Marginal benefit A) is the total benefit from all units consumed. B) is constant as more of a good is consumed. C) increases as more of a good is consumed. D) decreases as more of a good is consumed.

An increase in demand means that: a. when the price falls, consumers are willing to purchase greater quantities of the good. b. consumers cause the price drop by buying greater quantities of the good. C. consumers are willing to purchase greater quantities of the good at any given price. d. when the price rises, consumers are willing to purchase greater quantities of the good.

Positive marginal utility is when the marginal utility increases the total utility whereas negative marginal utility is when the consumption of an additional unit reduces the amount of the total utility. Is it true or false?

Solve all the subparts with the steps thank u

What is the equation for the student's budget constraint? In your equation, use Q1 as the variable to represent the quantity of burritos and Q2 to represent the quantity of sodas. What is the opportunity cost of a burrito?

Suppose you go to Trader Joe's to buy fruit for the week. You only like apples (A) and bananas (B) and your weekly fruit budget is $11. When you arrive at Trader Joe's you notice that the price of an apple is $1.00 and the price of a banana is $0.25. QUESTION #1: How many apples and bananas should you buy? QUESTION #2: When you have found the answer, draw a diagram that shows the outcome. Step #1. Determine your preferences. Let's suppose that your preferences can be represented by the following utility function: U(A, B) = AªBß = A0.40 B0.60 FYI: This utility function is known as a Cobb-Douglas utility function. It is the most commonly used function used in economics! The reason we like it so much is that it has: 1. Constant returns (double your consumption of A and B and your utility doubles); a + B = 1 2. Diminishing marginal utility (the extra utility gained from consuming A (or B) decreases as you consume more of the A good (or B good); a 0.40); B > a. Step #2: Determine your…

10. If supply changes from S2 to S1 and demand changes from D1 to D2     (a) equilibrium price falls to $ 14.     (b) equilibrium quantity increases to 16.     (c) equilibrium price increases to $19.     (d) supply has increased. 11. if demand changed from D1 to D2 as a result of an increase in buyers' income this product is     (a) a normal good.     (b) a free good.     (c) an inferior good.     (d) a complementary good. 12. If demand for this product changed from D2 to D1 as a result of a increase in price of a related product, then these two products are     (a) complements.     (b) inferior goods.     (c) economic goods.     (d) substitutes.     (e) public goods.

A demand schedule   a. shows how the demand changes when the supply changes. b. is a graph showing a relationship between the quantity demanded and the price of a good. c. shows the quantity demanded at one price. d. shows that demand is on schedule. e. is a list of the quantities demanded at each different price when all other influences on buying plans remain the same.

Assume that the economy is in a recession and consumers are expecting a fall in their income levels. This will cause a/an: Select one: A. decrease in the total quantity demanded of all goods. B. right shift in the market demand for all goods. C. increase in the total quantity supplied of all goods. D. left shift in the market demand for all goods.

a. b. Quantity of good Y C. d. 0 Y e. 8 X1 X2 X3 The total effect is the movement from X3 to X₂. X4 to X₁. X3 to X₁. X4 to X₂. X₂ to X4. Answer A Answer D X4 Quantity of good X Answer B Answer E || O Answer C X