At point A, how many units of All Other Goods is the person buying? All Other Goods A C Budget Line :Income =$5000, Pall other goods B Good Y =$1, Py=$20
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- Would you expect total utility to rise or fall with additional consumption of a good? Why?Briefly outline and explain some of factors that depend on line amount of a commodity a consumer os prepared to buyA consumer's budget is 137. A unit of good x costs 3 and a unit of good y costs 4. If the consumer purchases 3 units of good y, how many units of good x can the consumer purchase? Please round your answer to two decimal places. Answer: Previous page 2028 P Type here to search 01/12/2021
- If we have money, we buy goods and services to satisfy our needs. In economics, thesatisfaction that we get from the consumption of goods and services is called utility. Usea utility graph to explain what happen to the utility when you keep on increasing thenumber of units consumed. Also explain what happens to the utility when you keep onincreasing the number of units consumed. Also explain what happens to the additionalutility (i.e. additional satisfaction) when you increase your consumption by one unitGive 5 examples each of inferior goods and normal goodsIf you have 10 dollars to spend, and the price of water is $1 oer bottle, the budget containt would show that the most water you could buy is?
- The graph shows the budget line for a consumer who only buys cookies and magazines. If the consumer's income is $20, what is the price of a Magazine? 24 20 16 4 2 4 6 8 10 12 Magazines (number per week) dollar(s) Cookies (number per week)Question 5 Andrew is currently spending all his income on 2 goods, burgers and Pepsi. He buys burgers at 4 L.E. a unit, with a total utility of 1000 and a marginal utility of 24. He buys Pepsi at 1 L.E a unit with a total utility of 800 and a marginal utility of 18. In order of reach consumer equilibrium, he should consume: The same amount of burgers and Pepsi. More Pepsi but the same amount of burgers. More Pepsi and less burgers. More burgers but the same amount of Pepsi. More burgers and less Pepsi.What are the 4 forms of utility? And explain what each one is.
- 1. What is the Total Utility of the second unit? 2. What is the Marginal utility of the third, fourth and the fifth unit? 3. Explain the relationship between Total Utility and Marginal Utility. 4. At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know? 5. “It is possible that a rational consumer will not purchase any units of the product represented by these data.” Do you agree? Explain why or why not. 6. In the last decade or so there has been a dramatic expansion of small retail convenience stores (such as 7 Eleven, Kwik Shop, and Circle K), although their prices are generally much higher than prices in large supermarkets. What explains the success of the convenience stores?1. What is the Total Utility of the second unit? 2. What is the Marginal utility of the third, fourth and the fifth unit? 3. Explain the relationship between Total Utility and Marginal Utility. 4. At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know? 5. “It is possible that a rational consumer will not purchase any units of the product represented by these data.” Do you agree? Explain why or why not. 6. In the last decade or so there has been a dramatic expansion of small retail convenience stores (such as 7 Eleven, Kwik Shop, and Circle K), although their prices are generally much higher than prices in large supermarkets. What explains the success of the convenience stores? ****FIRST 3 SUB-PARTS ANSWERED ALREADY ONLY NEED LAST 3****Using examples, does an increase in income affect a consumer’s budget line? Does it impact their total utility?.