quiz 7 Microeconomics 10 Multiple choice quiz urgent!

profileezkilz
Home>Homework Answsers>Business & Finance homework help>Economics homework help
The amount by which an additional unit of a good or service increases a consumer's total utility, all other things unchanged, is:



 

The marginal utility for the second unit is:



 
 
 
 

The marginal utility for the sixth unit is:



 
The amount by which total utility rises when an additional unit of a good is consumed is called:



 

Assume that the price of good X is $1 per unit and the price of good Y is $2 per unit, and you consume 4 units of good X and 2 units of good Y. To maximize utility, assuming that the goods are divisible, you would consume:



Which of the following equals marginal utility per $1?



A change in the ability to purchase a good because its price has increased is most closely related to the:



Total utility falls as marginal utility declines.

When MUx/Px > MUy/Py, the buyer should decrease the quantity of X purchased.

 
 
Total utility is maximized when marginal utility per additional dollar spent is the same for all goods.

 
 
 
 
 
    • 13 years ago
    • 5
    Report issue
    Answer(1)
    profile
    shahimermaid
    4.3 (420)
    4.2 (116)
    Chat

    Purchase the answer to view it

    blurred-text
    Bids(0)