Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 6.A, Problem 6SQ
To determine
The indifference curve’s indication of the yield to the consumers.
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Students have asked these similar questions
s) Using the indifference curves, a budget line and a price change, show how we can derive an individual's demand curve for a
product..
Which statement BEST describes the principle of diminishing marginal utility? As an individual consumes more of a good:
Select one:
a. the marginal utility will eventually become negative.
b. the total utility obtained will eventually become negative.
c. the addition to total utility obtained from the nth unit of the good will be less than that obtained from the immediately preceding unit of the good.
d. the total utility obtained will eventually fall.
MCQ2. Which of the following is used to depict alternative combinations of goods that are equally
satisfying?
A.
B.
None of the below.
An indifference curve.
A demand curve.
C.
D.
A budget constraint
Chapter 6 Solutions
Economics For Today
Ch. 6.1 - Prob. 1YTECh. 6.1 - Prob. 2YTECh. 6.2 - Prob. 1YTECh. 6.A - Prob. 1SQPCh. 6.A - Prob. 2SQPCh. 6.A - Prob. 3SQPCh. 6.A - Prob. 1SQCh. 6.A - Prob. 2SQCh. 6.A - Prob. 3SQCh. 6.A - Prob. 4SQ
Ch. 6.A - Prob. 5SQCh. 6.A - Prob. 6SQCh. 6.A - Prob. 7SQCh. 6.A - Prob. 8SQCh. 6.A - Prob. 9SQCh. 6.A - Prob. 10SQCh. 6.A - Prob. 11SQCh. 6.A - Prob. 12SQCh. 6.A - Prob. 13SQCh. 6.A - Prob. 14SQCh. 6.A - Prob. 15SQCh. 6 - Prob. 1SQPCh. 6 - Prob. 2SQPCh. 6 - Prob. 3SQPCh. 6 - Prob. 4SQPCh. 6 - Prob. 5SQPCh. 6 - Prob. 6SQPCh. 6 - Prob. 7SQPCh. 6 - Prob. 8SQPCh. 6 - Prob. 9SQPCh. 6 - Prob. 10SQPCh. 6 - Prob. 1SQCh. 6 - Prob. 2SQCh. 6 - Prob. 3SQCh. 6 - Prob. 4SQCh. 6 - Prob. 5SQCh. 6 - Prob. 6SQCh. 6 - Prob. 7SQCh. 6 - Prob. 8SQCh. 6 - Prob. 9SQCh. 6 - Prob. 10SQCh. 6 - Prob. 11SQCh. 6 - Prob. 12SQCh. 6 - Prob. 13SQCh. 6 - Prob. 14SQCh. 6 - Prob. 15SQCh. 6 - Prob. 16SQCh. 6 - Prob. 17SQCh. 6 - Prob. 18SQCh. 6 - Prob. 19SQCh. 6 - Prob. 20SQCh. 6 - Prob. 21SQCh. 6 - Prob. 22SQCh. 6 - Prob. 23SQCh. 6 - Prob. 24SQCh. 6 - Prob. 25SQ
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- if there are 2 products, milk and yoghurt, how can we understand the satisfaction maximization choice for these 2 products using the drawing and illustration using indifference curve and budget linearrow_forwardThe marginal rate of substitution (MRS) can be defined as: Select one or more: a. The amount of one good that the consumer is willing to trade for one unit of the other. b. The ratio of the amounts of two goods. c. The change in the consumer’s utility when one good is substituted for another. d. The absolute value of the slope of the indifference curve.arrow_forwardAt the best affordable point, which statement is true? A. The highest affordable indifference curve has the same intercept as the budget line. B. The slope of the indifference curve equals the slope of the budget line. C. Some income is not spent. D. Other points on the same indifference curve are affordable but not preferred. E. The marginal rate of substitution between two goods equals their absolute price.arrow_forward
- Which of the following statements is correct? ___ Marginal utility is the sum of total utility. ____ Total utility is the sum of marginal utilities. ____ Total utility is the product of multiplying price times marginal utility. ____ Total utility is the change in marginal utility as quantity consumed increases.arrow_forwardTotal utility is the addition of all the marginal utilities that an individual derives from successive units. True or False?arrow_forwardIf a rational consumer is in equilibrium, then: a. the marginal utility obtained from one product is equal to the marginal utility obtained from any other product. b. the marginal utility per last dollar spent is the same for all goods consumed. c. total utility becomes zero. d. a reallocation of income would increase the consumer's total utility.arrow_forward
- i. It is known that the indifference curve is convex. What does this tell you about the relationship between the goods? ii. Assuming that seafood is your favorite food. Would the law of diminishing marginal utility apply to your consumption of seafood? iii. Using examples, does an increase in income affect a consumer’s budget line? Does it impact their total utility.arrow_forwardsketch a person’s indifference map and budget line for two goods, X on the horizontal axis and Y on the vertical axis. Mark the optimum consumption point. Now illustrate the following (you might need to draw a separate diagram for each): (a) A rise in the price of good X (a normal good), but no change in the price of good Y. (b) A shift in the person’s tastes from good Y to good X. (c) A fall in the person’s income and a fall in the price of good Y, with the result that the consumption of Y remains constant (but that of X falls).arrow_forwardes: The rate at which a consumer is able to substitute one good for another is determined by the Multiple Choice indifference map. consumer's preferences. ratio of the prices of the goods. marginal rate of substitution.arrow_forward
- Frank is purchasing products C and D in utility-maximizing amounts. If the price of C is $6 and the price of D is $3, then the marginal utility of D is twice that of C. the marginal utility of D is the same as that of C. the marginal utility of C is twice that of D. the relationship between the marginal utility of C and D cannot be determined.arrow_forwardAccording to the law of diminishing marginal utility, what happens as a consumer consumes more units of a good? A. Total utility increases at a decreasing rate.B. Marginal utility increases at a decreasing rate.C. Total utility decreases at an increasing rate.D. Marginal utility decreases at an increasing rate.arrow_forwardThe change in consumption of a good that occurs when its price falls is the result of Select one: a.the complementarity of normal and inferior goods. b.both of the income and substitution effects in combination. c.only the income effect. d.only the substitution effectarrow_forward
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