Marie has a weekly budget of $24, which she likes to spend on magazines and pies. If the price of a pie is $12, what is the maximum number of pies she could buy in a week?

Q: Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table…

A: Utility maximization was first developed by utilitarian philosophers Jeremy Bentham and John Stewart…

Q: Differentiate between normal goods and inferior goods

A: Normal Goods: - Normal goods are those goods whose demand increases when the income of the consumer…

Q: What does the point on a budget line indicate in terms of prices?

A: # A budget line of the consume represents the price of the two goods and the budget of the income of…

Q: At a certain pizza shop, a single customer could order a pizza dine-in for $12 but he could get a…

A:

Q: With the help of a graph, explain how the decrease in the income affect the consumer's choice for…

A: The demand for goods, and services comes from the buyers, or consumers of those goods, and services.…

Q: Suppose John decides to buy 4 units of food and 4 units of clothing with his $12 budget. Would his…

A: Marginal utility is defined as the additional utility derived from the consumption of an extra unit…

Q: What is utility? the satisfaction a person gets from the consumption of a good a measure of…

A: please find the answer below

Q: Hector has a budget for bottled water and soda pop. If the price of soda pop decreases, Hector will…

A: Indifference curve shows the combination of two goods which give a consumer same level of…

Q: What is meant by Utility ?

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

Q: The consumer is in equilibrium at a point where the budget line

A: Consumers are balanced at the intersection of the budget lines.

Q: The budget set, or budget constraint, in the graph shows the possible combinations of brownies and…

A: Budget line shows graphically the possible combinations of two goods which a consumer can purchase…

Q: The marginal benefit Claire gets from purchasing a third pair of flip-flops is       a)  the same…

A: Marginal benefit is the extra benefit received from selling an extra unit of a good.

Q: Using examples, does an increase in income affect a consumer’s budget line? Does it impact their…

A: Suppose, X is an individual consuming Grapes and pineapples. X’s income is 150. X gets utility by…

Q: Evaluate your marginal and total utility of consuming at an all you can eat pizza buffet. Explain…

A: Meaning of Utility Function: The term utility function refers to the total utility for a consumer…

Q: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. 1) If…

A: In economics, a budget constraint represents all the combinations of goods and services that a…

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: 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: What are the two conditions that are met if a consumer is maximizing utility?

A: A consumer is said to be in a state of equilibrium when he or she maximizes his utility, given…

Q: Hector has a budget for bottled water and soda pop. If the price of soda pop decreases, Hector will…

A: Hector is consuming two goods, i.e., bottled water and soda pop.  He has a constant budget and fixed…

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: Mario consumes two goods: cars and motorbikes. An increase in the price of cars while holding income…

A: (A) increase the marginal utility provided by cars. Option "A" is correct. Marginal utility refers…

Q: Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500.…

A: A budget line illustrates the combinations of two goods that are affordable to a consumer with a…

Q: Using the consumer choice theory, explain how an individual decides how to adjust her preferred…

A: Consumer choice theory: It refers to the idea in which the consumers will try to purchase to…

Q: Q1: Zainab has a weekly budget of $48, which she likes to spend on magazines and pies. A. If the…

A: The budget line is a graphical outline of all potential mixes of the two products that can be…

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

A: Marginal utility: It is the satisfaction that a consumer gets from having one more unit of a good or…

Q: ive an example of inferior good and an example of normal good that you have encountered and how has…

A: Inferior goods are those goods of which the demand for products decreases and income level…

Q: Given the data in the above table, if income is $16, and the price is $1 for a bottle of water and…

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

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

A: Microeconomics discusses the economic behavior of individual units, say a producer, a firm, a…

Q: True or false.  A budget constraint, budget line or budget set is a graphical way to illustrate all…

A: It's vital to remember that the slope of the budget line equals the cost ratio of two commodities.…

Q: Jessie is attempting to draw her budget constraint for purchasing cookies and strawberries. At a…

A: The budget line depicts the distinct combinations of two consumer commodities that an individual can…

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: Marie has a weekly budget of $2400, which she likes to spend on magazines and pies. If the price of…

A: Income=$2400 Price of Magazine= $40 Price of pie= $120

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: Suppose Raymond decides to cut his monthly budget in half. Coincidentally, the next time he shops,…

A: *Answer:

Q: Raymond consumes meatloaves and pineapples. He has decided that his monthly budget will be $1500.…

A: Given : M=budget=$1500 Price of meatloaf=$375 and price of Pineapple= $150 Let m be the quantity of…

Q: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. If the price of a…

A: Marie has a weekly budget of $24 which she can spend on magazine and pies.  Thus, her budget…

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: Suppose Victoria has a budget of $66 that she spends on movies (Q1) and roller skating (Q:). The…

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

Q: Use the following information to answer questions 1 through 8: A student has a monthly budget of…

A: The total number of products you can buy within your current budget is your budget constraint.…

Q: Marie has a weekly budget of $24. Pie's are $12. Magazine's are $4. What is the maximum number of…

A: The amount of goods that a consumer can purchase over a given period of time is limited by the…

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: What unit do economists use to measure the satisfaction individuals get from consuming a good?…

A: The answer is - Utils