True or false? You are maximizing total utility only when the marginal utility of all goods is

Question:

True or false? You are maximizing total utility only when the marginal utility of all goods is zero.

Explain your answer.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Microeconomics

ISBN: 9781260507140

11th Edition

Authors: David Colander

See More Books

Question Posted: Mar 14, 2024 04:01 AM

See More Questions

MCQ questions T3 1. Economists use the term utility to mean: a. the satisfaction a consumer obtains from a good or service b. the value of a product before it has been advertised c. the contribution...
CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...
123 Compare the purely graphical properties of these two notations, and the ways in which the graphical properties of each display correspond to the information structure being defined. Describe...
27 01:08:40 In business decision-making, managers typically examine the two fundamental factors of: Multiple Choice Grow Hill Edurata Type here to search O Risk and capital investment. Risk and...
The hollow, spherical glass shell shown in FIGURE 15-52 has an inner radius R and an outer radius 1.2R. The density of the glass is (g. What fraction of the shell is submerged when it floats in a...
People were polled on how many books they read the previous year. Initial survey results indicate that $s=18.8$ books. (a) How many subjects are needed to estimate the mean number of books read the...
Epic Systems is a Wisconsin health care software company. In 2014, Epic introduced a company policy that required employees to use individual arbitration in any disputes. Jacob Lewis, an Epic...
The intangible assets section of Sappelt Company at December 31, 2015, is presented below. Patents ($70,000 cost less $7,000 amortization) ......... $63,000 Franchises ($48,000 cost less $19,200...
1. Suppose that x1,. ,...,xk+1 is a circuit of length k in a graph G (x = xk+1) of length 3 or greater (k 3). Suppose as well that the circuit does not repeat edges (ie xx+1 xjxj+1 for i j). Show...
If you are initially in equilibrium and the price of one good rises, how would you adjust your consumption to return to equilibrium?
Which is the rational choice: watching one hour of CNN that gives you 20 units of utility or watching a two- hour movie that gives you 30 units of utility?
How would you check the information provided by an applicant for credit at a department store? By a business applicant at a heavy-equipment manufacturers sales office?
Ian Maxwell is the chief investment officer for Glasgows municipal workers pension funds (GMWF). He is intrigued by the high-yielding sovereign debt issued by PIIGS countries. Most notably, Spain...
How is job costing in service organisations different from job costing in manufacturing organisations?
Consider two fictional economies, one called the domestic country and the other the foreign country. Given the transactions listed in (a) through (g), construct the balance of payments for each coun-...
Washington state is the largest producer of apples in the United States. In 2018, farms in Washington produced 171 million bushels of apples, nearly five times more than the next highest producing...
Over the last three years, Christmas tree prices have increased from an average of $35 per tree to over $75 per tree. How would a Christmas tree farm and the overall industry respond to the price...
Use a graph to give a rough estimate of the area of the region that lies under the curve y = x x, 0 < x < 4 . Then find the exact area.
Explain the Hawthorne effect.
Identify the regions of increasing, constant, and decreasing returns to scale on the isoquant mapshown. 14 12 10 Q= 950 Q= 900 Q= 800 Q = 500 0-300 | Q= 200 Q= 100 ;
Do the two production functions in Problem 1 obey the law of diminishing returns?
Suppose the marginal product of labor is currently equal to its average product. If you were one of ten new workers the firm was about to hire, would you prefer to be paid the value of your average...
Bridgeport Company manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each division is an investment center. Operating data for the Home Division...
Davis Manufacturing Company had the following data for a recent year: January 1 December 31 Accounts receivable $27,000 $33,000 Materials inventory 22,500 6,000 Work in process inventory 70,200...
Gabriel and Mary are new clients, they have been married for 11 years, and were recommended by one of your current clients. They decide they want to file a joint return, however, the heard that their...

True or false? You are maximizing total utility only when the marginal utility of all goods is

Question:

Step by Step Answer:

False You are maximizing total u...View the full answer

Microeconomics

Students also viewed these Business questions