What is mean by ‘Time' in types of utility ?

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: What are the limitations of the law of Equi- marginal utility

A: According to the given question The law of equi marginal utility states that when the consumer…

Q: (a) What are the three basic axioms of preferences in the rational choice model that are sufficient…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Quantity of Cheese Cakes Total Utility (TU) Marginal Utility (MU) (slices per day) 1 20 36 3 48 4 55…

A: Marginal utility is nothing but the additional utility which is derived from consumption of an…

Q: Define and explain marginal utility

A: Definition A consumer's increased enjoyment from having one more unit of an item or service is…

Q: Susan has the option to purchase eyeglasses, E, $3 each, and orange juice, O, $1 each. Her income is…

A: Budget line shows the different combinations of two goods that a consumer can purchase with the…

Q: What is meant by the term “utility,” and how does it relate to purposeful behavior?

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: 24. Binita has a limited income and consumes only juice and pasta; her current consumptio hoice is…

A: The utility is maximized where the Budget line of consumer tangents the slope of indifference curve…

Q: a) In a graph, draw total utility as a function of number of toothpaste tubes, assuming that Andrea…

A: Total utility is the cumulative amount of benefit that a person gets from consuming a commodity.…

Q: Indifference curves can cross? O Sometimes O Never

A: Indifference curve represent the combinations of two goods which gives the equal satisfaction to the…

Q: Assume that a consumer purchases a combination of products Y and Z and that the MUVPY= 30/2 and…

A: Total utility is the utility that is got by consuming the units of the commodity. It means the total…

Q: Marginal utility for a unit will be positive and decreasing if Total utility is increasing in a…

A: In the field of microeconomics, utility is defined as the satisfaction the consumer is able to…

Q: If price of X increases, how will it affect the consumer equillibrium?

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: (a) Show what the consumer's indifference cur- ves look like when consumption and leisure are…

A: a. When consumption and leisure are perfect substitutes, the indifference curves are negatively…

Q: A utility function is given by the equation U = 20xe¬0.1x, where x is the number of glasses o wine…

A:

Q: If this consumer has $13.00 to spend on cans of beer and slices of pizza in any given week, then…

A: Answer: A consumer maximizes his/her utility where the following conditions are satisfied:…

Q: How do we measure utility? Are interpersonal (i.e. between people) comparisons valid? Why or why…

A: The measure that depicts the benefit or satisfaction that is being received by individual due to the…

Q: What is a budget line

A: Purchasing behavior is the decisions of consumers taken to purchase a particular type of product or…

Q: What is a lifetime utility function, and in what sense does it exhibit diminish-ing returns?

A: Here, we take that there are two time periods (0 and 1) and the consumerwishes to maximize his…

Q: The vending machine in Katherine's office building offers cans of pop and candies. Katherine's…

A: Answer: Given, Utility function: U=3PC Price of P PP=$1Price of candy PC=$0.5Total income…

Q: What do we mean when we say consumer preferences are complete and transitive?

A: Consumer preferences shows the taste of the consumer and how much satisfaction it receives from…

Q: What are the points of MAXIMIZATION?

A: The maximization is the point where the marginal revenue equals the marginal cost. The marginal…

Q: How does a consumer decide what combination of products to buy using the marginal utility concept?…

A: The satisfaction gained from consuming an extra unit is termed as a marginal utility.

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: What is a extrapolation

A: In economics there are several economic activities and events that cater to the different analyses…

Q: 1. A consumer has U = X0.sy0.5 for a utility function. If she has income of $100, the price of X is…

A: Consumer is consumer as per its utility and income , so here we calculate the consumer consumption…

Q: What is meant by the term “utility” and how does the idea relate to purposeful behavior?

A: Utility and purposeful behavior are two important concepts of consumer demand theory. To define the…

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: Draw thes e utility functions a) u Cxry)= Cん)2ズy メ

A: We have given the two utility function   u(x,y)=x1/2y1/2          .... (1) and u(x,y)=x2y1/2…

Q: Do the preferences represented by this utility function satisfy monotonicity? Why or not? D. why

A: A function is monotonic if it is increasing throughout without any change or decreasing throughout.…

Q: The vending machine in Katherine's office building offers cans of pop and candies. Katherine's…

A: Answer: Given, Utility function: U=3PC Price of pop PP=$1Price of Candy PC=$0.5Total income M=$10…

Q: In case of the complementary goods what is the shape of the indifference curve ??

A: According to the given question Actually complementary goods are those goods which are initially an…

Q: This is a question about marginal analysis where one dependent variable is determined by two…

A: Utility is the satisfaction attained by the consumers. The aim of the consumers is to maximize the…

Q: What is marginal utility

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

Q: Individuals who buy second homes usually spend less. Why is this the case?

A: Utility: The term utility refers to the satisfaction that a person receives by consuming the goods…

Q: What are the 4 basic assumption of individual preferences?

A: Preferences of consumers are well defined because these are measured by the satisfying power of good…

Q: ACcoralng to the law of diminishing marginal utility, marginal utility of a good declines as more of…

A: Law of diminishing marginal utility says that as more and more units of a good is consumed then…

Q: i student has a quasi-linear utility function .hore atui ono

A: The claim that both students eat too much is false, both students eat nothing at all Explanation -…

Q: define utility with its practical examples also explain its different measures in detail?

A: In economics,  the term utility refers to quality of a commodity by virtue of which is satisfies our…

Q: Koonson Crusoe spends 4 hours a day catchine fish and picking coconuts. He can always caen per hour…

A: here we calculate the given by following method as follow;

Q: What can observing people’s actual choices tell us about their preferences? Whatis this approach…

A: Choices are the essentials in an economic system. A consumer being rational needs to take a…

Q: a) Fill in the missing numbers b) If income is 24, what is the utility maximizing combination? c) If…

A: Note- Since you have posted a question with multiple subparts, we will solve the first three…

Q: what does it mean if the utility function is ordinal and not cardinal.

A: Ordinal refers to order of a series. Cardinal refers to giving a value to the series.

Q: Question: How We Can Check Convexity And Monotonicity Of The Utility Function. How we can check…

A: In financial matters, the utility capability estimates the government assistance or fulfillment of a…

Q: How do we predict future utility?

A: Utility Concept In economics, utility refers to the complete satisfaction derived from the…

Q: What does the law of equi marginal utility states? MU , MU x a) Px MU X b) Px MU, Pz > MU m P; MUY…

A: "Utility is the usefulness of a good. It refers to the want satisfying power of a commodity."…

Q: marginal utility of a hamburger is 8. s Ray maximizing utility at his current consumption basket? If…

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