Rank each of the following three gift possibilities in terms of how much utility they are likely to bring and explain your reasoning. A store-specific gift card worth $15, a $15 item from that specific store, and $15 of cash that can be spent anywhere

Q: Explain what the utility maximizing choice means. Discuss how you could use marginal utility to…

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

Q: How should I spend my money in order to maximize my utility?”

A: Utility refers to the the satisfaction derived by consumption of a good/commodity or a service.

Q: Explain how changes in income (budget constraint) and prices affect consumer consumption choices.…

A: Considering a 2 good case given the prices and income levels of consumer budget constraint / line is…

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: On Sunday afternoon, you have arrived for brunch, where you can choose from only two types of…

A: Marginal Utility is the quantity a consumer wants to consume and this utility keeps on decreasing…

Q: Luke has a monthly income of $80. He spends this money making telephone calls from home (measured in…

A: Given information: Luke's Monthly income of $80 Plan A: at 0 monthly fees, make calls for $0.50 per…

Q: Why do people purchase more of something when its price falls?

A: Law of demand states that when other things remain the same increasing price leads to reduces the…

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

A: The consumer choice theory can be understood as a theory that explains the change in consumer…

Q: How do your total and marginal utility change as you stay at home watching the same TV show (not…

A: The objective of the question is to understand how total and marginal utility change as a person…

Q: What are the types of utility

A: Utility refers to the total satisfaction that is derived from consuming a good or a service. Utility…

Q: The amount of a good that buyers are willing and able to purchase at a given price.

A: Consumer theory is the theory that deals with determination of a point at which a consumer maximizes…

Q: Would you call your refrigerator a comfort or a necessity?

A: Necessity commodities are those products and services that customers can purchase regardless of…

Q: Luke has a monthly income of $80. He spends this money making telephone calls from home (measured in…

A: Budget constraint refers to all possible combinations of goods that a person can afford, given the…

Q: Why would someone disagree with your preferred preference?

A: Preferences refer to an individual's or society's subjective rankings or choices regarding various…

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: 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: When a consumer is below the budget line, what does it mean?

A: According to the given question A budget line is gradually a line which have other name that is the…

Q: would you rather maximize your total utility or your marginal utility?

A: Total Utility is the total satisfaction that a consumer receives when he consumes different units of…

Q: How does a consumer determine how much of a good he or she will buy?

A: In a market, when a consumer wants to purchase a specific good, he needs to decide how much quantity…

Q: a full explanation about perceived enjoyment

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

Q: Using the consumer choice theory, explain how an individual decides how to adjust her preferred…

A: Consumer choice theory: It refers to the idea in which the consumers will try to purchase to…

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: You are shopping for new clothes and you like the style of a shirt. The store clerk tells you they…

A: This is an issue of likelihood, that can be addressed by utilizing a table, a tree graph or…

Q: What is utility

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

Q: Explain utility and its connection to consumer behavior

A: The Utility is a concept used by economists to define and rank preferences of the consumer’s…

Q: Describe several ways in which consumers are less than free in making choices about which products…

A: The question aims to explore the various factors that limit the freedom of consumers in making…

Q: How a price change affects consumer optimum?

A: In consumer's equilibrium, consumer optimum means getting a maximum level of satisfaction after…

Q: Marie has a weekly budget of $24. Pie's are $12. Magazine's are $4. What is the maximum number of…

A: The amount of goods that a consumer can purchase over a given period of time is limited by the…

Q: Total utility

A: In economics, utility refers to the complete satisfaction derived from the consumption of an item or…