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11. The income-consumption curve is used to derive an individual’s demand curve.
(a) True
(b) False
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- Is it possible for total utility to increase while marginal utility diminishes? Explain.If people do not have a complete mental picture of total utility for every level of consumption, how can they find their utility-maximizing consumption choice?7.If pizza is a normal good, then which of the following could be the value of incomeelasticity of demand?
- 10. Utility is a type of function that occurs in economics. When a consumer receives x unils of a certain product, a certain amount of pleasure, or utility U, is derived The graph represents a typical utility function. a) Find the average rate of change of U as x changes from 0 to 1 , from 1 to 2 , from 2 to 3 , from 3 to 4 b) Why do the average rates of change decrease as x increases? a) The average rate of change of U as x changes from 0 to 1 is (Type an integer or a decimal.)5. Consumer value can be determined by how consumer utility compares between different items. Comment.Question Four Assume a household with a monthly income of $5,000. This household allocates its income to the purchasing of food and nonfood products. If the average price of food products is $20 per unit and nonfood items cost $150 per unit (a) Write the household's budget equation. (b) If this household consumes 100 units of food products, how many units of nonfood items can it buy? (c) Assume that the price of nonfood products increases to $160. Write the new budget equation. (d) If this household wants to purchase food and nonfood items in the same proportion as in part (b), what is the household's new bundle in part (c)? (e) Assume the household's income increases by 5%. Repeat parts (a) to (d) (f) Assume that due to competition prices of food and nonfood products in decline by 5% while the household's income remains the same. Repeat parts (a) and (b) and Compare your results with part (e). CAMON 11 AI 16M AI Clear Selfie
- (A) The unit in which the utility is calculated is ________ (B) Utility measures __________ of the consumer3. A consumer's indirect utility function is given by V (p, y) = f(p)y. (a) What is the form of this consumer's expenditure function? (b) What kind of preferences does this consumer have?4.An individual consumes products X and Y and spends $30 per time period. The prices of the two goods are $3 per unit for X and $3 per unit for Y. The consumer in this case has a utility function expressed as: U(X.Y) = 0.5XY How much X should this individual consume, given that he is maximizing the utility? ( A) 4.17 ( B) 5 (C)6 D) 6.25
- Consider an economy with two goods, consumption c and leisure 1, and a representative consumer. The consumer is endowed with 24 hours of time in a day. A consumer's daily leisure hours are equal to 1 = 24-h where h is the number of hours a day the consumer chooses to work. The price of consumption p is equal to 1 and the consumer's hourly wage is w. The consumer faces an ad valorem tax on their earnings of 7 percent. The con- sumer also receives some exogenous income Y that does not depend on how many hours she works (e.g. an inheritance). The consumer's preferences over consumption and hours of work can be represented by the utility function U(c, h) = c-3h¹+, where 3 > 0 and p > 0 are parameters. 1+p16. Utility functions are simply mathematical representations of preferences.(a) True(b) False12. What are the mathematical steps in deriving demand and indirect utility?