Homework Answers
Answer: (a)
When utility from additional unit decreases, it is called diminishing marginal utility.
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- P The principle that each additional item a person consumes is less satisfying than each...
Please help with these questions Question 21 0.8 pts exist(s) when a consumer is completely indifferent...
Please help with these questions
Question 21 0.8 pts exist(s) when a consumer is completely indifferent between two goods O Imperfect selection Improper preference Perfect complements Perfect substitutes O Perfect indifference Question 22 0.8 pts The concept of diminishing marginal utility means that a graph representing total utility will be impossible to generalize without a data set. upward-sloping. O upward-facing concave. Odownward-sloping. downward-facing concave Question 23 0.8 pts If a combination of items exists to the right of the budget...
a. Which item below most accurately describes increasing marginal utility? An example of increasing marginal utility...
a. Which item below most accurately describes increasing marginal utility? An example of increasing marginal utility is Fricano's, a local sandwich shop, which offers a punch card that rewards customers for frequent business by providing the 10th sandwich purchased for free. Miles, Who is two years old and watches Sesame Street every morning. He usually finds the first 30 minutes of the show very entertaining, but loses interest quickly after that point stinky tofu, a Chinese speciality, which typically requires...
13. In economics, an individual person is assumed to be rational and self-interested seeking to maximize...
13. In economics, an individual person is assumed to be rational and self-interested seeking to maximize utility in various ways including from the consumption of goods and services. What one does is to achieve a certain goal. So he/she is rational. Why one does is to feel good or happy. So he/she is a self-interested utility seeker. The term 'utility' means satisfaction or happiness. Utility is difficult to quantify. But for purposes of illustration we assume that people can measure...
Recall the text’s definition of diminishing marginal utility: “the common pattern that each marginal unit of...
Recall the text’s definition of diminishing marginal utility: “the common pattern that each marginal unit of a good consumed provides less of an addition to utility than the previous unit.” The reason for this behavior is because of biology. Our body sends our brains a signal once too much of a good or service has been consumed. This prevents a person from literally eating until they explode. In your own experience, share two times instances where the law of diminishing...
MwSt Saleso... Download Loc 1. The change in total satisfaction that experiences from consuming one more unit of a g...
MwSt Saleso... Download Loc 1. The change in total satisfaction that experiences from consuming one more unit of a good is called Open with a. total utility. C. elasticity. b. marginal utility d. diminishing utility. is called 2. As more Big Macs are consumed each day, the marginal utility that a person gets from each additional Big Mac tends to a. rise at a steady rate. b. decrease. c. remain constant. d. accelerate. 3. Suppose a consumer wants to obtain...
The percent of fat calories that a person in America consumes each day is normally distributed...
The percent of fat calories that a person in America consumes each day is normally distributed with a mean of about 36 and a standard deviation of about 6 . Suppose that 20 individuals are randomly chosen. Let X¯= average percent of fat calories consumed for a sample of size 20 . Enter numbers as integers or fractions in "p/q" form, or as decimals accurate to nearest 0.01 . (.20) X¯∼ (pick one) ENBP ( , ) . (.20) Use the mean...
The percent of fat calories that a person in America consumes each day is normally distributed...
The percent of fat calories that a person in America consumes each day is normally distributed with a mean of about 33 and a standard deviation of about 9. Suppose that 20 individuals are randomly chosen. Let Xaverage percent of fat calories consumed for a sample of size 20 Enter numbers as integers or fractions in "p/q" form, or as decimals accurate to nearest 0.01 a. (.20) X ~ (pick one) : b. (.20) Use the mean and standard deviation...
Cabinets question Diminishing marginal returns occur when: O total product decreases. O each additional unit of...
Cabinets question
Diminishing marginal returns occur when: O total product decreases. O each additional unit of a variable factor adds more to total output than the previous unit. the marginal product of a variable factor is increasing at a decreasing rate. each additional unit of a variable factor adds less to total output than the previous unit. Marginal Product of Labor of Labor Quantity of (workers) Cabinets (cabinets per worker) cost, how many workers would your firm employ? (Table: Production...
1. Which of the following statements best describes the law of diminishing marginal utility? Consumers will...
1. Which of the following statements best describes the law of diminishing marginal utility? Consumers will purchase more of a good at a lower price, ceteris paribus. Consumers maximize total utility when the marginal utility per dollar spent is equal for all goods consumed. Each successive unit of a good consumed yields less additional utility. Consumers behave rationally when the price of a good equals the marginal utility of the good. 2. Assume the price elasticity of demand for Nike...
1.An example of utility obtained from simply wearing an expensive item could be [ Select ]...
1.An example of utility obtained from simply wearing an expensive item could be [ Select ] ["conspicuous consumption", "under clothing gold", "secretive conservation"] 2. Utility can also be obtained by way of the [ Select ]["conspicuous utility", "cost utility", "transaction utility", "knowledge utility"] such as obtaining something for free (free to you) even if it is a burden to take. 3. Utility, as in the case of Conspicuous conservation, can also be obtained from [ Select ] ["under consumption",...
Please help with these questions
Question 21 0.8 pts exist(s) when a consumer is completely indifferent between two goods O Imperfect selection Improper preference Perfect complements Perfect substitutes O Perfect indifference Question 22 0.8 pts The concept of diminishing marginal utility means that a graph representing total utility will be impossible to generalize without a data set. upward-sloping. O upward-facing concave. Odownward-sloping. downward-facing concave Question 23 0.8 pts If a combination of items exists to the right of the budget...
a. Which item below most accurately describes increasing marginal utility? An example of increasing marginal utility is Fricano's, a local sandwich shop, which offers a punch card that rewards customers for frequent business by providing the 10th sandwich purchased for free. Miles, Who is two years old and watches Sesame Street every morning. He usually finds the first 30 minutes of the show very entertaining, but loses interest quickly after that point stinky tofu, a Chinese speciality, which typically requires...
13. In economics, an individual person is assumed to be rational and self-interested seeking to maximize utility in various ways including from the consumption of goods and services. What one does is to achieve a certain goal. So he/she is rational. Why one does is to feel good or happy. So he/she is a self-interested utility seeker. The term 'utility' means satisfaction or happiness. Utility is difficult to quantify. But for purposes of illustration we assume that people can measure...
MwSt Saleso... Download Loc 1. The change in total satisfaction that experiences from consuming one more unit of a good is called Open with a. total utility. C. elasticity. b. marginal utility d. diminishing utility. is called 2. As more Big Macs are consumed each day, the marginal utility that a person gets from each additional Big Mac tends to a. rise at a steady rate. b. decrease. c. remain constant. d. accelerate. 3. Suppose a consumer wants to obtain...
The percent of fat calories that a person in America consumes each day is normally distributed with a mean of about 33 and a standard deviation of about 9. Suppose that 20 individuals are randomly chosen. Let Xaverage percent of fat calories consumed for a sample of size 20 Enter numbers as integers or fractions in "p/q" form, or as decimals accurate to nearest 0.01 a. (.20) X ~ (pick one) : b. (.20) Use the mean and standard deviation...
Cabinets question
Diminishing marginal returns occur when: O total product decreases. O each additional unit of a variable factor adds more to total output than the previous unit. the marginal product of a variable factor is increasing at a decreasing rate. each additional unit of a variable factor adds less to total output than the previous unit. Marginal Product of Labor of Labor Quantity of (workers) Cabinets (cabinets per worker) cost, how many workers would your firm employ? (Table: Production...
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