Explain the logic behind the economist's quip that " there is no such thing as a free lunch."

What is the marginal rate of substitution (MRS) for the utility function U(x, y) = x² + y²? The marginal rate of substitution of good x for good y is MRS = (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.) (Note: Be sure to use the Greek letter rho provided in the tool palette in your response.)

why is there no inclusion of the parameter z in the solutions and the budget constraint?

Suppose your classmate Hilary loves to eat dessert-so much so that she allocates her entire weekly budget to apple crisp and pie. The price of one bowl of apple crisp is $1.25, and the price of a piece of coconut crème pie is $5.00. At her current level of consumption, Hilary's marginal rate of substitution (MRS) of apple crisp for pie is 4. In other words, Hilary is willing to sacrifice four bowls of apple crisp for one piece of pie per week. Does Hilary's current consumption bundle maximize her utility? That is, does it make her as well off as possible? If not, how should she change it to maximize her utility? O Hilary could increase her utility by buying more apple crisp and less pie per week. Hilary could increase her utility by buying less apple crisp and more pie per week. O Hilary's current bundle maximizes her utility, and she should keep it unchanged.

What is the marginal rate of substitution (MRS) for the utility function U(x, y) = x° + yP? The marginal rate of substitution of good x for good y is MRS = (Note: Be sure to use the Greek letter rho provided in the tool palette in your response.)

a) Explain by using an example why an MRS (Marginal Rate of Substitution) between two goods must equal the ratio of the price of the goods for the consumer to achieve maximum satisfaction?

The price of a ticket to a concert is set at $550. All the tickets for the concert sell out one hour after they go on sale and there are still 1,000 fans who want to buy tickets. It follows that the price of a ticket is set:

Jeff spends all of his money on housing (H) and other stuff (S) and has a diminishing marginal rate of substitution between housing and stuff. Jeff used to live and work in a small town where housing prices were relatively low. His company has decided to transfer him to a large city where housing prices are higher. (For simplicity, assume that all other prices are the same.) Using a diagram, explain to Jeff's company how to find the amount it needs to raise his salary to keep him just as well after the 2. transfer as he was before. Tridor

Alfred marshall concept of marginal utility

Using the midpoint method, if the price of an airline ticket from San Diego to Kansas City changes from $274 to $670, what is the percentage change in price? The price of an airline ticket from San Diego to Kansas City changes by percent. [Enter your answer in percent, rounded to two decimals.)