Question 9 Rational consumer behaviour is where a person consumes the amount of a good that maximises the total utility from the good. maximises the consumer surplus from the good. minimises the amount spent on the good to achieve a given level of utility. maximises the marginal utility from the good

Q: The was a consumer sees the product as it compares to other similar products in the market is

A: Answer:- A substitute, or substitutable good The way a consumer sees the product as it compares to…

Q: Question 34 Stephanos spends all of his $500 allowance on slices of pizza and gas for his pickup…

A: To calculate the percentage change in consumption of pizza.

Q: Question 11 A shift in the demand curve of a good is a result of which of the following? Change in…

A: The demand curve is the graphical illustration of the quantity demanded by the individual at…

Q: Newspaper vending machines are designed so that once you have paid for one paper, you have access to…

A: In economics, the term 'utility' is used to describe an individual's satisfaction from consuming or…

Q: 6. Consumer's surplus is the highest in the case c (A) Necessities (B) Comforts (C) Luxuries

A: Consumer surplus is gradually an essential concept in economics, and it is defined as the difference…

Q: QUESTION 9 Refer to the information provided in Figure 3.7 below to answer the questions that…

A: A change in price causes change in quantity demanded and leads to a movement along the demand curve.…

Q: 19. If people consume less of a good when their income increases, it is call a) a subsidy b) a…

A: Income elasticity of demand refers to the responsiveness of the quantity demanded of a command to…

Q: The marginal utility of the last unit of apples consumed is 12, and the marginal utility of the last…

A: Marginal utility is the utility derived by the consuming 1 additional unit of good.

Q: Alternatives that are all equal satisfying to a consumer are illustrated by a) an indifference…

A: Indifference Curve illustrates all combinations of goods that gives the consumer same level of…

Q: state O1 lad an eXtra 00 III tax ue In tne last year. The Governor and the Speaker of the State…

A: In above game there are two players included in the bargaining game . Tax amount to be split between…

Q: The value that consumers get (from consuming a product) over and above what they actually paid for…

A: Understanding the economic worth of a commodity or service is crucial since it influences demand…

Q: Which of the following goods are likely to be considered complements?         a)  Peanut butter and…

A: Complementary goods are those goods of combination which consumed together.These goods enhance…

Q: Tom's utility on two goods, x and y, is presented as below. utility = U(x, y) = √xy ➡) If x costs $1…

A: Utility maximization and expenditure minimization are two fundamental concepts in microeconomics…

Q: A consumer can maximize utility relative to their budget if they consume where   Question 22…

A: Utility maximization is the ultimate goal of consumers.

Q: 30 20 10 0 0 URE 6-1 1 2 3 Unit of a Good 4 5 6 er to Figure 6-1. The marginal utility of the second…

A: Utility is a want satisfying power of a good or service.Marginal utility measures the change in…

Q: The marginal rate of substitution between two goods always equals the O price of one good divided by…

A: ‘Utility’ refers to the satisfaction, which a consumer derives from consuming a good. Marginal…

Q: Marginal benefit A) is the total benefit from all units consumed. B) is constant as more of a good…

A: Answer to the question is as follows:

Q: A rightward shift of the demand curve product Z can be reasonably explained by saying that: Multiple…

A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…

Q: Question 1 Jennifer is a single mom with a weekly budget of $100. She can spend her weekly income on…

A: Utility function : U(f , d  ) = f0.9d0.1 Price of food = 1  Price of diaper = 0.5  Weekly Budget =…

Q: Question 2     The rule for rational budget allocation by the consumer is that the marginal utility…

A: Answer in Step 2

Q: Question 8 Total Utility Oranges Marginal Utility Total Utility Oranges Marginal Utility Lemons…

A: Marginal utility refers to an additional utility with one more unit of good or service consumed.

Q: Question 2 (Choice). Suppose a consumer's utility function is given by: U(xi, x:) = min{9xi, x;} The…

A: Answer a) Fixed proportion of utility function U(x1, x2) = min{9x1, x2} For such functions, 9x1 = x2…

Q: 1. Using the following information, calculate total utility and marginal utility. a. Plot the total…

A: The utility is the wants satisfying power of a product. Total utility is the total amount of…

Q: Question 3. [Lump Sum Principle] Suppose we use fixed proportions utility function with their…

A: Given  Utility function: U(x,y)=minx,2y Demand function of goods x and y: x*=Ipx+0.5py, y*=I2px+py…

Q: When demand increases, O A) the price is lower at any level of quantity demanded. B) the demand…

A: Demand:- demand is a simple concept, demand implies the Quantity demanded of a commodity by all…

Q: Refer to the diagram for athletic shoes. Which of the following would change the optimal quantity to…

A: Equilibrium output is the optimum amount of output that the economy can produce given the…

Q: Budget constraints provide a visual image the represents what a person can afford, given the price…

A: Budget constraint shows the amount of two goods  with given set of income that the consumer can…

Q: The utility of a good or service Multiple Choice O O O is synonymous with usefulness. is the…

A: Consumer theory is referred to the study of how an individual decides on spending their wealth on…