This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The fact that most consumers are unable to describe their preferences in terms of a utility function ... (Read 131 times)

humphriesbr@me.com

  • Hero Member
  • *****
  • Posts: 550
on: Jul 1, 2018
The fact that most consumers are unable to describe their preferences in terms of a utility function implies that not all consumer preferences can be represented with utility functions.
 
  Indicate whether the statement is true or false

Question 2

A monopoly that is maximizing profits operates in the ________ portion of the demand curve.
 
  A) unitary elastic
  B) elastic
  C) inelastic
  D) horizontal


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

kilada

  • Sr. Member
  • ****
  • Posts: 311
Reply #1 on: Jul 1, 2018
Answer to Question 1

False. Utility functions are used to represent the order of rankings an individual has, but this does not imply that consumers are aware of such a function when making their choices.

Answer to Question 2

B


humphriesbr@me.com

  • Member
  • Posts: 550
Reply 2 on: Jul 1, 2018
Excellent

Hdosisshsbshs

  • Member
  • Posts: 315
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

Did you know?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Commonly Misspelled Medical Terms Commonly Misspelled Medical Terms
How to find the second derivative of a function How to find the second derivative of a function
How to sketch a graph of a function using calculus only (Part 3) How to sketch a graph of a function using calculus only (Part 3)
Differentiate each function with respect to x. (Power rule) Differentiate each function with respect to x. (Power rule)
Consider the following Lagrangian function: Z(I1,K2,λ) = F(K1,L1) - I1 - w1L1 ... Consider the following Lagrangian function: Z(I1,K2,λ) = F(K1,L1) - I1 - w1L1 ...
Prove that each of the following real functions f has a discontinuity. For each function, ... Prove that each of the following real functions f has a discontinuity. For each function, ...
Video: Interview with Person who has Schizophrenia

For a complete list of videos, visit our video library