What is the matching concept?

Q: Is the decision to buy pet insurance strictly an economic decision? Explain.

A: An economic decision is a decision when people have to choose between options due to scarcity of…

Q: O complements

A: As we know that if a price of one product increase, and decrease in demand for other product in this…

Q: what are Methods for increasing marginal utility more accurate or efficient?

A: Marginal utility refers to the additional benefit derived from consuming an additional unit. This…

Q: The part of income which is not consumed is called ________

A: Savings is the left over amount from.the income which is not CONSUMED.

Q: “If we take $1 away from a rich person and give it to a poor person, the rich person loses less…

A: It is given that “if we take $1 away from a rich person and give it to a poor person, the rich…

Q: Huxley llost $80 in the stock market. According too behavioral economics research, how much of a…

A: Let's first learn about the concept of behavioral economics research. To study human nature and…

Q: Ratio of change in savings because of change in income is known as _________

A: # consumption and savings are the two main important part of the income. Consumption is that part of…

Q: Consumer's Utility: U=2Y2-16Y What is the utility maximizing level of income?

A: Utility function : U = 2Y2 - 16Y  In above expression utility is a function of income . Utility is…

Q: c.If your goal is to eliminate target the welfare of the "average person", what sort of welfare…

A: A subfield of economics called welfare economics employs microeconomic methods to assess overall…

Q: Critically discuss whether maximising behaviour or satisficing behaviour is the best way to explain…

A: Satisficing behavior refers to a type of behavior in which an individual prefers to consume goods…

Q: What are the types of utility

A: Utility refers to the total satisfaction that is derived from consuming a good or a service. Utility…

Q: What is correspondence analysis?

A: Correspondence analysis is a statistical tool for the qualitative data analysis which was initially…

Q: Parker's shares of stock in ACME Corporation lost $100 in value, but his shares in XYZ, Inc. gained…

A: People assign different weights to gains and losses. Their perspective towards gains and losses are…

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: Disadvantages of scale of preference

A: The scale of preference is more of tools than a simple idea. It is the solitary device in economics…

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: Definition of want

A: Economics is the study of efficient allocation of resources. The resources in the economy are…

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

A: The term utility mean wants satisfying power of a commodity. The utility is the expected…

Q: What is the discount rate?

A: The discount rate is the rate of return that is used convert the set of future income into current…

Q: if the child buys either chocolates or hard candies one piece at a time, what will be his first two…

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

Q: What are the points of MAXIMIZATION?

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

Q: Manufacturing process is an example of: (a) Form utility (c) Place utility (b) Time utility (d) All…

A: # the concept of utility relates to to the satisfaction derived from the consumption of a good or…

Q: Using apporiate diagram, explain how an in-kind transfer results in a lower utility level than a…

A: Cash transfer:- Cash transfer refers to the payment by government to the citizens of the country in…

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: *Make a response,question, or clarification for that opinion

A: The consumer is an individual that buys the products and services from the seller in the market.

Q: (4) Surprisingly, it is possible for someone who has no income to be considered…

A: Someone who has no income may be considered unemployed.

Q: What is consumer srplus

A: Consumer surplus is the difference between a consumer's willingness price and the price he/she…

Q: what happens to elsticity if demand curve is linear (straight curve)?

A: Demand curve is the graphical representation of the demand for the good which indicates various…

Q: What sectors of life the loss aversion can be found in? Explain.

A: Loss aversion basically refers to a cognitive bias that explains why the agony of losing is twice as…

Q: What is the Decision Rule?

A: The decision rule is used extensively in statistical research, particularly in hypothesis testing. A…

Q: Use diminishing marginal utility theory to explain why people would prefer stable income to receive…

A: Diminishing marginal utility state that, other thing remains the same, as consumption increases the…

Q: Use diminishing marginal utility to explain why millionaires often do not have many homes, even if…

A: Marginal utility of a commodity is the added benefit a consumer gains by purchasing an extra unit of…

Q: What is the endowment effect?

A: The economic model of consumer behavior predicts consumer behavior in a market that has scarce…

Q: what is the premise of John Kenneth Galbraith's The Affluent Society?

A: John Kenneth Galbraith's Affluent Society was derived in concentration to country A's economic…

Q: T/F Explain Any transitive preference is complete.

A: Transitivity of preferences may be fundamentals distributed by most major up-to-date rational,…

Q: he Revealed Preference Theory was A) Lionel Robbins C) Joan Robinson (B) Paul Samuelson (D) Alfred…

A: According to the given question The revealed preference theory in economic is the theory which helps…

Q: Ratio of change in savings due to the change in income is known as _______

A: Income is given as the sum of consumption and savings.  Y = C + S

Q: How does Michael Porter define a substitute product? What are substitutes for Cash App's products…

A: Threat of substitutes in one of the 5 forces that porters model describes in context to how…

Q: "Clothes make the man.” a. What do clothes and grooming tell about a person? b. Can a person judge…

A: Clothes are considered as the prime presenter of a person's personality. Clothes reveals a lot about…

Q: Marginal utility can also become negative True/False

A: The additional utility which adds with more consumption of goods and services is called marginal…