Why is indifference curve convex to origin? a. Due to law of increasing marginal utility O b. Due to continuous decline of marginal rate of substitution O c. С. Due to equal preferences for commodities O d. None of these

Q: When a consumer moves down on the indifference curve, Lütfen birini seçin: O A. both the combination…

A: An indifference curve is a curve that shows combinations of two goods that the consumer consumes…

Q: Refer to the indifference curve/budget line diagram below in Figure 7. Given that a consumer…

A: Changes in price results in income effect and substitution effect, sum of those is price effect.

Q: 39. At the point of satiety, marginal utility is A. O Zero B. O Positive C. O Maximum D. O Negative

A: When a particular product is manufactured and produced, cost  takes place and process of business…

Q: Suppose an individual has the following utility function: U(x, y) = -4(x – 5.5)? – 2(y - 3.5)?…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: A. Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 (completeness,…

A: The concept that depicts when one good could in turn be used in place of another good providing the…

Q: Quèstion 16 Which of the following is NOT the goal of the consumer? O maximize utility O be on the…

A: Consumer would want to maximize utility and satisfaction. Consumer would also want to be on the…

Q: Caleb has an income of $100 and a utility function u(x.y) 2x 4y. Say that the price of x is $4 and…

A: Utility is maximised at a point where marginal rate of substitution is equal to the price ratio of…

Q: If a person's preferences do not satisfy transitivity, O A. their preferences cannot be represented…

A: Consumer choice is based on three most important pillars.

Q: For any two goods (things you would like more of): Select one or more: O a. Indifference curves are…

A: The standard indifference curve analysis employs a simple two-dimensional graph. Each axis…

Q: Question 1 Considering a consumer's indifference curves, which statement is true? O utility is the…

A: Disclaimer: Since you have asked multiple questions, we will solve the first question for you. if…

Q: Sarge's utility function is U(X1,X2)= X1*X2. If his marginal rate of substitution (MRS) is 3 and he…

A: MRS = Marginal utility from good x1 / Marginal utility from good x2

Q: QUESTION 4 Diminishing marginal utility provides an explanation for the slope of the demand curve. O…

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

Q: If one consumer's ratio of marginal utility/ price of orange is greater than that for apples, he is…

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

Q: 1.There are two goods F and C. Let MU and P denote marginal utility and price of each good.…

A: Price effect consists of income effect and substitution effect. Substitution effect is always…

Q: if both x and y are bads, the indifference curve have a O a negative, lower Ob positive, higher O c.…

A: Indifference curve shows different combinations of two goods that give same level of utility.

Q: nin of y is $1. Sinem's income offer curve is O the same as his Engel curve for æ. a ray from the…

A: An income offer curve shows the optimal consumption bundles of two good when the prices of the two…

Q: For any two goods (things you would like more of): Select one or more: O a. Indifference curves are…

A: Indifference curve is the locus of different combination of two goods that a consumer can consume…

Q: 3. Utility maximization under constraint, substitution and income effect, CV and EV Josh gets…

A: A substitution may occur when a consumer switches to a cheaper or more expensive item to replace the…

Q: QUESTION 6 The diagram attached shows a consumer's indifference curves and budget lines, what might…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Which of the following is NOT the goal of the consumer? O be on the highest indifference curve spend…

A: ‘Utility’ refers to the satisfaction, which a consumer derives  from consuming a good. Marginal…

Q: Ambrose's utility function is = 4x/2, + x2. If 1 + X2. the price of nuts (good 1) is $1, the price…

A: Given  Utility function  u=4x1/21+x2            ... (1) Price of good 1 (nuts) =$1 Price of good 2…

Q: Manny consumes only bananas and DVDS, and is currently on his highest possible indifference curve.…

A: Marginal Rate of Substitution represents the amount of goods and services one needs to give up in…

Q: Refer to Figure#6. If the consumer is currently at optimal point A in the figure, a movement to new…

A: Production Possibility Curve is the graphical representation to two goods produce in an economy…

Q: (a) Suppose Kreese's preferences are monotone (more is better) and that he is willing to give up one…

A: Introduction: In economics, utility refers to the complete satisfaction obtained through the…

Q: 3. Suppose Mary enjoys Pepsi and Coke according to the functionU(P;C) = 4C + 5P. What does her…

A:

Q: 2. Suppose John's utility function is UX,Y) = 4VXY , where X is consumption of beer and Y is…

A: A good has diminishing marginal utility when marginal utility decreases with increase in units of…

Q: When a consumer moves down on the indifference curve, Lütfen birini seçin: O A. both the combination…

A: Indifference curve indicates or represent a different combination of goods or bundles that provide…

Q: 1) a) Given the following typical utility curves determine whether they have convex indifference…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: When money income increases while the prices of all goods remain unchanged, Lütfen birini seçin: O…

A: The budget line is a combination of such points that shows different consumption bundles that the…

Q: a) In words describe what the Marginal Rate of Substitution represents. b) Explain why two…

A: a) The marginal rate of substitution is referred to the amount of a particular good that a consumer…

Q: Which of the following statements about utility and preferences is false? O I Sidra prefers tea to…

A: Utility measures the satisfaction that people receive form consuming a good or service.

Q: der a consumer with the utility function Ur.v) = xy where x is the quantity of good X and y is the…

A:

Q: Sarge's utility function is U(X1,X2)= X1*X2. If his marginal rate of substitution (MRS) is 3 and he…

A: An utility function represents the preferences of a set of goods and services that give the consumer…

Q: Suppose the price of beans is increased. Which of the following statements is true? Select one: O a.…

A: option c is correct answer  Vanesa indiffrence curve will  shift inward Due to increse the price of…

Q: c Serpil's utility function is U(B,C)= B · C , where B = veggie burgers per week and C = packs of…

A:

Q: To build a consumer budget line. 2. To build the indifference curve. To determine the Marginal Rate…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Šuppose Rachel is indifferent between bundles A: (4, 8) and B : (8,4). If she has diminishing MRS,…

A: An indifference curve shows various combinations of two goods that give the consumer equal utility…

Q: Any point above a given indifference curve affordable and is to any point on the indifference curve…

A: An indifference curve is a curve where the consumer is indifferent either of the product or the…

Q: 2. (6 Total Points) Suppose a consumer's utility function is given by UXY) =MIN (4X Y). Also, the…

A:

Q: Suppose the linear demand curve for shirtsslopes downward and that consumers buy 500 shirts per…

A: Given: Consumers buy 500 shirts per year when the price is $30 Consumers buy 1,000 shirts per year…

Q: A consumer chooses an optimal consumption point where the O marginal rate of substitution is…

A: An individual picks the utilization pack that augments all out utility, the ideal utilization group.…

Q: The figure at right shows Bobby's indifference map for juice and snacks. Also shown are three budget…

A: A budget constraint shows the combination of two goods that can be purchased by an individual with…

Q: Intialy mr. John is at equilibrium such that the last dollar spent on each of several products gives…

A: Here, it is given that Mr. John, a consumer, is at equilibrium.

Q: Suppose that MU, / Px exceeds MU,/ Py To maximize the utility, consumer who is exhausting her money…

A: Maximum utility is gained when MUx / Px = MUy / Py.

Q: Paul has $22.25 of income to spend on two goods, Twinkies (q,) and Pepsi (42). Paul cannnot afford a…

A: Paul can afford 5 twinkies worth $2.85 each. It costs him 2.85*5=14.25. The rest of his income is…

Q: A consumer has a utility function given by U(x, y) = 3x + 2y. The price of x and y are both equal to…

A: U(x,y)= 3x2 + 2y2 Px= 1 Py= 1

Q: Fabian With a utility function of U-2XY, Fabian's MU, = 2Y and his MUy = 2X , where MU is marginal…

A: The equilibrium is established where the MUx/MUy = Px/Py

Q: Utils, 8- 7- 6+ 5- TU 2 3 Which of the following characteristics of the total utility function is…

A: Total Utility is the overall amount of satisfaction receive by consumption of all the units of…

Q: O A) Jim and Sally have increasing marginal utility. O B) Jim has increasing marginal utility and…

A: Meaning of Marginal Utility: Marginal utility refers to an additional utility on account of the…