Q- Marginal utility can never be negative. True/False

Q: TRUE OR FALSE Each individual has a utility function that spits out a number representing how happy…

A:

Q: Define marginal utility. (50 words)

A: Utility means the satisfaction that a consumer gets after the consumption of a good or service. It…

Q: Who introduced utility

A: Utility is characterised as the whole satisfaction a customer experiences when utilising a good or…

Q: 56. When Marginal Utility is positive, Total Utility A. O Increases B. O Decreases C. O Remains…

A: To find: What happens to total utility when marginal utilities will be positive.

Q: What kind of preferences are represented by a utility function of the form u(x1, x2) = √x1 + x2?…

A: If the MRS is constant for both the goods, it implies that the consumer is ready to exchange one…

Q: Distinguish between form, time, and place utility with at least one real example each.

A: Possession utility is the value or utility that a consumer derives from being able to take…

Q: Rick thinks either Morty or Summer broke his TV. Morty and Summer each have to decide simultaneously…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first three…

Q: given the utility function U=150X+40X2-X3, derive average and marginal utility functions, Find the…

A: Answer: Given, Utility function: U=150X+40X2-X3 Average utility function (AUF): To find the average…

Q: Commodity Utility 3 36 4 80 150 252 7 350 8 440 Refer to the table. What is the marginal utility of…

A: Utility is the satisfaction of the customer that he gets after consuming a good. Marginal utility is…

Q: True/False Marginal utility is 0 for the Consumption of the very first unit.

A: the term marginal utility simply means the extra satisfaction which a consumer gets when he consumes…

Q: If something has negative marginal utility, what happens to your total utilitywhen you consume it?

A: Marginal utility is defined as the utility gains after one more extra unit of consumption. It means…

Q: Explain how an optimal decision of a consumer can be achieved by using utility-maximizing theory and…

A: In a market, consumer satisfaction can be computed using two types of economic approaches that are…

Q: Frank is purchasing products C and D in utility-maximizing amounts. If the price of C is $6 and the…

A: Given: Frank is making purchases of products C and D in profit maximizing amounts. Price of C=$6…

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: Draw the marginal utility curve for doughnuts using the following information: No. of Doughnuts…

A: Utility is the satisfaction derived by a consumer for the consumption of a good. The total utility…

Q: Distinguish between cardinal and ordinal utility

A:

Q: According to the law of diminishing marginal utility total utility will rise at a falling rate as…

A: Utility is described as the overall satisfaction a consumer feels after using a product or service.…

Q: Rick thinks either Morty or Summer broke his TV. Morty and Summer each have to decide simultaneously…

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

Q: ighted twice as heavily as the 1st, what would your indifference curves between the two homework…

A: A utility perform might be a numerical connection that positions heaps of utilization stock by task…

Q: Frank is purchasing products C and D in utility-maximizing amounts. If the price of C is $6 and the…

A: The budget constraint of the consumer shows the various combinations of two goods that an individual…

Q: Ceja has utility function U=A2*B2 , where A equals the number of apples she eats each week, while B…

A: utility function U=A2*B2 where A = Apples and B = Banana Income = $20 Cost of apple = 1 cost of…

Q: True/ false Describe Since a greater utility number indicates that a consumer is better off,…

A: Utility: Utility is used to model value or value. Its use has evolved significantly over time. The…

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: 10 9 IC, 8 IC, 10 12 Good Y The utility a person gets from consuming an additional unit of Good Y at…

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

Q: True or false.  Maximizing choices occur when combinations of two goods are made such that they are…

A: An indifference curve is a contour line with the same utility at all points along the line. A line…

Q: An old nursery rhyme tells us : Jack Sprat would eat no fat; his wife would eat no lean. This tells…

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

Q: If the marginal utility from consuming the sixth unit of a product is 8 and the total utility from…

A: The total utility is the total satisfaction received by consuming the goods and services. The…

Q: Describe the point at which a consumer maximizes utility.

A: A rational consumer is going to be in equilibrium when his utility is maximized within a given…

Q: As consumer has more and more units of a goods, its marginal utility to him (a) Declines (b) Rises…

A: # Marginal utility is the satisfaction derived from the consumption of an additional unit of a good…

Q: Bridget's preferences for apples( X) and bananas(Y) can be represented by the utility function…

A: Utility refers to the satisfaction obtained by the consumers from a good or service. While ,…

Q: Troy is a utility maximizer. Describe the utility maximization condition. Using the available…

A: Laptop Cost = 750  Drones Cost = 2000  Income = 15,000

Q: If marginal utility is less than the price, the consumer will

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

Q: Calculate the Marginal Utility of Y What is the optimal Choice of X and Y given the PX = $6, PY = $2…

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

Q: Assuming utility positively depends on two goods, indifference curves can cross or intersect. True…

A: Indifference curve is a graphical representation which shows different level of combinations of two…

Q: The total utility from two products is maximized at the optimal consumption bundle.   True or…

A: The measure that depicts the total satisfaction being derived by the consumer from the consumption…

Q: My utility function for apples (a) and bananas (b) is U(a,b) = a x b + b + 45. What would I most…

A: We have  Utility function: U(a,b)=a×b+b+45            .... (1)

Q: A consumer is in equilibrium when marginal utilities are

A: To find : When will consumer in equilibrium.

Q: T/F Explain If preference is strongly convex, the utility function will exhibit dimin- ishing…

A: The satisfaction or benefit acquired from consuming a product is referred to as utility;…

Q: The marginal utility for the sixth unit is:

A: Marginal utility:  The change in the utility from the increase in consumption of goods is marginal…

Q: Check if the following utility functions represent the same preferences: u = x+y, v = x3 + y3, w =…

A:

Q: When does marginal utility become 1) Negative 2) zero Explain

A: According to the given question In the simple words we can say that the marginal utility is the…

Q: Indifference curves represent: a) Ability to pay b) Total Utility c) Marginal Utility d) None of the…

A: Total utility refers to the total satisfaction that a consumer gets from consuming a good. Marginal…

Q: 35. When total utility becomes maximum, then marginal utility will be

A: To find : What will be marginal utility when total utility becomes maximum.

Q: When total utility is at a maximum, marginal utility is negative. O True O False

A: In the analysis of utility, it can be seen that total utility and marginal utility have a specific…

Q: Under Marginal utility analysis, utility is assumed to be a

A: Under Marginal utility analysis, utility is assumed to be which concept:

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…