If BC2 is the relevant budget constraint, then the consumer will purchase bundle

Q: When managing time, consumers should consider time as if it were: (a) money or a scare resource (b)…

A: Having a resource that is scarce, including money and also time, is something that will be of…

Q: Q- Marginal utility can never be negative. True/False

A: Total utility is the total satisfaction that a consumer derives when he consumes goods and services.…

Q: what is the derivative of the utility function UU = log (100-2PPii) + log(PPjj+PPdd) with respect to…

A: The degree of satisfaction that a consumer has after consuming a combination of items or services is…

Q: Peter and Cindy each had some money at first. Peter started spending $1.20 daily. After 15 days,…

A: money spent by Peter daily = $1.20 money spent by Cindy = 5/3 * 1.20 = $2

Q: If BC2 is the relevant budget constraint, then which bundle (combination of X and Y goods) will…

A: Budget constraint shows the combination of two goods that can be purchased with the given income and…

Q: Donald likes fishing (X1) and hanging out in his hammock (X2). His utility function for these two…

A: Utility is defined as the ability of a particular service or a good to satisfy a specific need.…

Q: What factors commonly influence a person’s daily buying choices? Select one of these and explain how…

A: These are the factors which influence a person’s daily buying choices: The income of the consumer:…

Q: Example of budget line

A: A budget line shows all the combinations of two goods X and Y which the consumer can afford to buy…

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: Explain how utility could be used in a decision where performance is not measured by monetary value.

A: Utility is resisted as a term used to portray the fulfillment an individual gets from the…

Q: QUI If the budget equation is the following 19594 x₁ + 8525 x2 = 10269. What is the maximum amount…

A: To find the maximum amount of x1that a consumer can buy given the budget constraint equation

Q: True/False Marginal utility is 0 for the Consumption of the very first unit.

A: the term marginal utility simply means the extra satisfaction which a consumer gets when he consumes…

Q: The horizontal intercept of the consumer's budget line is equal to a) T -T O b) wh +T -T c+ w(h-1) O…

A: A consumer's budget line is a locus of different combinations of two goods that a consumer can…

Q: Good Y H A B E F C BC2 G BC1 D Good X

A: Indifference curves or IC curves represents combinations of two goods represented on the either axis…

Q: "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain

A: It is possible that you get all the break fast you need on a specific morning, however, will that…

Q: Consumers exercise self interest when

A: Any person or group of persons who buy or utilize products or services only for their own…

Q: DEFINE Limit of consumption options

A: Democratic government is a type of government that is based on mixed economy. it has been seen that…

Q: Discuss Budget line

A: A budget refers to an estimate of revenues and expenses that are to be incurred in the future and…

Q: What is a extrapolation

A: In economics there are several economic activities and events that cater to the different analyses…

Q: a full explanation about perceived enjoyment

A: Enjoyment is basically the pleasure that people get from the various activities they perform in…

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: B E C BC21 G BC1 D Good X

A: Budget line shows us the combination of two goods that can be bought given the prices of thr goods…

Q: Find consumption if income is $300 and APC is 0.43

A: The information being given is:- Income = $300 Average propensity to consume = 0.43 We have to…

Q: If BC2 is the relevant budget constraint, which of the identified bundles (combinations of X and Y…

A: Budget constraint shows the combinations of two goods that can be consumed by a buyer with the given…

Q: You have $3,000 to spend on entertainment this year (lucky you!). The price of a day trip (T) is $40…

A: Utility is a fundamental concept in economic theory and plays a central role in the study of…

Q: If corn cost $.55 per pound and protein supplement cost $.12 per pound what is the maximum amount of…

A: It represents the combinations of 2 goods that a consumer can afford to purchase given their…

Q: Find the x and y values that will optimize utility for U = x0.25 y0.4 subject to P = 2, P, = 8, and…

A: We have Cobb-Douglas utility function, U = x^0.25y ^0.4 The budget equation, Px*x + Py*y = B 2x+8y =…

Q: Draw two axes: on the horizontal axis (x-axis), represent the quantity of good x, and on the…

A: The utility function refers to all those commodity bundles that derive the same amount of utility…

Q: Why do people buy more goods and services when their budget increases?

A: People's budget can be increased by two ways.  First, when their income increases, second when the…