Please explain or derive mathematically the condition for consumer equilibrium.

Q: Considering peanut butter and jelly as compliment goods, if demand of peanut butter decreases…

A: A good that is being used to add value to another good or could not be used without each other is…

Q: The marginal utility is represented by the: Price P a b S D Quantity

A: Utility is the satisfaction gained by the consumer by consumption of a good. Marginal utility is the…

Q: If Cheerios and Milk are complements, consumers consume either one of these goods or the other.…

A: In economics, complement goods are those which are used jointly and can not be used separately. For…

Q: Define the term rational consumer in economics. Use appropriate examples.

A: A rational consumer is a person who makes purchasing decisions based on maximizing their utility or…

Q: A consumer buys two goods X and Y. Suppose price of Good X falls. What will be its effect on its…

A: # The consumer will work accordingly to the law of demand which means if price falls then the demand…

Q: Explain the three characteristics of utility.

A: The economics as a study is based upon the idea that all the societies in the world tend to face a…

Q: What term is used to describe goods that can replace each other to some extent, so that a rise in…

A: Substitute goods: 2 goods X and Y are substitutes if price of good X and demand for good Y are…

Q: a)Assume that the typical consumer always spends a small share of her overall budget on Vietnamese…

A: Total customers = 120,000 Price of other products = Pm= $1 Price of Vietnamese Meals = Pv The…

Q: GrubHub, a food delivery service, has recently expanded to your area. The accompanying table…

A: Demand is a consumer's desire and ability to purchase goods and services that they are willing to…

Q: Which one is the profit maximizing quantity and which one is the profit maximizing price? And how…

A: Profit = Total Revenue - Total Cost Total Revenue = Price*Quantity Demand Function : Q = 9006 - 158P…

Q: Tom had an "absolute need" for web help and therefore was ready to "pay anything" to get it. If this…

A: Tom has an absolute need for web help and is willing to pay any price for it.But demand is not just…

Q: Demand curves are generally downsloping.  Using a good of your own choosing as an example, fully…

A: Demand shows the relationship between the price of the product and quantity demanded. As the price…

Q: Brayden receives some utility from consuming a bottle of store-brand soda, an inferior good.…

A: Normal goods and inferior goods are concepts in economics that describe how consumer demand changes…

Q: The following table shows the amounts of additional satisfaction (marginal utility) that Ross would…

A: Utility is defined as the usefulness or the satisfaction a consumer derives from a good or service…

Q: The price of goods A and B are 20 and 10 respectively. given that the marginal utility of commodity…

A: Marginal utility is the extra utility experienced with the consumption of an additional unit of a…

Q: Calculate the consumers' surplus at the indicated unit price p for the demand equation. HINT [See…

A: Given:P=5P=8-2q5=8-2q2q=8-52q=3q=32q=1.5

Q: Which of the following will cause a movement when looking at an individual’s demand curve?…

A: While a change in price causes a movement along the existing demand curve, a change in non-price…

Q: Will an increase in the price of a complementary good outwardly shift the demand curve?

A: Complementary Goods:- Complementary goods are those goods whose demand decreases when price of other…

Q: Assume that pickled eggs are an inferior good and its market is currently in equilibrium. What will…

A: Given: Pickled Goods are inferior good and its market is currently in equilibrium.

Q: What might a producer do if consumers stopped purchasing their goods? Provide an example of this…

A: The objective of this question is to understand the possible actions a producer might take if…