Suppose a consumer had a budget of $64.40. The price of Good X is $7 and the price of Good Y is $35. Calculate value of the x-intercept of the budget line. (Round to the nearest two decimal places if necessary.)
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- A consumer currently spends a given budget on two goods, X and Y, in such quantities that the marginal utility of X is 10 and the marginal utility of Y is 8. The unit price of X is $5 and the unit price of Y is $2. The utility-maximizing rule suggests that this consumer shouldHector has a budget for bottled water and soda pop. If the price of soda pop decreases, Hector will achieve the same level of satisfaction because his budget has not changed. true falseSuppose a consumer had a utility function given by: U=X0.5Y. If the price of Good X (Px) is $1 and the price of Good Y is $2 then what is the utility maximizing quantity of Good Y the consumer will purchase with a budget of $24?
- Suppose a consumer has an income of $40, the price of A is $5, and the price of B is $4. Which of the following combinations is on the consumer's budget line? Multiple Choice 8A and 10B 4A and 5B 6A and 3B 3A and 6BAn individual has the utility function U=4X 0.5Y 0.5 and can buy good X at £ 2 a unit and good Y at £ 8 a unit. If their budget is £ 100. Find the combination of X and Y that they should purchase to maximize utilityRefer to the table at the right. If your entire budget is $12, then utility is maximized with consumption of Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.
- A consumer currently spends a given budget on two goods, X and Y, in such quantities that the marginal utility of X is 15 and the marginal utility of Y is 8. The unit price of X is $3 and the unit price of Y is $2. The utility-maximizing rule suggests that this consumer should Multiple Choice a. decrease consumption of product X and increase consumption of product Y. b. increase consumption of product X and increase consumption of product Y. c. decrease consumption of product Y and increase consumption of product X. d. stick with the current consumption mix because it yields maximum utility.Suppose you have a budget of $200 to spend on two goods, X and Y. Good X costs $10 and provides a utility of 500 - 2q, where q is the amount consumed. Good Y costs $5 and provides a utility of 500 - 3q. What combination of consumption of these two goods will maximize your overall utility? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.The points located at the intersection of the budget line with the y axis means: a) these are points impossible to reach by the consumer b) the consumer spends absolutely nothing c) the consumer spends all his income for only one good d) the consumer does not spend all his income
- An increase in a consumer's income causes her budget set to encompass [ Select ] ["more", "fewer"] bundles.Suppose a consumer consumes two goods, x and y and has utility function U(x, y) = min{3x, 2y}. She has a budget of $100. The price of x is $35 and the price of y is $10. a. If x is on the horizontal axis and y is on the vertical axis. Please find the consumer's MRS. b. Find the consumers 's optimal choice of x and y..True/ False Marginal utility decline with the increase in the unit of consumption of a good.
