Q: What are the conditions for utility maximization?

A: Utility refers to the satisfaction that a consumer gets from consumption of a good or service. It…

Q: Q- Marginal utility can never be negative. True/False

A: Total utility is the total satisfaction that a consumer derives when he consumes goods and services.…

Q: How does a consumer determine how much of a good he or she will buy?

A: Consumer- Consumer is a person who purchases goods and services for the maximum satisfaction of…

Q: As a consumer, how can you sustain your needs (basic commodities) despite the challenges in…

A: Answer- Need to find - Ways to utilize your income to satisfy your demands at the most affordable…

Q: Does the income level of a person change their view of substitute goods?

A: Two goods are substitutes of each other if both can be used in place of another. Similar and…

Q: TRUE OR FALSE Each individual has a utility function that spits out a number representing how happy…

A:

Q: What factors commonly influence a person’s daily buying choices? Select one of these and explain how…

A: These are the factors which influence a person’s daily buying choices: The income of the consumer:…

Q: Can someone else measure your utility why or why not?

A: The term "utility" is commonly used in the subject of economics. It can be used to calculate the…

Q: Who introduced utility

A: Utility is characterised as the whole satisfaction a customer experiences when utilising a good or…

Q: what would happen to the utility maximising bundle due to the consumer's decrease in income, ceteris…

A: A consumer consumes goods and services as it gives him utility. The utility is the power of a good…

Q: Px Suppose that a consumer consumes at a point on the Budget line where MRS,y In order to PY…

A: The optimum condition for utility maximization is  MRSX,Y=PXPYwhere, MRSX,Y=MUXMUY Hence, at…

Q: An increase in a consumer's income causes her budget set to encompass […

A: When consumers income increases,more goods would be bought with the same amount of income.

Q: What are the principles of Consumption in Muslim Consumer Behaviour?

A: Principles of Consumption in Muslim Consumer Behaviour are discussed below.

Q: It is a set of those combination of two goods which offer the consumer the same level of…

A: It is the Indifference set which act as an combination of the two goods which actually offers the…

Q: A consumer has a budget to spend on Shoes and Socks. At their current levels of consumption, they…

A: Marginal utility per dollar is the amount of utility obtained by the consumer from spending one more…

Q: What do we mean when we say consumer preferences are complete and transitive?

A: Consumer preferences shows the taste of the consumer and how much satisfaction it receives from…

Q: = 2x₁ + x2. Income = $100. p₁ = 28 and p2 = 10. The utility maximizing quantity of x2 is? Round your…

A: Utility refers to the satisfaction. The aim of the consumer is to maximize the utility subject to…

Q: When a consumer is below the budget line, what does it mean?

A: According to the given question A budget line is gradually a line which have other name that is the…

Q: If you buy less clothing because the price of clothing at your favorite store has gone up, what are…

A: Consumption of products and services in the economy by consumers is referred to as demand. Demand,…

Q: what is a normal good?

A: Goods refers to the goods which are purchased by the consumer to satisfy their wants. Inferior goods…

Q: A utility-maximizing consumer buys so as to make goods. for all pairs of

A: Hi! thanks for the question but as per the guidelines, we can answer only one question at one time.…

Q: Cake and pastries are Substitute goods or complementary goods?

A: If two goods can be used on place of each other than they are Substitute goods and if they are…

Q: Find the quantities of each product that the consumer should buy, subject to the budget, that will…

A: Answer to the question is as follows :

Q: Troy is a utility maximizer. Describe the utility maximization condition. Using the available…

A: Laptop Cost = 750  Drones Cost = 2000  Income = 15,000

Q: Individuals who buy second homes usually spend less. Why is this the case?

A: Utility: The term utility refers to the satisfaction that a person receives by consuming the goods…

Q: Ebrima gets $3 per month as an allowance to spend any way he pleases. Because he likes only peanut…

A: Two goods or services are said to be complements for each other when the utility to be derived from…

Q: What is meant by form utility?

A: Utility is an economic term which refers to satisfaction.

Q: What happens to consumption of a normal good when its price increases?

A: Normal goods are those whose demand increments as individuals' purchasing power and incomes rises.…

Q: What would happen to the utility maximising bundle due to income decreasing... (ceteris paribus) ?

A: Utility maximizing:- People and organizations pursue utility maximisation as a strategic strategy…

Q: A consumer is in equilibrium when marginal utilities are

A: To find : When will consumer in equilibrium.

Q: Focus on the maxims of Quantity, Relation, and Manner. Which maxim(s) is/are flouted when someone…

A: Cooperative PrincipleThe cooperative principle is an idea in sociology and etymology that…

Q: Yona's utility function is U(x,y) = 4 *x +3 * y. %3D The price of one unit of x is 7, the price of…

A: here utility function U(x,y)=4x +3y also we have Px(price of good x)=7 and Py(price of good y)=5 so,…

Q: State any two reasons for why a consumer buy more at a lower price

A: The inverse relationship between price and the quantity demanded is given by the law of demand and…

Q: Who determines how much utility an individual will receive from consuming a good?

A: The demand refers to the total amount of a good which an individual is willing, and able to buy at…

Q: Explain utility and its connection to consumer behavior

A: The Utility is a concept used by economists to define and rank preferences of the consumer’s…

Q: It is a set of those combination of two goods which offer the consumer the same level of…

A: The consumers are considered to be one of the most important entity in an economy. The consumers…

Q: How does household made choices based on budget or their utility satisfaction? Justfiy

A: The first method is that, the households want to minimize their budget, subject to a specific level…

Q: Individuals who buy second homes usually spend less for them than they do for their first homes. Why…

A: Law of diminishing marginal utility- As per this law as there is a rise in the consumption of…

Q: How a price change affects consumer optimum?

A: In consumer's equilibrium, consumer optimum means getting a maximum level of satisfaction after…

Q: In what way may the income of the consumer affect his buying behavior?

A: The income of the consumer is the amount that the consumer has to spend on various goods and…

Q: What happens to the utility we get from each additional unit we consumed?

A: Utility refers to the want satisfying capacity of the individuals that includes the consumers those…