Define the term rational consumer in economics. Use appropriate examples.

Find the quantities of each product that the consumer should buy, subject to the budget, that will allow maximum satisfaction. That is, find values of x and y that maximize U = f(x,y), subject to xpy + ypy = 1. Assume that such a maximum exists. U=x°y°: Px =2, py = 3, 1 = 60 (x³y³ + o) The values that maximize U are x = and y = (Simplify your answers.)

True or false.  A budget constraint, budget line or budget set is a graphical way to illustrate all possible combinations of two goods that a person can afford.

The Law of Diminishing Marginal Utility is just a theory that has no application to everyday life. None of us behaves as if we were subject to this law. True or False? Explain.

Can Giffin goods also be normal goods?