A person who is in consumer equilibrium has maximized his or her total utility. State the condition
Question:
State the condition for consumer equilibrium.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (22 reviews)
The condition for consumer eq...View the full answer
Answered By
SUMAN DINDA
I LIKE TO TEACH STUDENTS. SO, I START MYSELF AS A PRIVATE TUTOR. I TEACH STUDENTS OF DIFFERENT CLASSES. I HAVE ALSO DONE BACHELOR OF EDUCATION DEGREE(B.ED). DURING THIS COURSE I HAD TO TEACH IN A SCHOOL. SO I HAVE A GOOD EXPERIENCE IN TEACHING.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Multiple Choice Questions 1. The law of diminishing marginal utility implies that the more of a commodity you consume, the a. More you value additional units of output. b. Less you value additional...
-
Match each of the numbered definitions with the correct term in the following list. Write the letter of your choice in the answer column. a. Bad check b. Draft or bill of exchange c. Cashiers check...
-
A person who is retiring at the age of 65 and who has $200,000 wants to leave an estate of at least $30,000. How much can the individual draw annually on the $200,000 (starting at the end of the...
-
Consider the 70 households that purchased a DVD player, 48 households are satisfied with their purchase and 22 households are dissatisfied. Suppose two households are randomly selected from the...
-
Refer to the chapter opener, Meet SAP. In your opinion, why do you think the first version of SAP was accounting software?
-
The terms prior and posterior are relative. Assume that the test in Figure 9.17 (and in the file Bayes Rule for Disease.xlsx) has been performed, and the outcome is positive, which leads to the...
-
In general, the creep compliances, \(S_{i j}(t)\) and the relaxation moduli, \(C_{i j}(t)\) are not related by a simple inverse relationship. Show that only when \(t ightarrow 0\) and when \(t...
-
The Maggie King Hospital, a not- for- profit hospital, had the following transactions regarding its patient service billings. 1. The total services provided by the hospital to all patients during the...
-
The operating revenues and expenses of Panawin Enterprises for 2 0 2 1 are below:There are four additional transactions that impact the income statement: Machinery with a balance sheet ( book ) value...
-
A tubular shaft similar to that shown in Figure 16.11 is to be designed that has an outside diameter of 100 mm (4 in.) and a length of 1.25 m (4.1 ft). The mechanical characteristic of prime...
-
Utility theory is important for understanding consumer choice. 1. Define total utility. 2. Define marginal utility. 3. State the law of diminishing marginal utility. 4. Explain why we cannot use the...
-
Behavioral economists argue that some human behavior does not fit neatly into the traditional economic framework. 1. Explain how utility received from relative rank can make someone willing to accept...
-
A rotating cylinder about 16 km long and 7.0 km in diameter is designed to be used as a space colony. With what angular speed must it rotate so that the residents on it will experience the same...
-
Refer to Table 2.2, in which annual macroeconomic data including GDP, CPI, 3-month T-bill rate, prime rate, private consumption, private investment, net exports, and government expenditures from 1960...
-
The Madagascar Corporation wants to achieve a steady 9 percent growth rate. If it can achieve a 13 percent return on equity, what percentage of earnings must Madagascar retain for investment purposes?
-
The market price for the Fidesco Groups common stock is \($64\) per share. The price at the end of year 1 is expected to be \($75,\) and dividends for next year should be \($3.98.\) What is the...
-
How does a bonds intrinsic value differ from its market value? Under what circumstance might they be equal?
-
Danang Rubber Co.s bonds are selling in the market for \($1,060.\) These 13-year bonds pay 9 percent interest annually on a \($1,000\) par value. If they are purchased at the market price, what is...
-
Use the factor theorem to determine whether or not the second expression is a factor of the first expression. Do not use synthetic division. x 51 2x 1, x + 1
-
Explain what is meant by vicarious liability and when it is available?
-
Suppose Nikes managers were considering expanding into producing sports beverages. Why might the company decide to do this under the Nike brand name?
-
Describe the change in average costs and the relationship between marginal and average costs under the following three conditions as quantities producedincrease: Marginal Cost versus Constant returns...
-
Suppose you have a production technology that can be characterized by a learning curve. Every time you increase production by one unit, your costs decrease by $6. The first unit costs you $64 to...
-
A scuba diver is exploring a shipwreck at a depth of 30 meters in the ocean. The diver's tank contains 5.0 moles of compressed air at a temperature of 25C. What is the pressure of the air in the tank...
-
1. Determine the atmospheric pressure at a location where the barometric reading is 720 mm Hg. 2. A pressure gauge connected to a tank reads 52 psi at a location where the barometric reading is 29.6...
-
Assume that a bond has an annual coupon rate of 6.80 percent, but makes coupon payments on a semi-annual basis, has a par value of $1,000, a yield to maturity of 7.20 percent, and a current price of...
Study smarter with the SolutionInn App