Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
Question
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Chapter 19, Problem 10QE

a)

To determine

The quantity of pizza and calzone that a consumer would buy.

b)

To determine

The change in the quantity of consumption due to an increase in the price of calzone to $10.

c)

To determine

Principle of rational choice and law of demand.

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The principle of diminishing marginal utility says that people don't enjoy consuming more of a good. True or False and Explain the choice
Which of the following choices best explains how marginal utility causes the average person to eat more food at a buffet than at an a la carte menu where you pay for each item that you want? A. Spending money on food has a very low marginal utility, so customers at a la carte restaurants will generally only buy the cheapest options (which taste worse), causing them to eat less. B. A consumer will eat until the next serving's benefit is less than its cost. At an a la carte restaurant, a consumer will stop ordering even when the marginal utility of the next serving is positive. At an all-you- can-eat buffet, the next serving always costs zero. Therefore, a consumer won't stop until the next bite provides negative marginal utility. C. People go to buffets because they want to eat more. Thus, the customers at buffets are more inclined to eat more food. Marginal utility does not play a factor in how much they eat. incorrect D. Because consumers choose their own portion sizes at a buffet,…
Using the consumer choice theory, explain how an individual decides what combination of different products to buy?
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