Q: Which curve doesn’t have u-shape
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…
Q: UNITS MU OF SUGAR MU OF MILK 100 60 80 50 3. 60 40 4 40 30 20 20 10 INCOME=Rs 100 Price of sugar-Rs…
A: Utils is the measurement unit to measure the satisfaction a consumer gets by consuming goods, so…
Q: QUESTION 23 Refer to the budget line shown in the diagram below. The absolute value of the slope of…
A: The given budget line is,
Q: Consider you will organize a party. Your budget is $2000 and you will provide pagne (pchampagne-$50)…
A: Initially, the budget (M) is $2000 Price of champagne =$50 Price of oysters =$20 In the case of…
Q: Explain how a rational consumer decides which goods to buy. Note: you must discuss the role of…
A: The consumer prefers to buy the goods and services which provide them maximum satisfaction after its…
Q: would a person most likely spend the most money?
A: The portion of an individual's income involved in food, water , traveling and rent etc. constitutes…
Q: What is the budget constrain and what does it show us?
A: A rational consumer purchases that much quantity of two commodities which are under his/her budget…
Q: Q15. Most decisions involve which involves comparing the benefits and costs of choosing a little…
A: Utility is the satisfaction achieved by consuming one more unit, Whereas, the budgetconstraints…
Q: Theodore's budget line has changed from A to B. Which of the following explains the change in…
A: A budget line is faced by an individual and represents the different possible combinations of two…
Q: . Explain, using an indifference curve and a budget line, the concept of consumer equilibrium.
A: To show the mix of two merchandise X and Y, that the consumer purchases to be in equilibrium, we…
Q: Explain both parts. a) The point where VMP equate MFC b) TVP vs TFP
A: The addition to the revenue that is made by hiring an extra unit of labor is called the value of…
Q: What is goods
A: In economics, there are two types are items sold in the market: goods and services. Both these items…
Q: Lydia is a consumer who has a $10 budget for fruit. She buys peaches and oranges. The nominal price…
A: There are two goods, i.e., peaches and oranges. Let's denote Peaches by P and Oranges by O Budget…
Q: Figure 10 30 Hotdogs (number per week) d. If Ronald's income changed from Php 150 to Php 180 a week,…
A: The budget line is a curve showing various combination of two goods with given different prices and…
Q: opinion about "costumer is always right"
A: In my opinion ,yes customer is always right. We have to make them feel that we are willing and…
Q: Rummy has $40 a week to spend on burger and cake. The price of burger is $5 and the price of cake is…
A: It is given that the consumer prefers burger (B) and cake (C). The price of B and C are equal to $5…
Q: The consumer's total budget is S300. How many units of C and F will they consume?
A: Utility is the level of satisfaction that a consumer gets when consuming a good. Utility…
Q: What are the points of MAXIMIZATION?
A: The maximization is the point where the marginal revenue equals the marginal cost. The marginal…
Q: What is budget variance?
A: When an estimate is being made for expenses to be incurred in the future and revenue to be earned…
Q: Explain the concept of Microeconomics (Indifference Curve, Budget line) how you can these concepts…
A: (Q) Explain the concept of Microeconomics (Indifference Curve, Budget line) how you can these…
Q: Economics Lars has asserted that he prefers bacon to sausage, sausage to chips and chips to bacon.…
A: Answer to the question is as follows :
Q: What is budget set explain what can lead to change in budget set!
A: Budget refers to the amount of money income that is available with the consumer to be used for…
Q: The residents of Vegopia spend all of their income on cauliflower,broccoli ,and carrots.In 2016,they…
A: Price per unit is defined as the ratio of the total cost to quantity. It means that as total cost…
Q: 25. The budget line is also known as the
A: Budget line is the locus of different combinations of two goods for which the expenditure will be…
Q: Describe the paradox of savings. b. When do savings become a positive virtue and when does it…
A: The macroeconomic functions and activities include the major considerations and analysis through…
Q: ssume that a consumer has two goods to consume: medical care services (M) and all other goods (X).…
A: Budget line shows the two goods all possible combination which a consumer can buy with given level…
Q: Question 3 a. Marsha has a salary of $500. He spends his entire budget on milk and cookies. The cost…
A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…
Q: When TR falls, what happens to MR?
A: Total Revenue: The total revenue is the amount that comes after multiplying the price with the total…
Q: The diagram shows Sam's budget line. Sam's budget line shows
A: Budget line is a combination of prices of two commodities that a consumer can purchase with limited…
Q: How do you derive that the slope of a budget line is -p1/p2? I'd like to see the mathematical…
A: Slope indicates that the direction of line and the steepness of the guideline.
Q: How do you determine a budget for personal consumption?
A: A monthly budget is a structured financial planning tool that assists you in determining how much…
Q: To make sure he has enough energy for the teaching, Ernie spares $60 every week to spend on Blue…
A: Given: Budget, M = $60 every week Price of Blue Bull (Px) = $2, Price of Gigantic (Py) = $3
Q: What is budget line in economics and explain why it is downward sloping draw a diagram also.
A: In economics, utility refers to the want satisfying power of a commodity. The two main concepts…
Q: What is budget?And what are the determinants of the demand?
A: Demand is the total amount of goods and services that people are willing and able to purchase with…
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: explain FATF IN DETAIL
A: FATF was established in 1989 to lay forth guidelines for combating money laundering. Since then, the…
Q: s) Using the indifference curves, a budget line and a price change, show how we can derive an…
A: Indifference curve and budget line can be uses to derive the demand curve for a product. A demand…
Q: Why do people buy more goods and services when their budget increases?
A: People's budget can be increased by two ways. First, when their income increases, second when the…
Q: What is budget equation for educational services?
A: The budget equation for educational services shows that costs is equal to revenue.
Q: Is Good X an inferior or a normal good? How much Good X will be purchased?
A: As given Qx = 953 - 9Px - 3Py +9Pz + 2M Also Px = $4/unit Py = $1/unit Pz =$7/unit M = $772
Q: If you have 10 dollars to spend, and the price of water is $1 oer bottle, the budget containt would…
A: Budget constraint represents all the possible combinations of goods and services that a consumer can…
Q: What do you mean by consumption goods? Give example also.
A: Goods are categorised into different categories based on what's there use is and who are the people…
Q: Quantity of D 10 8 2 02 4 Quantity of C Refer to the budget line shown in the diagram. The absolute…
A: Please find the answer below. SLOPE: The slope of a line is a measure of its steepness.
Q: 2. David gets $3 per week as an allowance to spend any way he pleases. Since he likes only peanut…
A: Hi there, thank you for the question. Since we only answer up to 3 sub-parts, we will answer the…
Q: Marginal Utility of Coffee (for (dollars per cup) | 1st cup) Price of Coffee Price of Orange…
A: The marginal utility per dollar (MUD) for good X can be calculated by using the following formula.
Q: Rummy has $40 a week to spend on burger and cake.The price of burger is $5 and the price of cake is…
A: It is given that the income is $20 and price of a burger is $5.
What is budget said explain what can lead to change in budget set'
Step by step
Solved in 2 steps
- What is budget set explain what can lead to change in budget set!What is a budget lineKimiko is planning a party to celebrate her birthday. She has decided to serve sushi and yakitori meat skewers. Each serving of sushi is $8 and each yakitori skewer is $2. Kimiko has $240 to spend on the party. Please graph her budget line. Her friend, Barry, thinks there will not be enough food, so he gives Kimiko $80 more to spend on the party (she now has $320). How will this affect the budget line? a. There will be a parallel shift of the budget line away from the origin. b. There will be a parallel shift of the budget line towards the origin. c. There will be an outward shift of point A only. d. There will be an outward shift of point B only.
- Explain how changes in income (budget constraint) and prices affect consumer consumption choices. Think back to a purchase that you made recently. How did you evaluate whether or not you would be purchasing the item?i will 10 upvote no chatgptAt the bottom... the two drop down choices are increases or decreases.
- plz short answer with draw a hand  graph plz if u can and thanksExplain the law of Equi marginal utility with the help of schedule. (Denise has $20 and plans to spend it on beers and burgers. Beers and burgers both cost$4. What is the sequence of her purchases? Also, fill-out the blank columns in the tablebelow.