The slope of which of the following curves is a negative number? A curve that depicts total utility of an individual A curve that depicts marginal utility of an individual A supply curve A budget line

Q: A rational consumer would want as much as many goods as possible to maximize utility derived from…

A: Utility refers to the satisfaction or enjoyment a consumer can get from a service or good.

Q: The law of diminishing marginal utility      A) refers to the fall in additional satisfaction…

A: Marginal Utility refers to the additional satisfaction derived by the consumption of one more unit…

Q: 29. This is the concept that explains that trends of values continues to increase but at a certain…

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

Q: Apply marginal utility theory to the paradox of value

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

Q: A budget constraint is:   Group of answer choices   a line showing various combinations of goods…

A: Consumers buy goods and services which are affordable to them as per their income.

Q: Diminishing marginal utility refers to the fact that demand declines as income falls. additional…

A: The total utility is the total satisfaction received by the consumer by consuming goods and…

Q: If the Utility function of an individual takes the form u(x, y) = (x + 2)² (y + 3)³ where U is total…

A: As given U(X,Y) = (x+2)2(y+3)3 MUx =∂U∂x

Q: This module considers important concepts in economics: Total Utility, Marginal Utility, Diminishing…

A: Law of diminishing marginal utility states that with every additional unit consumption of a goods…

Q: Y 500 Budget line I 300 A 200 Budget line II X 100 в с The consumer's initial budget line is I with…

A: A graphical representation in which all possible combinations of two products are purchased with…

Q: When a consumer earns a higher income, it rotates the budget line outward around the point where it…

A: A BL (budget line) demonstrates the two commodities whose combination a consumer can render to buy…

Q: The rate of market substitution is:             The consumer’s marginal utility             The…

A: The rate which depicts amount of one good being substituted for another good and is being used for…

Q: Consumer theory is built based on the concept of indifference curves, budget constraint lines, and…

A: The indifference curve indicates the alternate combination of two goods which gives the same level…

Q: Which of the following statements is NOT true? a. Utility measures the satisfaction obtained from a…

A: In economics, utility is considered as the measure to understand an individual's willingness to…

Q: Marginal utility is defined as the increment to total utility that results from the consumption of…

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

Q: Economics If a consumer has a utility function of U = x + 2y, which statement is true? The…

A: "In economics, people buy goods in order to maximize there utility/satisfaction. Utility function…

Q: A consumer with a fixed income will maximize utility when each good is purchased in amounts such…

A: Marginal utility refers to the additional happiness a consumer gets when he/she consumes an…

Q: Define, explain and provide an example for each of the following concepts: a) Opportunity cost b)…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: The marginal utility of a good or service declines as one more unit is consumed because: (a)…

A: Marginal utility is that utility which are consumer get after consuming an additional unit of…

Q: An increase in the price of a good causes Select one: a. none b. An increase in the consumption of…

A: The law of demand indicates the inverse relationship between the price of the good and its quantity…

Q: In general, as a consumer consumes more of a good or service, total utility _____ and marginal…

A: The utility(utils) is used to measure the satisfaction of a consumer receives from consuming a good.…

Q: Quantity 0 Total Utility 0 Quantity 0 Total Utility 0

A: The additional satisfaction a customer experiences by purchasing one more unit of a good or service…

Q: Which of the following defines marginal utility? a. the maximum amount of satisfaction from…

A: Utility is the satisfaction a consumer derives from consuming total units of the good.

Q: Suppose that a decrease in the price of X results in less of good Y sold. This would mean that X and…

A: Substitute goods are those goods that are used for the same purpose. For example, Tea and coffee are…

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: Explain the consumer equilibrium condition according to utility theory. Include in  your answer the…

A: Equilibrium of a Single Good: When a consumer buys a commodity, he stops when the price and utility…

Q: A consumer is choosing between magazines and books. Several indifference curves are shown on the…

A: Given that: The Income of the consumer= $500 The Price of books = $10 Suppose, the consumer is…

Q: The law of diminishing marginal utility allows us to conclude that A) demand curves slope downward…

A: Law of diminishing marginal utility states that as we consume more and more units of a commodity…

Q: he utility theory that describes how much of one market basket is preferred to another is called the…

A: There are two types of approaches in the concept of utility that is qualitative and quantitative.…

Q: A consumer is choosing between magazines and books. Several indifference curves are shown on the…

A: Given Income= $500 Price of books = $10 If consumer spend all his income on books , then he can…

Q: A convex indifference curve implies what type of behavior? diminishing marginal utility…

A: Indifference curve are defined as the locus of the points with same utility level at each point.

Q: The marginal utility of a good or service declines as one more unit is consumed because: (a)…

A: The law of diminishing marginal / minimal utility indicates that as an individual gets even more a…

Q: The slope of the budget constraint is all of the following except …........

A: A budget constraint is faced by an individual and represents the different possible combinations of…

Q: Nancy gets a quantity discount on both goods and pays less per units if she buys more. her budget…

A: Explanation:-   Nаnсy  gets  а  quаntity  disсоunt  оn  bоth  gооds  аnd  раys  less  рer  units  if…

Q: Explain the principles, concepts, and theories underlying individual consumers’ behaviour with…

A: Utility is the want satisficing power of a commodity, it differs from person to person and changes…

Q: As consumption of a certain good increase, marginal utility ______ *

A: Marginal utility of consumption is the addition made to consumer's satisfaction when one more unit…

Q: An increase in the price of good y would Select one: a. Shift the budget line b. budget line pivots…

A: Answer: b. budget line pivots from x-intercept to the left An indifference curve shows the…

Q: 9)----------- is the addition to total utility by the consumption of one additional unit of the…

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

Q: Explain through the optimal choice of a person how their individual demand function arises. Use an…

A: Demand  Demand is the amount of a commodity that consumers are willing to purchase at various…

Q: Q.1.14 Utility from consuming a good is understood by economists to mean;  (a) how often we…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Consumers always wanted to maximize their level of satisfaction  a. budget is equal to income b.…

A: To maximize the level of satisfaction, consumer must spend budget on the item which gives higher…

Q: Cherise considers movies and concerts to be perfect substitutes. When Cherise maximizes her utility,…

A: Perfect substitutes are two goods that can be used in place of each other.An IC is the graphical…

Q: If the supply curve for aspirin is perfectly elastic, then a reduction in demand will cause the…

A: The markets have two sides, the demand side, where the buyers, and consumers operate, and the other…

Q: Optimal consumption refers to   Multiple Choice   the mix of products that maximizes total utility…

A: In consumer theory, the consumer has some sort of preference when choosing different goods for…

Q: The price of good "a" is $5 and the price of good "b" is $15. If the marginal utility of good "a" is…

A: Given information:  Price of a=$5  Price of b=$15    MU of a=20    MU of b=?

Q: A consumer with a fixed income will maximize utility when each good is purchased in amounts such…

A: ANSWER STEP-1 Ans:- C marginal utility per dollar spent is the same for all goods.

Q: Suppose that a decrease in the price of X results in less of good Y sold. What are X and Y called?…

A: The items that are movable and are being sold to a specified buyer are known as goods. These could…

Q: From the consumer’s viewpoint, which of the following is to get the most total satisfaction or value…

A: Customer satisfaction: The degree to which customers are satisfied with items is known as customer…

Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.