In the short run, Multiple Choice   TVC will increase for a time at a diminishing rate, but then beyond some point will increase at an increasing rate.   TVC will increase for a time at an increasing rate, but then beyond some point will increase at a diminishing rate.   TVC will increase by the same absolute amount for each additional unit of output produced.   one cannot generalize concerning the behavior of TVC as output increases.

Q: Consider an economy composed of 16 consumers. Of these, 5 consumers each own one right shoe and 11…

A: Pareto is efficient when x dominent y Formula:- Utility of x is greater than utility of y

Q: Suppose that the price of commodity Y is $ 20 per unit while the price of commodity X is $ 15 per…

A: The consumer would always want to maximum amount of the goods and services given the budget income.…

Q: True or False: (   ) when AVC curve is ˃ MC curve, then ATC has a negative slope  (   ) If MUy / Py…

A: Average variable cost (AVC) is total variable cost divided by output. Marginal cost (MC) equals the…

Q: If the consumer thinks that (x₁,x2) is at least as good as (y₁.42) and that (y₁y2) is at least as…

A: The consumer is indifferent between both the bundles: (x1,x2) ~(y1,y2)

Q: Given an individual’s current consumption patterns, we know that the person is consuming in such a…

A:

Q: f we observe a consumer choosing (x1, x2) when (y1, y2) is available one time, are we justified in…

A: When two bundles i.e x1, x2and y1 , y2 can be compared, we assume that x1, x2≥y1 , y2 or y1 , y2…

Q: It is common for supermarkets to carry both generic (store-label) and brand-name (producer-label)…

A:

Q: A consumer finds only three products, X, Y, and Z, are for sale. The amount of utility which their…

A: Utility maximization formula: MUxPx=MUyPy=MUzPz, where, MUx is the marginal utility of good X, Px is…

Q: If a researcher decides to undertake a study to verify the general preposition that as incomes rise,…

A: The theory of Consumer Behavior studies how the consumers make decisions when they purchase goods in…

Q: It is common for supermarkets to carry both generic (store-label) and brand-name (producer-label)…

A: The marginal rate of substitution (MRS) can be calculated as follows.     The MRS is 0.5. Consumer…

Q: You have £20 per week to spend, and two possible uses for this money: telephoning friends back home,…

A:

Q: The graph below shows the budget constraint between income and leisure for an individual. The…

A: A budget constraint is defined as the combination of all the goods and services that a consumer can…

Q: librium

A: The curve of urban utility shows worker utility as being a function of the number of workers.

Q: After an exogenous change in prices or income, compensating variation is the extra amount of money…

A: Option A is correct  The utility function is convex to origin hence equivalent variant is greater…

Q: The law of diminishing marginal utility states that Multiple Choice O total utility is maximized…

A: Utility is defined as the total amount of satisfaction derived from the consumption of a good.…

Q: Earlier this year, 2021, the price of chicken meat rose unexpectedly reached to 250/ kilo at peak…

A: The law of demand refers to the inverse or negative relationship between the quantity demanded of a…

Q: alculate the marginal rate of substitution (MRS12) for the following utility function: U(q1,q2)=…

A: Marginal rate of substitution refers to the slope of an indifference curve. It is calculated as the…

Q: Suppose Paul has two monthly bills, one for utilities and one for cable services. Paul's utility…

A: we can calculate following blank by solving equation which are as follow-

Q: Suppose that the price of commodity Y is $2 per unit while the price of  commodity X is $4 per unit…

A: A budget line shows all the combination of two goods that a consumer can purchase with his/her given…

Q: H2. when Saturday comes, what is the utility of doing your roommate’s request on Saturday under…

A: Utility is an ordering that gives the levels of usefulness or satisfaction of the consumption of one…

Q: Mylie’s total utility from singing the same song over and over is 50 utils after one repetition, 90…

A: The utility is a want satisfying power of a commodity. Marginal utility is the additional utility…

Q: Sally goes to the grocery store each week looking to purchase items that will give her as much…

A:

Q: What occurs according to Moore's law? Multiple Choice The power of microprocessor technology doubles…

A: Moore's Law was given by an American engineer Golden Moore.

Q: If you are given a budget line shown as 7BL2 and the price of food is PHP 10 per unit while the…

A: Given, Consumer's income = PHP 150 Price of food = PHP 10 per unit Price of cloth = PHP 20 per unit…

Q: Malcom only consumes 2 goods - Good A and Good B. His budget constraint is 4A+2B=400, which means…

A: Let us consider that the amount of A consumed is denoted by "A" and the amount of B consumed is…

Q: The price of a hand sanitizer is Tk. 120 and the store fixed the maximum number of hand sanitizers…

A: Budget line shows all combinations of the two goods that the consumer is able to purchase utilizing…

Q: (a)Complete the table by computing the marginal utility per dollar for successive units of X, Y, and…

A:

Q: Marketers have found that, as they've aged, baby boomers have become less interested in…

A: Baby Boomers: The time period between 1946 to 1964 refers as the baby boom time period because…

Q: An analyst for a major apparel company estimates that the demand for its raincoats is given by ln…

A: logQdx = 10 – 1.2logPx + 3logR – 2logAy Let’s see how the change in rainfall causes demand for…

Q: An individuals utility function is given by U = 340x1 + 960x2 + 2x1x2 – 2x – x;/2, - - when the…

A:

Q: Why does local non-satiation of preferences imply that a consumer would always choose a bundle on…

A: The feature of local non-satiation of consumer preferences states that there is always another…

Q: You have k20per week to spend  and two possible uses for this money,:telephoning friends back home…

A: Given: M = 20 X: Phone Y: Coffee Px= 2 Py = 1 U(X,Y) = XY Optimal consumption bundle: MRS = MUxMUy…

Q: Because one’s productivity in the workplace is likely to be affected by one’s health, investment in…

A: We know that a person's productivity in the workplace is positively related to his state of health.…

Q: Ahmed is an agent for Bader for maintaining Bader’s antique cars collection, including sale and…

A: In the principal-agent relationship, Ahmed is an agent and Bader is a principal. Due to the cocaine…

Q: Ebrima gets $3 per month as an allowance to spend any way he pleases. Because he likes only peanut…

A: Two goods or services are said to be complements for each other when the utility to be derived from…

Q: The U.S. government spends over $74 billion on its Supplemental Nutrition Assistance Program (SNAP)…

A: Budget constraint is $600 = $12A + $4F. The vertical intercept and horizontal intercept of budget…

Q: suppose a consumer's marginal rate of substitute is three slice of pizza for one coke . if the price…

A: Given, MRS pizza for coke = MU of Pizza/ MU of coke = 3/1= 3 The optimal condition where the…

Q: Suppose the total utility function for the consumer who is consuming two goods, good x and good z is…

A: Given: U(x, z) = ln(2x) + 2lnz Px= $4, Pz= $1 Income=M= $16 Budget constraint: 4x+z=16 At optimum,…

Q: Suppose a family (with 1 child) earns $50,000 per year and there is no publicly provided education.…

A: The wants of consumers are unlimited but they are forced to make choices because of the budget…

Q: A consumer finds only three products, X, Y, and Z, are for sale. The amount of utility which their…

A: For Combination X=2, Y=4 and Z=1

Q: illustrate how this marketing tactic affects the consumer's budget set if the price of other goods…

A: Here we will get a kinked budget line. There is a different price(P) of the good at different…

Q: Earlier this year, 2021, the price of chicken meat rose unexpectedly reached to 250/ kilo at peak…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Vilfredo has complete and transitive preferences on cars. We know that he prefers a Hyundai Sonata…

A: Completeness of preferences mean that if a person is making a choice between two or more goods then…

Q: Several local golf tournaments are coming up and Tommy needs to purchase golf balls in preparation.…

A: Given information: Tommy buys 2 boxes of golf balls at a price of $30 from the local store and 3…

Q: A manufacturer of microwaves has discovered that male shoppers, on average, have lower values for…

A: find the answer below.

Q: Assume that a∈[-1,1] and θ∈(0,2). The utility function is given by u(a,θ)=a(θ-1). Which of the…

A: Ex-post is simply defined as 'after the event ' which can be associated with any event in hindsight…

Q: It is common for supermarkets to carry both generic (store-label) and brand-name (producer-label)…

A: Marginal rate of substitution (MRS) can be calculated as follows. The MRS is 0.5. Consumer is give…

Q: . Jenna and Walter are on a road trip across the country. They both say that they get 25 utils from…

A: Utility or utils is the benefit or satisfaction received from consumption of a good. A person…

Q: On average, people sleep 8 hours per day meaning that each individual has 16 hours per day to…

A: