If your budget increases, what generally happens to the amount of utility you experience?
If your budget increases, what generally happens to the amount of utility you experience?
Homework Answers
When budget increases a consumer buys more of both the goods,indicated by a rightward shift in the budget line.The new indifference curve lies on the new budget line as well.We know that a higher indifference curve reflects higher utility.
So,we can say that the utility also increases.
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If your budget increases, what generally happens to the amount
of utility you experience?
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3. What happens to the reservation wage if nonlabor income increases, and why? You should include...
3. What happens to the reservation wage if nonlabor income increases, and why? You should include graphs with your answer 4. What happens to hours of work when the wage rate falls? Decompose the change in hours of work into income and substitution effects. 5. Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 168 hours. Her utility function is UCL) = CXL. This functional form implies that the...
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3. What happens to the reservation wage if nonlabor income increases, and why? You should include graphs with your answer 4. What happens to hours of work when the wage rate falls? Decompose the change in hours of work into income and substitution effects. 5. Cindy gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 168 hours. Her utility function is UCL) = CXL. This functional form implies that the...
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