37. Total utility is defined as: The total satisfaction derived from consuming a given bundle of goods and services b. The change to utility or satisfaction as consumption of a good is increased by one unit c. The total satisfaction derived from decreasing the quantity of goods and services consumed d. The total satisfaction derived from not consuming the quantity of goods and services we used to consume before price decrease

Q: 3. A consumer is maximizing his satisfaction. Due to a change in tastes, his marginal utility…

A: The consumer consumes two goods and he is presently maximizing his satisfaction. The satisfaction…

Q: 6. The law of diminishing marginal utility can be stated as follows: a. as the amount of a good…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: The Law of Diminishing Utility: For example, I consume too many apples. Until I eat the fifth one, I…

A: The law of diminishing marginal utility basically refers that as consumption increases, the marginal…

Q: 7) The want satisfying power of a commodity is known as: A) Supply B) Consumption C) Utility D)…

A: The utility is defined as the satisfying power of an good. In simple words, utility refers to the…

Q: 1. Classify each pair of goods as substitutes, complements, or independent. - shoes and sandals  -…

A: Substitutes are goods that are used in place of the other. Complements are goods that are used…

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: 5. Consumer value can be determined by how consumer utility compares between different items.…

A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…

Q: . It is the satisfaction derived from the consumption of a commodity. A. Total utility…

A: Production means converting raw materials into finished goods. It means the goods and services are…

Q: 2- The following graph shows three indifference curves and the accompanying budget constraints for…

A: On a budget constraint diagram, an indifference curve is created to show the tradeoffs between two…

Q: Marginal utility can be:             decreasing, but not negative.             positive, but not…

A: 1. Marginal utility can be C.Positive, negative or zero Marginal utility is an important concept…

Q: Regard these commodities as providing equal satisfaction value             Buy these commodities in…

A: The literal meaning of utility is satisfaction. So utility means the satisfaction derived by a…

Q: 3. The law of diminishing marginal utility means: The marginal utility of consuming successive units…

A: Total utility refers to the satisfaction of the consumer that is attained after consuming a…

Q: What does a negative marginal utility means? Why does it happen? Explain.

A: Marginal Utility:- Marginal Utility refers to utility that consumer get with every additional unit…

Q: Using graph, explain when consumer maximize his utility? - Draw the graph Explanation

A: The complete enjoyment derived from consuming an item or service is referred to as utility in…

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: ) An Indifference curve slope down towards right since more of one commodity and less of another…

A: Indifference curve: - it shows a different combination of goods that provides the same level of…

Q: . Explain utility and its connection to consumer behavior

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Describe in detail about Equilibrium, budget line, new equilibrium as well as how consumers are…

A: Consumers, producers, households, and other economic variables are the focus of microeconomics. It…

Q: 40. Total utility of a commodity is measured by which price of that commodity?

A: To find : How is total utility of commodity is measured.

Q: Question1: a-Using an example with graph, explain when consumer is in equilibrium? b- Draw the…

A: Using an example with graph, explain when consumer is in equilibrium? Answer: Consumer equilibrium…

Q: 5. The table below shows total utility for two products. Suppose that the price for product A is $5…

A: Total utility is the aggregate utility or satisfaction that is derived from a good that a consumer…

Q: 1. According to the law of diminishing marginal utility, which of the following choices is true?…

A: The law of diminishing marginal utility is used to explain the nature of the consumer satisfaction…

Q: Question 18     An increase in the price of product A will:             cause utility-maximizing…

A: We have to find an in increase in the price of product A.

Q: 1. Using the consumer choice theory, explain how an individual decides what combinations of…

A: The answer is as follows:-

Q: 1. A consumer consumes two kinds of goods, namely X and Y. The total satisfaction (TU) obtained in…

A: Hello, since there are multiple questions posted, we will answer first question. If you want any…

Q: 36. Marginal utility is defined as: a. The change to utility or satisfaction as consumption of a…

A: The change in the total utility from the consumption of an additional unit of a good is known as a…

Q: 11)Which of the following describes what happens to a consumer's budget line if that consumer's…

A: Budget line: A budget line is the graphical representation of all the possible combinations of two…

Q: What is the difference between total utility and marginal utility? Explain.

A: Total utility : Total utility is the aggregate or total utility that a person derives from consuming…

Q: 7) The law of diminishing marginal utility (a) refers to the decrease in total satisfaction as more…

A: Utility means that the satisfaction achieves from the consumption of the good reaches its maximum.…

Q: 6. Inferior goods: those we buy less as our income increases. are

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Questions 4 (Choice & Demand). Suppose a consumer's utility function is given by: U(xi, x: ) = x,"…

A: Answer: Utility function: Ux1, x2=x10.4x20.6 (a). The Lagrangian function is given below: L=Ux1,…

Q: Question 1 Which of the following statements is NOT true? O Both represent the satisfaction obtained…

A: Here, Utility can be defined as the satisfaction derived from the consumption of a commodity and…

Q: 6. Using Marginal Utility analysis, carefully explain why the Demand Curve for a given product is…

A: Demand, if a person is willing to buy and he has the ability to pay then it is considered a demand…

Q: bination of goods lying outside of the budget line:             implies that the consumer is not…

A: A budget line shows all the possible combinations of two goods that a consumer can buy with the…

Q: This table shows the quantities consumed of one commodity and the total utility gained from this…

A: Marginal utility refers to the additional units of satisfaction derived from one more additional…

Q: 5. The principle of diminishing marginal utility means that as you spend more and more hours…

A: Answer for Q#25 According to the law of diminishing marginal utility, when more and more units of a…