Indicate whether the statement is true or false, and justify your answer.If people demand a self-commitment device, it must be Pareto self-improving; otherwise it would not be demanded by utility-maximizing economic agents.

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An individual's utility function is given by: U (q1 , q2) = q11/2 . q2 Suppose we know that the individual is maximizing their utility by consuming 9 units of good #1 (q1=9) and six units of good #2 (q2=6). If the current price for good #1 is $1 (p1=1), what must be the price of good #2 (p2) and what must be the individual's current income (y) available to spend on the two goods? a.) p2 = b.) y=

Kimberly has $1,000 per year to spend between $50 concert tickets and $200 per night getaways. Her utility maximizing combination is 8 concerts and 3 overnight getaways.    She recently received a promotion on her job and now she can spend up to $2000 per year on these two items. Her new utility maximizing combination will depend in part on what? Group of answer choices   The substitution effect.   The income effect.   The degree to which concerts and overnight getaways are normal goods or inferior goods.   The fact that concerts and getaways are fungible goods.

Indicate whether the statement is true or false, and justify your answer.There is a massive body of evidence that humans prefer a fixed amount of utility now to that same amount of utility later.

Need help for questions d),e),f)

Fang likes playing badminton with her friends. Her utility function for playing badminton every week is given by       U(t) = 11t – 2t2, where t is measured in hours. They play on a badminton court, which they can rent per hour. Suppose the current price to play on the badminton court is £2.50 per hour. How many hours should Fang play if she wishes to maximise her utility? Explain what we mean by the principle of diminishing marginal utility. Does the principle apply in Fang’s case? Explain why. In a diagram with income in pound sterling on the horizontal axis and quantity on the vertical axis, show the relationship between Fang’s budget and the number of hours that would maximise her consumer surplus.

Rational Behavior imples that a) a person recognizes the real cost of acquiring or doing something. b) a person will choose among preferences so as to maximize his or her satisfaction c) a person has prefernces and can identify them d) all of the above