1. Suppose that the price of oranges is $1 per unit and the price of pencils is $70 per unit. In addition, suppose that your income is $1900. If you spend all your money an oranges, how many oranges can you buy

Q: If the price of the good (X) is OR 17.7 and the price of the good (Y) is OR 6.5, what is the slope…

A: A consumer is a person who goes to the market and buys products that are essential; products that he…

Q: 17. The marginal rate of substitution between two goods always equals the a. price of one good…

A: Utility refers to the amount of satisfaction that an individual gets from consuming goods and…

Q: 4. Examine the scenario: Consider that the current price of a juice per can is $8, buyers want to…

A: Answer: Given, Current price = $8 Demand for juice cans= 300 cans Supply of juice cans = 600 cans…

Q: A consumer has $300 to spend on goods X and Y. The market prices of these two goods are Px = $15 and…

A: Market rate of substitution refers to the rate at which two goods can be exchanged in a market place…

Q: Question 2 50 A 25 B Fish A budget constraint (line) is given by the line AB above. 1. If income is…

A: Answer - "Thank you for submitting the question.But, we are authorized to solve only 3 subparts .So,…

Q: For months now, Agnes has had $20 per month to spend on tea and scones. The price of a cup of tea…

A: budget constraint: PxX + PYY = m, where m is the income of the consumer…

Q: a) If ketchup and hotdog are both normal goods, how a consumer’s optimum consumption choice change…

A: There are two types of the goods which are inferior or normal good. The normal goods are positively…

Q: 2. A consumer buys only two goods, X and Y, with prices of pxand py and has an income of m. Use…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: . when the price of a good increases and the price of another good and income are held constant, the…

A: Budget lines shows the graphical representation of combination of total expenditure of two goods…

Q: Ria has an income of $1,200. She consumes two types of goods, shoes and handbags. Suppose the price…

A: Opportunity cost of shoes would be $200.

Q: Some restaurants offer "all you can eat" meals. How is this practice related of diminishing marginal…

A: The utility is the level of satisfaction that the individual receives from the consumption of a good…

Q: The table below shows the marginal utility from consuming mini pizzas and sodas. If pizzas and soda…

A: Given: The price of mini pizza is = $1 The price of soda is = $0.50 The total amount to spend is =…

Q: 4. You can spend $5 for a snack and you would like to have two servings of black cherries. When you…

A: Given:  Budget = $5 Increase in the price for black cherries from $2.50 to $2.99 per serving You…

Q: 1. Assume that when the price of X decreases the consumption of Y remains the same. Draw the…

A: Answer -

Q: Amy has $24.00 a week to spend on coffee and Quantity (cups of coffee per week) рop. 24- The price…

A: Budget line: - it is the graphical representation of different combinations of two goods that a…

Q: 3. A person who consumes wine and cheese gets a raise, so his income increases from $3000 to $4000.…

A: Inferior goods are those goods, whose demand will decrease, when the income of the consumer…

Q: 19. Suppose Alphonso's town raises the price of bus tickets from $0.50 to $1 and the price of…

A: Given values in the Question are following -:…

Q: A consumer has income of 15000. Masks costs $35 per mask, and sanitizers cost $70 per bottle. Under…

A: Normal goods are those good which increases the demand for good when the income of the consumer…

Q: 1. Interpret the figure below that illustrates Sally's budget line and her preferences. a. At what…

A: Budget line represent all the combination of goods that can be purchased with given amount of…

Q: What determines the utility an individual receives from consuming a good? Select one: a. The…

A: In economics, the problem of scarcity is addressed by economic agents. As human wants are unlimited,…

Q: 3(b)Discuss, using indifference curve analysis, why a decrease in a sales tax on all goods and…

A: A decrease in sales tax of all goods will lead to fall in income of consumers. A fall in income will…

Q: 1. Suppose you earn $1500 per week and you consume only two types of goods per week- sandwiches and…

A:

Q: Question. If the price of hot dog is $2 and the price of a hamburger is $4, then the  A. Relative…

A: Following are the given data:Price of hot dog=$2Price of hamburger=$4

Q: 4. The price of cheese rises from $6 to $10 per kilogram, while the price of wine remains $3 per…

A: A rise in price from $6 per kg to $10 per kg results in budget line declining from 500 to 300 on…

Q: 1. Refer to graph (multiple choice) graph represents Cara's budget constraint and preferences A.…

A: In economics, the indifference curve illustrates the combinations of two goods that will give the…

Q: do you agree that we have such a diminishing marginal utility of income just like we have a…

A: The law of diminishing marginal utility clarifies that as an individual devours a thing or an item,…

Q: If the price of good 1 doubles and the price of good 2 triples, does the budget line become flatter…

A: Budget line- It is the combination of two goods that a consumer can afford to buy with the given…

Q: Given that maximize utility of two goods, x and y, is where MUx/Px=MUy/Py MUx/MUy=Px/Py , where MU…

A: Marginal utility represents the change in total utility due to change in consumption of a good by an…

Q: olumns 1 through 4 of the accompanying table show the marginal utility, measured in utils, that…

A: choice  Potential choices MU/P DECISION LEFT OVER INCOME 1 FIRST UNIT OF A 4 BUY FIRST UNIT OF A…

Q: Suppose Olivia has an income of $800/week for which she can use to consume two goods: entertainment…

A: Olivia has an income (M) of $800 This income can use to consume two goods: Entertainment (E) and…

Q: If she spends her entire budget, Ya Binta can afford 74 peaches and 9 pineapples. She can also just…

A: Given: Ya Binta can afford = 74 peaches and 9 pineapples And also affords = 14 peaches and 21…

Q: Jaime has preferences over GOOD (A) and GOOD (B), with $60 to spend on the two goods. The market…

A: Answer -

Q: 4. Suppose that a decrease in the price of X results in more of good Y sold. What are X and Y…

A: In a market, two good can be related to each other as they either substitute of each other or they…

Q: 1. Doreen is looking for a flat to rent in Brighton. a. In choosing a flat, she cares about two…

A: Given information U=min(X,2Y) X= Number of bedrooms Y=Number of bathrooms Total income=1000 Price of…

Q: Che table below shows the total benefit, in dollars, that Andrew derives from consuming two goods,…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: 3. Explain the law of diminishing marginal utility with the help of examples and also explain the…

A: The law of diminishing marginal (MU) utility explains how the utility or satisfaction derived from…

Q: QUESTION 7 Select which of the following statements is true if two goods are perfect complements: O…

A: complementary goods are negatively related to each other.

Q: How many pieces of sushi and how many bagels did Deborah consume before the price change? pieces of…

A: A budget line refers to a specific level of consumer income and specific prices of the two goods. If…

Q: PROBLEM (1) Suppose a consumer has just enough money to afford the bundle of 3 apples and 2 oranges,…

A: Utility refers to the amount of satisfaction that a consumer receives from the consumption of a good…