The principle that explains the downward slopping behavior of the Indifference Curve is the O . Budget Line O b. Law of Diminishing Marginal Cost e. Law of Diminishing Marginal Return d. Marginal Rate of Commodity Substitution
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- Draw Maries budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of me budget constraint?Law of Diminishing Marginal UtilityIndicate whether each of the following statements is true or false. Explain why.A.The law of diminishing marginal utility states that as an individual increases consumption of a given product within a set period of time, the utility gained from consumption eventually declines.B.Marginal utility measures the added satisfaction derived from a one-unit increase in consumption, holding consumption of other goods and services constant.C.When goods are relatively scarce, the law of diminishing marginal utility means that the added value of another unit of goods will be small in relation to the added value of another unit of services.D.The law of diminishing marginal utility gives rise to a downward-sloping demand curve for all goods and services.The diagram below shows the Total Effect (the sum of Income & Substitution Effects) when the budget line moves from BO to BI, it shows that; Substilie. Effact Toral Effect O a. Price of X increase and X is Giffen good. O b. Price of X decreases and X is normal good. O c. Price of X increase and X is inferior good. Price of X incregse and X is normgl good.
- Refer to the information provided in Figure below to answer the question that follow. Lingle's monthly budget constraint 40 A OD B E 40 Number of gardenburgers per month Refer to Figure The slope of budget constraint AC is Select one: a. indeterminate from this information because prices are not given. b. -1/2 C.-2 d. -1 Number of beers per monthCola Income S60 GO Prota 51 Pizza Income $60 Prza $10 5. Refer to Scenario#1. If the price of cola doubles to $3 while thc income and the price of pizza are constant, then the a. budget constraint intersects the vertical axis at 20 colas C. slope of the budget constraint rises to -2 Hint: Wth b. budget constraint intersects the vertical axis at 30 colas d. budget constraint shifts inward in a parallel fashionAssume Tom is on budget constraint AC and the price of a hamburger is $4.00. Tom's monthly income is . Tom's monthly budget constraint 40 A OD B 20 Number of hamburoers per month O 80 100 160 O 240 Number of hot dogs per month
- . Please help me in e). you forgot yesterday Define a budget line d.Given that Tebogo's income is P1800 price of food is P30 and price of entertainment is P40, Draw tebogos budget line. e.Using a diagram, show what woul happen to Tebogo budget line if the price of food decreases to 20 while the price of entertainment remain unchanged. f.Using a diagram, show what would happen to Tebogo's budget line if income increases from P1800 to P2100 while prices remain P30 for food and P40 for entertainment.1. In your own idea, differentiate substitution effect from income effect. Give atleast 2 examples each.Total utility is maximized in the consumption oftwo goods by equating thea. prices of both goods for the last dollar spenton each good.b. marginal utilities of both goods for the lastdollar spent on each good.c. ratios of marginal utility to the price of bothgoods for the last dollar spent on each good.d. marginal utility of one good to the price ofthe other good.
- a halving price of the prices of good A and Good B have the same effects on the budget line as doubling income. is this true or false and how woukld it look like using ana equation of a budget lineIf we have money, we buy goods and services to satisfy our needs. In economics, thesatisfaction that we get from the consumption of goods and services is called utility. Usea utility graph to explain what happen to the utility when you keep on increasing thenumber of units consumed. Also explain what happens to the utility when you keep onincreasing the number of units consumed. Also explain what happens to the additionalutility (i.e. additional satisfaction) when you increase your consumption by one unit2. Zhoran has a budget of $36 for fruit. Strawberries cost $4 per pound and grapes cost $3 per pound. She likes both type of fruit and she has a diminishing marginal rate of substitution. (a) Draw a diagram illustrating Zhoran's budget constraint. Label both intercepts with their numerical values. What is the slope of her budget line? (b) Illustrate Zhoran's optimal combination of strawberries and grapes on your dia- gram. Any picture that is consistent with the facts described here is acceptable. Explain how your diagram demonstrates that the point you've chosen is the op- timal point for Zhoran. (c) Suppose Zhoran's budget increases to $48. How will this change her consumption decision? Illustrate your answer on your diagram and explain your picture.
