Ranking the highest value activity to the lowest value activity.

Question

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Answer 1

Question

Chapter 7, Problem 1FT

Subpart (a):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (a):

Expert Solution

Explanation of Solution

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity.

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity. Here in this case, eating an orange may be possibly the high valued activity followed by squeezing it to drink its juice. Using the orange as a decorative fruit or giving it to a friend might follow them. A person throwing the fruit on the one whom he does not like would be the least priority item. The order can change in any manner because the utility from each activity would be different for different individuals.

Economics Concept Introduction

Concept introduction:

Utility: Utility is the measure of satisfaction that the consumer receives from the consumption of a unit of commodity or service.

Subpart (b):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (b):

Expert Solution

Explanation of Solution

When the price of the orange is high and the student is able to purchase four oranges, the student would not do the activity where he ranks at number 5 or the least priority activity. The four oranges would be used for the other four purposes by the student.

Subpart (c):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (c):

Expert Solution

Explanation of Solution

In order to purchase the five oranges by the student, the value of the fifth orange must be at least just below than the value of the fifth-ranked activity by the student.

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Answer 2

Question

Chapter 7, Problem 1FT

Subpart (a):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (a):

Expert Solution

Explanation of Solution

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity.

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity. Here in this case, eating an orange may be possibly the high valued activity followed by squeezing it to drink its juice. Using the orange as a decorative fruit or giving it to a friend might follow them. A person throwing the fruit on the one whom he does not like would be the least priority item. The order can change in any manner because the utility from each activity would be different for different individuals.

Economics Concept Introduction

Concept introduction:

Utility: Utility is the measure of satisfaction that the consumer receives from the consumption of a unit of commodity or service.

Subpart (b):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (b):

Expert Solution

Explanation of Solution

When the price of the orange is high and the student is able to purchase four oranges, the student would not do the activity where he ranks at number 5 or the least priority activity. The four oranges would be used for the other four purposes by the student.

Subpart (c):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (c):

Expert Solution

Explanation of Solution

In order to purchase the five oranges by the student, the value of the fifth orange must be at least just below than the value of the fifth-ranked activity by the student.

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Answer 3

Question

Chapter 7, Problem 1FT

Subpart (a):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (a):

Expert Solution

Explanation of Solution

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity.

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity. Here in this case, eating an orange may be possibly the high valued activity followed by squeezing it to drink its juice. Using the orange as a decorative fruit or giving it to a friend might follow them. A person throwing the fruit on the one whom he does not like would be the least priority item. The order can change in any manner because the utility from each activity would be different for different individuals.

Economics Concept Introduction

Concept introduction:

Utility: Utility is the measure of satisfaction that the consumer receives from the consumption of a unit of commodity or service.

Subpart (b):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (b):

Expert Solution

Explanation of Solution

When the price of the orange is high and the student is able to purchase four oranges, the student would not do the activity where he ranks at number 5 or the least priority activity. The four oranges would be used for the other four purposes by the student.

Subpart (c):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (c):

Expert Solution

Explanation of Solution

In order to purchase the five oranges by the student, the value of the fifth orange must be at least just below than the value of the fifth-ranked activity by the student.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 7, Problem 1FT

Subpart (a):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (a):

Expert Solution

Explanation of Solution

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity.

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity. Here in this case, eating an orange may be possibly the high valued activity followed by squeezing it to drink its juice. Using the orange as a decorative fruit or giving it to a friend might follow them. A person throwing the fruit on the one whom he does not like would be the least priority item. The order can change in any manner because the utility from each activity would be different for different individuals.

Economics Concept Introduction

Concept introduction:

Utility: Utility is the measure of satisfaction that the consumer receives from the consumption of a unit of commodity or service.

Subpart (b):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (b):

Expert Solution

Explanation of Solution

When the price of the orange is high and the student is able to purchase four oranges, the student would not do the activity where he ranks at number 5 or the least priority activity. The four oranges would be used for the other four purposes by the student.

Subpart (c):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (c):

Expert Solution

Explanation of Solution

In order to purchase the five oranges by the student, the value of the fifth orange must be at least just below than the value of the fifth-ranked activity by the student.

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Answer 5

Chapter 7, Problem 1FT

Subpart (a):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (a):

Expert Solution

Explanation of Solution

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity.

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity. Here in this case, eating an orange may be possibly the high valued activity followed by squeezing it to drink its juice. Using the orange as a decorative fruit or giving it to a friend might follow them. A person throwing the fruit on the one whom he does not like would be the least priority item. The order can change in any manner because the utility from each activity would be different for different individuals.

Economics Concept Introduction

Concept introduction:

Utility: Utility is the measure of satisfaction that the consumer receives from the consumption of a unit of commodity or service.

Subpart (b):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (b):

Expert Solution

Explanation of Solution

When the price of the orange is high and the student is able to purchase four oranges, the student would not do the activity where he ranks at number 5 or the least priority activity. The four oranges would be used for the other four purposes by the student.

Subpart (c):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (c):

Expert Solution

Explanation of Solution

In order to purchase the five oranges by the student, the value of the fifth orange must be at least just below than the value of the fifth-ranked activity by the student.

Answer 6

Chapter 7, Problem 1FT

Subpart (a):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (a):

Expert Solution

Explanation of Solution

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity.

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity. Here in this case, eating an orange may be possibly the high valued activity followed by squeezing it to drink its juice. Using the orange as a decorative fruit or giving it to a friend might follow them. A person throwing the fruit on the one whom he does not like would be the least priority item. The order can change in any manner because the utility from each activity would be different for different individuals.

Economics Concept Introduction

Concept introduction:

Utility: Utility is the measure of satisfaction that the consumer receives from the consumption of a unit of commodity or service.

Answer 7

Chapter 7, Problem 1FT

Subpart (a):

To determine

Ranking the highest value activity to the lowest value activity.

Answer 8

Subpart (a):

Expert Solution

Explanation of Solution

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity.

Utility is the measure of satisfaction that the consumers receive from the consumption of a unit of the commodity or service from the market. The different activities can be ordered on the basis of the utility received from each activity. Here in this case, eating an orange may be possibly the high valued activity followed by squeezing it to drink its juice. Using the orange as a decorative fruit or giving it to a friend might follow them. A person throwing the fruit on the one whom he does not like would be the least priority item. The order can change in any manner because the utility from each activity would be different for different individuals.

Answer 9

Subpart (a):

Expert Solution

Answer 10

Subpart (a):

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Concept introduction:

Utility: Utility is the measure of satisfaction that the consumer receives from the consumption of a unit of commodity or service.

Answer 13

Subpart (b):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (b):

Expert Solution

Explanation of Solution

When the price of the orange is high and the student is able to purchase four oranges, the student would not do the activity where he ranks at number 5 or the least priority activity. The four oranges would be used for the other four purposes by the student.

Answer 14

Subpart (b):

To determine

Ranking the highest value activity to the lowest value activity.

Answer 15

Subpart (b):

Expert Solution

Explanation of Solution

When the price of the orange is high and the student is able to purchase four oranges, the student would not do the activity where he ranks at number 5 or the least priority activity. The four oranges would be used for the other four purposes by the student.

Answer 16

Subpart (b):

Expert Solution

Answer 17

Subpart (b):

Expert Solution

Answer 18

Expert Solution

Answer 19

Subpart (c):

To determine

Ranking the highest value activity to the lowest value activity.

Subpart (c):

Expert Solution

Explanation of Solution

In order to purchase the five oranges by the student, the value of the fifth orange must be at least just below than the value of the fifth-ranked activity by the student.

Answer 20

Subpart (c):

To determine

Ranking the highest value activity to the lowest value activity.

Answer 21

Subpart (c):

Expert Solution

Explanation of Solution

In order to purchase the five oranges by the student, the value of the fifth orange must be at least just below than the value of the fifth-ranked activity by the student.