derives…

Q: Good X A B IC2 Good Y | The rotation of the budget line from red to blue depicts an increase in…

A:

Q: Mary makes the following choices of X1 and X2 when prices and income are as follows:…

A: Income refers to the money or financial gain that an individual, household, business, or entity…

Q: A good's price elasticity of demand depends in part on how necessary it is relative to other goods.…

A: Part (1)   If a good has a higher number of close substitutes, then that good has a relatively…

Q: Illustrate and explain how consumer equilibrium is achieved using the indifference curve? Discuss…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: If you expect the price of ice cream to increase next week, your demand curve for ice cream will O…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: qty per week Marginal Utility of songs Marginal Utility of Cookies 1 15 25 13 20 12 16 4 11 13 10 11…

A: Price of song=$2 Price of cookie=$1

Q: Oreos and orange juice have a negative cross-price elasticity. So, the two goods are O necessities.…

A: The question addresses the relationship between two goods, Oreos and orange juice, concerning their…

Q: The table below shows the marginal utility from consuming mini pizzas and sodas. If pizzas and soda…

A: Given : The price of a mini pizza is $1 The price of a soda is $.50 Money income = $4

Q: Mylie's total utility from singing the same song over and over is 70 utils after one repetition, 110…

A: To find total utility, we find the difference in two successive TU for each additional repetition.…

Q: Which of the following combinations best describes the effects.of a consumer income increase on the…

A: For normal goods, income and demand are directly related. An increase in income would lead to an…

Q: Total utility diminished as the quantity of a good increases increases as long as more goods are…

A: Total utility refers to the overall satisfaction obtained by an individual from the consumption of a…

Q: Marginal utility is negative only when quantity demanded is negative. Select one: O a. True Ob.…

A: In economics,­ use of the word 'utility' shows how much value or be­nefit a person gets from a…

Q: Sohail’s income declines and as a result, he buys more pumpkin juice. Is pumpkin juice an inferior…

A: As Sohail buys more pumpkin juice as his income declines, here pumpkin juice is an inferior good.…

Q: Andrew is currently spending all his income on 2 goods, burgers and Pepsi. He buys burgers at 4 L.E.…

A: Consumer equilibrium is the situation of utility Maximization it is achieved due to working of Law…

Q: A consumer's weekly income is $5000, the price of a cell phone is $1250, and the price of a watch is…

A: Price: It refers to the cost of goods and services. The more the price in the economy the less the…