If marginal utility is less than the price, the consumer will

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: A negative marginal utility implies that the consumer has reached a point of satiation.

A: Total utility, in economics, is defined as the total amount of satisfaction which a consumer…

Q: ___ is the lack of satisfaction yielded after consuming too much of the same product. A.…

A: Utility is a measure of satisfaction generated to a consumer from the consumption of a good or…

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

A: Utility refers to the want satisfying power of a commodity. Marginal Utility refers to the utility…

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

A:

Q: What is meant by Utility ?

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: commodity. In other words, It is the utility derived from each additional unit. Marginal Utility…

A: Option A Marginal Utility It is the change in total utility which is attained when an additional…

Q: According to the law of diminishing marginal utility total utility will rise at a falling rate as…

A: Utility is described as the overall satisfaction a consumer feels after using a product or service.…

Q: Total utility is maximized when marginal utility becomes (positive, zero, negative)

A: The utility is a want satisfying power of a commodity. Marginal utility is the additional utility…

Q: utility is the additional satisfaction gained by consuming of a good.

A: In Economics, Utility is defined as the usefulness or enjoyment of a consumer which he/she gets from…

Q: The principle of diminishing marginal utility says that A. total utility increases by smaller and…

A: Law of diminishing utility means that additional utility gained from consuming one more unit factor…

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: When marginal utility is positive, total utility____

A: Marginal utility is the additional utility derived from having an additional unit of commodity.…

Q: Explain marginal utility. Then describe the law of diminishing marginal utility and provide an…

A: Marginal Utility: - marginal utility is the utility derived by the consumption of an additional…

Q: would you rather maximize your total utility or your marginal utility?

A: Total Utility is the total satisfaction that a consumer receives when he consumes different units of…

Q: Is it possible for marginal utility to be negative while total utility is positive

A: The total utility (TU) can be understood as the total satisfaction that is derived from consumption…

Q: Describe the point at which a consumer maximizes utility.

A: A rational consumer is going to be in equilibrium when his utility is maximized within a given…

Q: As consumer has more and more units of a goods, its marginal utility to him (a) Declines (b) Rises…

A: # Marginal utility is the satisfaction derived from the consumption of an additional unit of a good…

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

A: In a market, utility refers to the economic concept to explains the value of a good for a specific…

Q: The concept of diminishing marginal utility with the help of necessary tables and graphs taking a…

A: In economics, utility refers to the entire pleasure derived from the consumption of an item or…

Q: What is marginal utility

A: Answer: Marginal utility refers to the change caused due to the change in the additional utility…

Q: What is meant by form utility?

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

Q: Assuming utility positively depends on two goods, indifference curves can cross or intersect. True…

A: Indifference curve is a graphical representation which shows different level of combinations of two…

Q: . The total utility of 3 units of good X is 22 and the total utility of 5 units of good X is 28. The…

A: The marginal utility refers to the change in the total utility when one additional unit of good is…

Q: A consumer is in equilibrium when marginal utilities are

A: To find : When will consumer in equilibrium.

Q: The marginal utility for the sixth unit is:

A: Marginal utility:  The change in the utility from the increase in consumption of goods is marginal…

Q: impacts of marginal utility. Imagine that you are a seller of phones: How can you increase the…

A: Marginal Utility: When an individual consumes something then by consuming the extra amount of goods…

Q: Either find a utility function for each of the examples or discuss what properties should it have.…

A: Economists formulate the theory of consumer behavior on consumer preferences and utility is…

Q: Marginal utility is equal to?

A: Utility It's a metric for assessing a person's level of satisfaction with the things they've…

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: Check if the following utility functions represent the same preferences: u = x+y, v = x3 + y3, w =…

A:

Q: Suppose that at three units purchased, marginal utility is $8 and total utility is $30. If the…

A: Here, given information is, Marginal utility from three units: $8 Total utility from three units:…

Q: Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $4.00 and…

A:

Q: Using the concept of a numeraire, set out a budget line for good X1 and X2 representing all other…

A: Answer: Given, There are two goods i.e. good X1 and X2 that represent all other goods. Monthly…

Q: What is the axiom of consumer choice that implies that consumers spend all their income in order to…

A: The axiom of consumer choice that implies that consumers spend all their income in order to maximize…

Q: Some restaurants offer “all you can eat” meals. How is this practice related to diminishing marginal…

A: When a person can buy a slice of pizza for $2 and is hungry, he or she decides to buy five slices.…

Q: Indifference curves represent: a) Ability to pay b) Total Utility c) Marginal Utility d) None of the…

A: Total utility refers to the total satisfaction that a consumer gets from consuming a good. Marginal…

Q: explain the consumer equilibrium condition according to the utility theory.

A: Utility: - Utility is the satisfaction derived by any consumer from consuming a good or service.

Q: Marginal utility can also become negative True/False

A: The additional utility which adds with more consumption of goods and services is called marginal…