Homework Answers
Option D.
Getting the biggest bang for your buck means taking maximum use of your money.
Or in another words, taking advantage of even the last unit of money/income.
This usually refers to consumers who maximize their utility from each unit of income or money they spend.
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Question 29 2 pts The old saying "getting the biggest bang for your buck” means that...
Chapter 7 Vocabulary Name: Match the term with the correct definition Income effect a trying to...
Chapter 7 Vocabulary Name: Match the term with the correct definition Income effect a trying to get the biggest bang for the buck. Utility maximizing rule b as the price of a good drops, consumers have more money to spend on it and other goods Consumer equilibrium The amount of satisfaction gained from consumption of goods and services. d shows the combinations of two items that can be purchased with a limited amount of money. Law of diminishing marginal utility...
Question 1 2 pts Utility is a hypothetical measure of satisfaction one receives from consuming a...
Question 1 2 pts Utility is a hypothetical measure of satisfaction one receives from consuming a good/service. True False Question 2 2 pts The graph below shows a budget line for someone purchasing cupcakes and tutoring. cupcakes (number of) tutoring (hours) What could cause the inward pivot? income increases income decreases the price of cupcakes increases the price of tutoring increases Question 3 2 pts What would cause the budget line to shift inward in a parallel manner? income increases...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B)...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
Section B. Short Answer Question (2 questions, 20 points each) Question 1 (20 pts) The following...
Section B. Short Answer Question (2 questions, 20 points each) Question 1 (20 pts) The following data pertain to products A and B, both of which are purchased by Emily. Emily has $105 to spend per time period. Initially, the prices of the products are PA $5, PB $10. And Emily's optimal consumption bundle is O1 {QA = 5, QB- 8}. 1.1) What is Emily's marginal rate of substitution when she consumes the bundle O1, i.e., ΔΑ MUB MRS MUA...
This week we study how consumers make decisions to maximize their benefit (most satisfaction, biggest "bang...
This week we study how consumers make decisions to maximize their benefit (most satisfaction, biggest "bang for a buck"). But what if decisions are made for us as it is the case with gifts? Do gifts maximize our benefit? Is there more to gifts than just monetary value? Earlier this week, Waldfogel was at it again in a webcast for members of the media that was sponsored by the National Science Foundation. Here is just some of his math: Americans...
2. Consider the following four consumers (C1,C2,C3,C4) with the following utility functions: Consumer Utility Function C1...
2. Consider the following four consumers (C1,C2,C3,C4) with the following utility functions: Consumer Utility Function C1 u(x,y) = 2x+2y C2 u(x,y) = x^3/4y^1/4 C3 u(x,y) = min(x,y) C4 u(x,y) = min(4x,3y) On the appropriate graph, draw each consumer’s indifference curves through the following points: (2,2), (4,4), (6,6) and (8,8), AND label the utility level of each curve. Hint: Each grid should have 4 curves on it representing the same preferences but with different utility levels. 3. In the following parts,...
Provide the correct answer for the following questions An efficient price system 1. a. lowers marketing...
Provide the correct answer for the following questions An efficient price system 1. a. lowers marketing costs b. transmits consumer preferences to the farm level effectively c. is equivalent to equilibrium pricing d. all of the above 2 product of labour a. increasing; constant b. increasing ; decreasing A production function Q-300 +10K+5L exhibits - returns to scale and - marginal c. constant; constant d. decreasing; constant 3. The marketing functions can a. easily be eliminated b. can only occur...
Question 12 pts When consumers would have been willing to pay higher prices at various quantities...
Question 12 pts When consumers would have been willing to pay higher prices at various quantities consumed than the market clearing price, the differences are called consumer surplus. monopoly profits. opportunity cost. deadweight loss. Flag this Question Question 22 pts A demand relationship in which the quantity demanded changes exactly in proportion to the change in price is elastic. unit-elastic. inelastic. consistent with zero elasticity. Flag this Question Question 32 pts A demand relationship in which a given percentage change...
In this exercise, you will analyze the supply-demand equilibrium of a city under some special simplifying...
In this exercise, you will analyze the supply-demand equilibrium of a city under some special simplifying assumptions about land-use. The assumptions are: (i) all dwellings must contain exactly 1500 square feet of floor space, regardless of location, and (ii) apartment complexes must contain exactly 15,000 square feet of floor space per square block of land area. These land-use restrictions, which are imposed by a zoning authority, mean that dwelling sizes and building heights do not vary with distance to the...
1. In this exercise, you will analyze the supply-demand equilibrium of a city under some special...
1. In this exercise, you will analyze the supply-demand equilibrium of a city under some special simplifying assumptions about land use. The assumptions are: • all dwellings are situated within apartment complexes, • all dwellings must contain exactly 1,500 square feet of floor space, re- gardless of location, and • apartment complexes must contain exactly 15,000 square feet of floor space per square block of land area. These land-use restrictions, which are imposed by a zoning authority, mean that dwelling...
Chapter 7 Vocabulary Name: Match the term with the correct definition Income effect a trying to get the biggest bang for the buck. Utility maximizing rule b as the price of a good drops, consumers have more money to spend on it and other goods Consumer equilibrium The amount of satisfaction gained from consumption of goods and services. d shows the combinations of two items that can be purchased with a limited amount of money. Law of diminishing marginal utility...
Question 1 2 pts Utility is a hypothetical measure of satisfaction one receives from consuming a good/service. True False Question 2 2 pts The graph below shows a budget line for someone purchasing cupcakes and tutoring. cupcakes (number of) tutoring (hours) What could cause the inward pivot? income increases income decreases the price of cupcakes increases the price of tutoring increases Question 3 2 pts What would cause the budget line to shift inward in a parallel manner? income increases...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
Section B. Short Answer Question (2 questions, 20 points each) Question 1 (20 pts) The following data pertain to products A and B, both of which are purchased by Emily. Emily has $105 to spend per time period. Initially, the prices of the products are PA $5, PB $10. And Emily's optimal consumption bundle is O1 {QA = 5, QB- 8}. 1.1) What is Emily's marginal rate of substitution when she consumes the bundle O1, i.e., ΔΑ MUB MRS MUA...
Provide the correct answer for the following questions An efficient price system 1. a. lowers marketing costs b. transmits consumer preferences to the farm level effectively c. is equivalent to equilibrium pricing d. all of the above 2 product of labour a. increasing; constant b. increasing ; decreasing A production function Q-300 +10K+5L exhibits - returns to scale and - marginal c. constant; constant d. decreasing; constant 3. The marketing functions can a. easily be eliminated b. can only occur...
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