Q: Total utility is 0 when marginal utility is 0 True/False
A: # Utility is a concept which helps us calculate the satisfaction a consumer gets when a good or…
Q: Briefly discuss four disadvantages of using Cost-benefit analysis to measure utility
A: Cost-benefit analysis: A cost-benefit analysis is a systematic process that companies use to analyze…
Q: What does the point on a budget line indicate in terms of prices?
A: # A budget line of the consume represents the price of the two goods and the budget of the income of…
Q: Example of budget line
A: A budget line shows all the combinations of two goods X and Y which the consumer can afford to buy…
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: Celine won the prize at the end-of-year party and she had to choose between a $100 Amazon gift card…
A: The budget line is a graphical representation of all possible combinations of the two commodities…
Q: What is budget said 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: 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: 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: 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: 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: Zero-based budgeting refers to which of the following? a. A budget where all line items begin…
A: A budget is a prediction of revenue and expenses for a certain future time period that is frequently…
Q: What is utility? the satisfaction a person gets from the consumption of a good a measure of…
A: please find the answer below
Q: Soal 44 The total benefit that a person receives from the consumption of goods and services is…
A: The consumption of any good or service provides satisfaction which is counted in utils.
Q: Luke has a monthly income of $80. He spends this money making telephone calls from home (measured in…
A: Budget constraint refers to all possible combinations of goods that a person can afford, given the…
Q: How do we measure utility? Explain
A: The utility is the want satisfying power of the commodity. The utility would result in the sense of…
Q: Using examples, does an increase in income affect a consumer’s budget line? Does it impact their…
A: Suppose, X is an individual consuming Grapes and pineapples. X’s income is 150. X gets utility by…
Q: What is the additional satisfaction that an individual gets from consuming one more unit of a…
A: Net gains measures the final measure of gains. It is total gains less of all the costs and expenses.…
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: Fill in the blanks: Number of cookies Total Utility Marginal Utility 1 30 30 50 3 60 65 2.
A: Marginal refers to additional. Utility is the satisfaction derived by consumption of a good or…
Q: 37. The consumer is in equilibrium at a point where the budget line
A: Consumer equilibrium is the point where consumer achieves maximum 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: Write down the equation for the budget constraint and then graph it for .. Px = $100 Py = $25…
A: Budget Constraint is an equation that depicts the limitations of the consumers. With the given…
Q: Hector has a budget for bottled water and soda pop. If the price of soda pop decreases, Hector will…
A: Hector is consuming two goods, i.e., bottled water and soda pop. He has a constant budget and fixed…
Q: Budget constraints provide a visual image the represents what a person can afford, given the price…
A: Budget constraint shows the amount of two goods with given set of income that the consumer can…
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: 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: Price for X is $1 and Y is $2. Budget is $9. Good X Good Y…
A: Quantity Marginal Utility $ marginal utility Quantity Marginal Utility $ marginal utility 1 8 8 1…
Q: (Dollars) (Bowls) (Slices) 40.00 20 40.00 4 10 40.00 8 Use the black line (plus symbols) to plot the…
A: Dollars Point Bowls Slices 40 A 0 20 40 B 4 10 40 C 8 0
Q: The slope of the budget line is the
A: Budget line is the representation of all possible combinations of two goods which can be purchased…
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: Suppose that income rises 50% while price of X rises 25% and price of Y rises 75%. How would the…
A: Budget line is also known as price line for consumer it shows different combinations of two goods…
Q: Mathemeticaly prove that slope of budget line is -P1/P2
A: Budget line P1 X1 + P2 X2 = M P1 and P2 is the price of good X and Y respectively While X1 and X2…
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: 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 determine a budget for personal consumption?
A: A monthly budget is a structured financial planning tool that assists you in determining how much…
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: Which of the following could explain the change in the budget line from A to B? Y 10B
A: The budget line refers to line that shows the combination of two goods and services which can be…
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: Good 1 If the two lines in the diagram above are parallel and shift in the direction of the arrow,…
A: Shifting of budget line due to change in income or change in price level , so here we conclude the…
Q: Individuals who buy second homes usually spend less for them than they do for their first homes. Why…
A: Law of diminishing marginal utility- As per this law as there is a rise in the consumption of…
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: A student has a monthly budget of $120 to spend on either burritos, which cost $6 each, or sodas,…
A: Budget line shows or exhibits the different combinations of two goods that a consumer can buy with…
Q: What unit do economists use to measure the satisfaction individuals get from consuming a good?…
A: The answer is - Utils
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- NEED REALLY FASTBudgeting Worksheet C–Create a Short-Term Budget Worksheet Some people spend their incomes without thinking of what they are doing or whether their buying decisions make much sense. They may realize that they must pay their rent and insurance bills, or make monthly car payments. However, beyond these large and regular expenditures, things can get kind of “fuzzy." It is not uncommon for people to run out of money from one paycheck to the next. Making and following a budget is an obvious answer to this problem, but it is hard to do when you're not really aware of where your money goes. To take control of your financial situation, you should first create a series of short-term budget worksheets. These are documents that record all income and spending that takes place over a specific period of time, most often one month. When bills, such as insurance, are paid only once or twice a year, you must include an appropriate share as spending in cach worksheet. Directions: Consider Gretchen's…Explain options in detail please