Suppose you have a budget of $12 and cost of a cola is $2 and sandwich is $4. Using this information form the table, how many sandwiches and cola would you buy at the optimum?

Q: What factors commonly influence a person’s daily buying choices? Select one of these and explain how…

A: These are the factors which influence a person’s daily buying choices: The income of the consumer:…

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: Explain how a rational consumer decides which goods to buy. Note: you must discuss the role of…

A: The consumer prefers to buy the goods and services which provide them maximum satisfaction after its…

Q: Using the consumer choice theory, explain how an individual decides what combination of different…

A: The consumer choice theory can be understood as a theory that explains the change in consumer…

Q: Q15. Most decisions involve which involves comparing the benefits and costs of choosing a little…

A: Utility is the satisfaction achieved by consuming one more unit, Whereas, the budgetconstraints…

Q: Think about a favorite thing you often buy or enjoy. It could be your favorite food, a favorite…

A: Suppose I buy chocolates in the course of a day. The largest utility I get is from consuming the…

Q: Suppose John decides to buy 4 units of food and 4 units of clothing with his $12 budget. Would his…

A: Marginal utility is defined as the additional utility derived from the consumption of an extra unit…

Q: What is utility? the satisfaction a person gets from the consumption of a good a measure of…

A: please find the answer below

Q: Sara is a teenage artist who has been making paintings based on watercolor, each painting sells for…

A: Sara is a teenager who has been making paintings based on watercolor , each painting sells for 150…

Q: The diagram shows Sam's budget line. Which of the following combinations of gasoline and coffee are…

A: Budget line shows the points of combination of two goods which cost equals to the consumer's income.…

Q: The marginal benefit Claire gets from purchasing a third pair of flip-flops is       a)  the same…

A: Marginal benefit is the extra benefit received from selling an extra unit of a good.

Q: How do we measure utility? Explain

A: The utility is the want satisfying power of the commodity. The utility would result in the sense of…

Q: What is a budget line

A: Purchasing behavior is the decisions of consumers taken to purchase a particular type of product or…

Q: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. 1) If…

A: In economics, a budget constraint represents all the combinations of goods and services that a…

Q: A consumer has a budget to spend on Shoes and Socks. At their current levels of consumption, they…

A: Marginal utility per dollar is the amount of utility obtained by the consumer from spending one more…

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: Discuss Budget line

A: A budget refers to an estimate of revenues and expenses that are to be incurred in the future and…

Q: Instructions: Move the slider at the bottom of the diagram to change the quantity consumed for all…

A: The additional satisfaction a customer gets from getting one more unit of a product or service is…

Q: Question 3: Two roommates, Annabel and Brittany, are considering purchasing a coffee-table for their…

A: Introduction Two roommates, Annabel and Brittany are considering to purchase a coffee table for…

Q: When a consumer is below the budget line, what does it mean?

A: According to the given question A budget line is gradually a line which have other name that is the…

Q: Price for X is $1 and Y is $2.  Budget is $9.            Good X                Good Y…

A: In economics, utility refers to the overall satisfaction derived from the consumption of a good or…

Q: Budget constraints provide a visual image the represents what a person can afford, given the price…

A: Budget constraint shows the amount of two goods  with given set of income that the consumer can…

Q: The above figure shows your budget line and indifference curves. What quantities of gasoline and…

A: A budget line is combination of stating the capacity of a an individual, firm, or business to make…

Q: Sarah has a budget of 58. Her utility function if U(x,y) = x*y. %3D The price of good x is 1, the…

A: Given: Budget = M=58 Price of good x = 1 Price of good y = 8 Budget constraint equation: Pxx+Pyy=M…

Q: List and define the different kinds of goods.  Give an example of each

A: Normal goods: If the demand for a good is most responsive to its price, the good is known as the…

Q: Price for X is $1 and Y is $2.  Budget is $9.            Good X                Good Y…

A: Quantity Marginal Utility $ marginal utility Quantity Marginal Utility $ marginal utility 1 8 8 1…

Q: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. If the price of a…

A: The budget constraint shows all the combinations of two goods that an individual is able to purchase…

Q: Using the consumer choice theory, explain how an individual decides what combinations of different…

A: Consumer choice theory refers to the theory wherein the consumers’ preferences are considered to be…

Q: Explain how a consumer budget and product price changes impact the budget line by drawing…

A: The budget line explains the combination of products to be selected till the last money of budget is…

Q: How do you determine a budget for personal consumption?

A: A monthly budget is a structured financial planning tool that assists you in determining how much…

Q: Yona's utility function is U(x,y) = 4 *x +3 * y. %3D The price of one unit of x is 7, the price of…

A: here utility function U(x,y)=4x +3y also we have Px(price of good x)=7 and Py(price of good y)=5 so,…

Q: Jessie is attempting to draw her budget constraint for purchasing cookies and strawberries. At a…

A: The budget line depicts the distinct combinations of two consumer commodities that an individual can…

Q: Who determines how much utility an individual will receive from consuming a good?

A: The demand refers to the total amount of a good which an individual is willing, and able to buy at…

Q: Explain utility and its connection to consumer behavior

A: The Utility is a concept used by economists to define and rank preferences of the consumer’s…

Q: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. If the price of a…

A: Marie has a weekly budget of $24 which she can spend on magazine and pies.  Thus, her budget…

Q: How a price change affects consumer optimum?

A: In consumer's equilibrium, consumer optimum means getting a maximum level of satisfaction after…

Q: Marie has a weekly budget of $24. Pie's are $12. Magazine's are $4. What is the maximum number of…

A: The amount of goods that a consumer can purchase over a given period of time is limited by the…

Q: In what way may the income of the consumer affect his buying behavior?

A: The income of the consumer is the amount that the consumer has to spend on various goods and…

Q: Joseph is currently spending his entire budget on two goods: food and entertainment. He was willing…

A: Joseph is currently spending his entire budget on two goods: food and entertainment. He was willing…

Q: The graph shows the budget line for a consumer who only buys cookies and magazines. If the…

A: Budget line: - it is the graphical representation of different combinations of two goods that a…

Q: What happens to the utility we get from each additional unit we consumed?

A: Utility refers to the want satisfying capacity of the individuals that includes the consumers those…

Q: Marginal Utility of X (units of utility) Marginal Utility of Y (units of utility) Price of X ($) 12…

A: Answer to the question is as follows:

Q: What unit do economists use to measure the satisfaction individuals get from consuming a good?…

A: The answer is - Utils