Microeconomics

If consumer income and all prices double, then the budget line does not change.

Started by jon_i

If consumer income and prices all are cut in half, then the consumers' real income doubles.

Started by dbose

If Linda's income goes up, she will consume more of all normal goods.

Started by 2125004343

An income effect comes about because a price reduction of one product increases a consumers real income.

Started by cagreen833

Recall the Application about how a simultaneous increase in the gasoline tax and decrease in the ...

Started by swpotter12

Kim's demand curve for sodas:

Started by LCritchfi

The change in the quantity consumed that is caused by a change in the relative price of a good, with ...

Started by schs14

Explain why the equimarginal rule is a necessary condition for utility maximization.

Started by Awilson837

If the consumer gets 90 utils from consuming four movies, 120 utils from consuming five movies and ...

Started by vHAUNG6011

Explain what diminishing marginal utility is.

Started by anjilletteb

Baseballs cost $5 each and baseball gloves cost $20. Assume you have $100 to spend on these items. ...

Started by nautica902

What does the consumer's budget line show?

Started by jrubin

Utility is maximized when the chosen bundle of goods satisfies the equimarginal rule and when the ...

Started by Beheh

Diminishing marginal utility is when total utility declines as a consumer consumes more of a good.

Started by CharlieWard

Marginal utility of beer is the change in utility when production of beer changes.

Started by captainjonesify

A consumer's budget set includes all affordable combinations of two goods.

Started by Pineapplelove6

A consumer can afford any combinations of two goods on or below the budget line.

Started by armygirl

All the combinations of two goods on a consumer's budget line must generate different levels of utility.

Started by HudsonKB16

A consumer's budget line is very similar with a demand curve in that both curves show the possible ...

Started by maychende

Utility is the benefit a consumer gets from consuming a good.

Started by fnuegbu

Recall the Application about how marginal utility changes with the quantity consumed to answer the ...

Started by Kthamas

Suppose that for Virginia the marginal benefit per dollar spent on make-up is less than the benefit ...

Started by Caiter2013

Suppose that for George the marginal benefit per dollar spent on tuna is less than the marginal ...

Started by P68T

Suppose that for Sarah the marginal benefit per dollar spent on pork exceeds the marginal benefit ...

Started by jwb375

If the consumer gets 40 utils from consuming four CDs, 45 utils from consuming five CDs and 48 utils ...

Started by madam-professor