Assume that an economy has 500 workers, each working 1,500 hours per year. If the average real output per worker-hour Is $20, then total output, or real GDP, will be Multiple Cholce $3 million. $5 million, $25 million. $15 million.

Q: What are the conditions for utility maximization?

A: Utility refers to the satisfaction that a consumer gets from consumption of a good or service. It…

Q: You have two options for how to spend the afternoon. You can either go see a movie with your…

A: Opportunity cost is what one gives up  (or sacrifices) when one chooses one option over another.…

Q: think about a time when you experienced diminishing marginal utility. Then write your own example…

A: The notion of marginal utility in economics describes the extra pleasure or benefit that a customer…

Q: how did we get price at $10?

A: As discussed earlier, the monopolist has complete and maximum market power. A Monopolist produces…

Q: How should I spend my money in order to maximize my utility?”

A: Utility refers to the the satisfaction derived by consumption of a good/commodity or a service.

Q: What does the point on a budget line indicate in terms of prices?

A: # A budget line of the consume represents the price of the two goods and the budget of the income of…

Q: Who introduced utility

A: Utility is characterised as the whole satisfaction a customer experiences when utilising a good or…

Q: Signs of life -Summarize in your own words the distinctions between “Wants and ‘ need”

A: Economics is a study of social science, which deals with production, distribution and consumption.…

Q: How is bargaining impatience measured?

A: Bargaining in the procedure whereby people or a group of people negotiate over the terms of a…

Q: How do your total and marginal utility change as you stay at home watching the same TV show (not…

A: The objective of the question is to understand how total and marginal utility change as a person…

Q: evi offered to sell his car to Evan for $5,000 cash. Evan responded to Levi's offer by saying: "I…

A: In contract law, a binding agreement is formed when there is an offer, acceptance of that offer, and…

Q: What is marginal utility.

A: In economics, utility refers to the entire pleasure derived from the consumption of an item or…

Q: What options from the drop box can be chosen as explanation for both questions?

A: A production possibility frontier is a graph that displays many combinations of two potentially…

Q: What is mean by ‘Time' in types of utility ?

A: The term utility mean wants satisfying power of a commodity. The utility is the expected…

Q: Explain the four kinds of utility.

A: In economics, to represent benefit or worth, the idea of utility is utilized. Its use has grown…

Q: What is the trend of the total utility

A: Total utility refers to the overall satisfaction or usefulness that a consumer derives from…

Q: What are the factors which determine the choice that a person makes between buying a Honda Accord or…

A: The demand for the commodity is directly related to the income or purchasing power of the consumer.…

Q: What are the two conditions that are met if a consumer is maximizing utility?

A: A consumer is said to be in a state of equilibrium when he or she maximizes his utility, given…

Q: At what point does a consumer maximize utility?

A: introduction Consumers' objective is to maximize their utility. But consumers can not infinitely…

Q: would you rather maximize your total utility or your marginal utility?

A: Total Utility is the total satisfaction that a consumer receives when he consumes different units of…

Q: constraint analysis is good or bad? write paragraph

A: The Theory of Constraints is a method for identifying the most major limiting factor (i.e.,…

Q: Choose the best answer from the options below: If you and your friend take turns making decisions…

A: Here, it is given that two friends are making decision by taking turn on which movie to watch and in…

Q: When a person demands something (in economics) they must be , and to buy

A: Demand is one the most crucial factors of any kind of microeconomic analysis, which forms a base for…

Q: Consumer value can be determined by how consumer utility compares between different items. Comment

A: In a market, utility refers to the economic concept to explains the value of a good for a specific…

Q: What is meant by form utility?

A: Utility is an economic term which refers to satisfaction.

Q: What is meant by autarky?

A: A country that is autonomous is referred to as being autarkic. Countries that practice autarky are…

Q: I can't take another bite relate to utility

A: Utility is the level of satisfaction that a person gets by consumption of a good.

Q: Define Willingness to sell?

A: The sale is a trade where the money is traded for a product or service. It also applies to the…

Q: Examples of form utility?

A: Utility is defined as the complete satisfaction a consumer derives from the usage of a product or…