Homework Answers
Tastes and preferences are required because that helping developing combinations for which the consumer gets maximum utility. Option 1 is correct
Income is important because the map needs to take into consideration the consumer's budget constraint so option 2 is also correct.
price of the goods is required to find the combinations that can be possible with the income of the consumer and thus draw the possible indifference curves. so option 3 is also correct
So option 4 suggesting all options are correct is the right option.
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Which of the following do you need to know to construct a consumer's indifference curve mapping?...
On the budget line/indifference curve diagram (dick on it to make it bigger), if LQ and...
On the budget line/indifference curve diagram (dick on it to make it bigger), if LQ and DK are parallel, which of the following changes could cause a shift from LQ to DK? A decrease in the consumer's income. A proportionate decrease in the prices of both goods. A doubling of the consumer's income and the prices of both goods. All of the above None of the above Cokes SK Hot Dogs
please explain all answers thank you Which of the following pictures show a change in the...
please explain all answers
thank you
Which of the following pictures show a change in the consumer's income? 9y32 IV - = = = Question 2 Which of the following could explain why a supply curve has shifted in? The price of resources such as labor has increased. o Technology has improved. The price of resources such as labor has decreased. The number of firms have increased. Which of the following are true? (Select all that apply.) The consumer's problem...
3. An indifference curve is a. the set of all points of consumer equilibrium as the...
3. An indifference curve is a. the set of all points of consumer equilibrium as the consumer's income changes. b. all combinations of goods X and Y that yield the same total utility. c. all combinations of goods X and Y that yield the same marginal utility. d. the set of all goods that the consumer can afford given her income and the prices of the goods. 4. Which of the following is NOT a property of an indifference curve?...
Which of the following factors DOES NOT lead to a shift in the demand curve for...
Which of the following factors DOES NOT lead to a shift in the demand curve for a particular product? Its Price Prices of other goods Income Tastes and Trends
1 [75 points; Chapter 5] You are to solve the consumer choice problem for three different...
1 [75 points; Chapter 5] You are to solve the consumer choice problem for three different consumers. Each consumer has $150 to spend (income) and faces prices Px = $2 and Py = $3 for goods X and Y. Consumers I, II, and III have utility functions U'(X, Y) = X? + Y, U"(X, Y) = X12 + Yl2, and UTM(X, Y) = X´Y, respectively. For each consumer, do the following steps. a [15 points] Carefully express the consumer's choice...
Which of the following will not lead to a shift in the demand curve?
Which of the following will not lead to a shift in the demand curve? an increase in price. a change in tastes and preferences. an increase in income. a change in the price of a substitute good.
Which of the following will lead to a change in the slopes of your indifference curves...
Which of the following will lead to a change in the slopes of your indifference curves between gasoline and movie rentals? both a change in the price of either good and a change in income will change the slopes of your indifference curves only a change in your income a change in your preferences for either of the two goods only a change in the price of either of the two goods
37. If we know each consumer's demand curve, we can derive the market demand curve by:...
37. If we know each consumer's demand curve, we can derive the market demand curve by: A) vertically summing the individual demand curves. B) horizontally summing the individual demand curves. C) averaging the individual demand curves. D) obtaining consumer incomes and summing them. E) none of the above. 38. Which resource is not an example of capital? A) equipment B) stocks and bonds C) physical plants D) machinery 39. Because of scarcity, A) the available supply of time.goods, and resources...
I need help solving the problem below if you can explain it to me with the...
I need help solving the problem below if you can explain it to
me with the answer that would be awesome.
Consider the following pair of figures where the dark blue line is the original budget line for a consumer and the light blue line is the new one. In Figure A, the change shown was caused by Figure A O A. a decrease in the consumer's income. O B. a decrease in the price of good Y. O c....
1. When a consumer maximizes utility, which of the following is NOT true? a. The indifference curve is tangent to...
1. When a consumer maximizes utility, which of the following is NOT true? a. The indifference curve is tangent to the budget line b. Marginal utility per dollar is maximized c. The marginal rate of substitution is equal to the relative price d. The marginal utility per dollar spent is equal across all goods
On the budget line/indifference curve diagram (dick on it to make it bigger), if LQ and DK are parallel, which of the following changes could cause a shift from LQ to DK? A decrease in the consumer's income. A proportionate decrease in the prices of both goods. A doubling of the consumer's income and the prices of both goods. All of the above None of the above Cokes SK Hot Dogs
please explain all answers
thank you
Which of the following pictures show a change in the consumer's income? 9y32 IV - = = = Question 2 Which of the following could explain why a supply curve has shifted in? The price of resources such as labor has increased. o Technology has improved. The price of resources such as labor has decreased. The number of firms have increased. Which of the following are true? (Select all that apply.) The consumer's problem...
3. An indifference curve is a. the set of all points of consumer equilibrium as the consumer's income changes. b. all combinations of goods X and Y that yield the same total utility. c. all combinations of goods X and Y that yield the same marginal utility. d. the set of all goods that the consumer can afford given her income and the prices of the goods. 4. Which of the following is NOT a property of an indifference curve?...
1 [75 points; Chapter 5] You are to solve the consumer choice problem for three different consumers. Each consumer has $150 to spend (income) and faces prices Px = $2 and Py = $3 for goods X and Y. Consumers I, II, and III have utility functions U'(X, Y) = X? + Y, U"(X, Y) = X12 + Yl2, and UTM(X, Y) = X´Y, respectively. For each consumer, do the following steps. a [15 points] Carefully express the consumer's choice...
Which of the following will lead to a change in the slopes of your indifference curves between gasoline and movie rentals? both a change in the price of either good and a change in income will change the slopes of your indifference curves only a change in your income a change in your preferences for either of the two goods only a change in the price of either of the two goods
37. If we know each consumer's demand curve, we can derive the market demand curve by: A) vertically summing the individual demand curves. B) horizontally summing the individual demand curves. C) averaging the individual demand curves. D) obtaining consumer incomes and summing them. E) none of the above. 38. Which resource is not an example of capital? A) equipment B) stocks and bonds C) physical plants D) machinery 39. Because of scarcity, A) the available supply of time.goods, and resources...
I need help solving the problem below if you can explain it to
me with the answer that would be awesome.
Consider the following pair of figures where the dark blue line is the original budget line for a consumer and the light blue line is the new one. In Figure A, the change shown was caused by Figure A O A. a decrease in the consumer's income. O B. a decrease in the price of good Y. O c....
1. When a consumer maximizes utility, which of the following is NOT true? a. The indifference curve is tangent to the budget line b. Marginal utility per dollar is maximized c. The marginal rate of substitution is equal to the relative price d. The marginal utility per dollar spent is equal across all goods
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