Bridget's preferences for apples( X) and bananas(Y) can be represented by the utility function U=0.5XY. Find her marginal utility for bananas when she consumes 1 apple and 3 bananas.

Q: Which statement BEST describes the principle of diminishing marginal utility? As an individual…

A: According to the law of diminishing marginal utility, as we consume more and more of a good then the…

Q: Clara's utility function is U(x, y) =(x+2)(y+1). If her marginal rate of substitution is -4 and she…

A: Marginal rate of substitution is the rate at which one good is substituted for other. It is the…

Q: Consider a consumer with the following utility function for goods X and Y: U(x,y) = 2 - 1 y А. What…

A: Marginal utility is that the added satisfaction that a consumer gets from having another unit of…

Q: Jason has the following utility function: U = F?C where F is food and C is clothing. Clothing is…

A: Given   Jason utility function U=F2C             .........(1) Where F is food and C is clothing…

Q: Suppose Pizza (P) and Hamburgers (H) are perfect substitutes to Kate. Two slices of Pizza always…

A: Given  Pizza (P) and Hamburgers (H) are perfect substitute  and utility from 2 slices of Pizza =…

Q: Which of the following utility functions represent preferences which do not satisfy monotonicity? U=…

A: Monotonic preferences refer to such consumer preferences towards the greater consumption of goods…

Q: given the utility function U=150X+40X2-X3, derive average and marginal utility functions, Find the…

A: Answer: Given, Utility function: U=150X+40X2-X3 Average utility function (AUF): To find the average…

Q: Which of the following are true regarding the law of diminishing marginal utility? The more a person…

A: The marginal utility derived from each additional unit decreases as consumption increases, according…

Q: Calculate the MRS for the following utility function U (x1, X2) = 2x + x; + e³x1 (in text mode, the…

A: Utility function : U(x1 , x2 ) = 2x12 + x22 + e3x1 Marginal Rate of substitution refers to the rate…

Q: Consumer spends $450 per week on two goods, X and Y. PX= $5 and PY=$3. His utility function is U=…

A: Consumers behavior is inclined towards utility maximization, whereas producers behavior is inclined…

Q: Consider the consumer whose tastes and preferences for (X) and (Y) can be characterized by the…

A: The utility function can be written as follows: The budget constraint can be written as follows:

Q: Consider the utility function u(x1, x2) = x10.5x20.5. Find the Marginal Utilities with respect to…

A: Marginal utility means utility gained from consumption of one more unit of a good.

Q: Mary has the utility function u(x, y) = Inx + x^2. Are her preferences strongly convex?

A: u (x,y) = ln x +x2

Q: What condition should be met in order for the consumer to maximize satisfaction in the consumption…

A: Consumer Utility Maximisation - Utility maximisation is an important concept in microeconomics. It…

Q: As Lynn eats more pizza, we would typically expect her marginal utility from eating pizza to:

A: Marginal utility, in economics refers to the satisfaction that is gained by a consumer after…

Q: g Ford, a consumer from Toronto, is in equilibrium and spending income so that the marginal utility…

A:

Q: The marginal utility for the third unit of X is 60 utils, and the marginal utility for the fourth…

A: The law of diminishing marginal utility states that  as consumer consumes more and more of a good,…

Q: A consumer has $600 to spend on good x and y. Her preferences can be represented by the utility…

A: Given; Income of the consumer= $600 Utility function; U(x,y)=y+100In x Price of good x= $10 Price of…

Q: Consider the following utility function for goods x1 and x2:   u(x1,x2)=(x1+x2)2    What type of…

A: Utility function is a representation of individuals preferences for goods and services.

Q: Bridget's preferences for apples( X) and bananas(Y) can be represented by the utility function…

A:

Q: The Busto family is allocating its monthly household expenditure between only two goods, food and…

A: Given information: Price of food: $5 per unit Price of clothing: $10 per unit Marginal utility from…

Q: John spends all his money on leather jackets and hats. John’s utility function is given by U(x1,…

A: Indifference curves are curves that show a combination of the goods that provide equal satisfaction…

Q: A consumer is in equilibrium and is spending income in such a way that the marginal utility of…

A: Here,

Q: True or False? The preferences represented by the utility function u(x, y) = A + 0.4 * log(x) + 0.6…

A: In economics, utility refers to the pleasure or happiness that consumers derive from using a product…

Q: please help

A: Use equilibrium condition to solve for x and y in terms of prices Px and Py.

Q: Assume that Rossi consumes only bananas and avocado. Fortunately, she likes both goods. The…

A: X1 represents consumption of bananas per week X2 represents consumption of avocado per week.…

Q: Dave currently consumes 10 hot dogs and 6 sodas each week. At his current consumption basket, his…

A: Marginal utility is the utility gained when an additional unit of a good is consumed. Ina two goods…

Q: To reach consumer equilibrium, which of the following consumption choices must be made? The total…

A: Answer - Need to find- To reach consumer equilibrium, which of the following consumption choices…

Q: The price of goods A and B are 20 and 10 respectively. given that the marginal utility of commodity…

A: Marginal utility is the extra utility experienced with the consumption of an additional unit of a…

Q: Bridget's preferences for apples( X) and bananas(Y) can be represented by the utility function…

A: Utility refers to the satisfaction obtained by the consumers from a good or service. While ,…

Q: Victoria has the following utility function: U(x,y) = x½y½ and faces the budget constraint: M = Px +…

A: Given, U(x,y) = x12y12 M = 120 Px = 4 Py = 1 M = Px + Py 120 = 4x + y        ------------ equation…

Q: Suppose the weighted marginal utility for two goods, x and y, at a position of consumer equilibrium…

A: Here, weighted marginal utility is given as 70 at equilibrium, it implies that MUm is equal to 70.

Q: Miss Coco consumes cheese cake and curry puff. Her consumption yields the following total utility as…

A: The entire satisfaction gained from the consumption of an item or service is referred to as utility…

Q: Tina consumes only two goods , x and y, and her utility function is u(x1,x2) = x12+x22. (1) Find…

A: Given utility function is u(x1,x2) = x12+x22

Q: Suppose Jack is currently consuming nine movies and nine concerts per month. It his utility function…

A: GIVEN   Suppose Jack is currently consuming nine movies and nine concerts per month. If his utility…

Q: Explain how consumer equilibrium is reached using marginal utility analysis.

A: Utility refers to the power of a good to satisfy the wants of the people. Marginal utility refers to…

Q: Assuming that seafood is your favorite food. Would the law of diminishing marginal utility apply to…

A: The law of diminishing marginal utility states that, when the consumer consumes a commodity without…

Q: Miss Coco consumes cheese cake and curry puff. Her consumption yields the following total utility as…

A: Marginal utility is the additional utility gained from consuming an additional unit of the good.

Q: John's utility function is U(X,Y) = 5min{2x, 3Y}. If his income is 100, and the unit price of the…

A: The utility function with min shows that goods are complements which are consumed together

Q: If the price of a cinema ticket is 20, the price of a concert ticket is 40 and the income is 120,…

A: Budget constraint shows the combination of two goods a person can afford given its income level and…

Q: A household with strictly convex preferences may consume only one of two goods.

A: Strict convexity of preferences may be a stronger property than simply plain convexity. Preferences…

Q: If we consume an additional unit of goods when utility is maximum, the utility we get from this…

A: Utility refers to satisfaction of consumers that they can get by consuming goods and services.…

Q: Bob views apples and oranges as perfect substitutes in his​ consumption, and MRS​ = 1 for all…

A: The marginal rate of substitution in economics is the amount of a good that a consumer is willing to…

Q: Suppose the function for the utility from good c is denoted as U(c)=2c1/2 .  Which of the following…

A: Given  Utility function:  U(c) = 2c1/2.    ..... (1) Where have to find marginal utility from good c

Q: Find the maximizing utility for the person consuming two commodities from the following information:…

A: Answer - Total Utility -  It is the total satisfaction received by consuming by a given total…