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

Author Question: Explain the concept of consumer equilibrium. What will be an ideal ... (Read 15 times)

s.tung

  • Hero Member
  • *****
  • Posts: 577
on: Jun 29, 2018
Explain the concept of consumer equilibrium.
 
  What will be an ideal response?

Question 2

Consider the budget line in the above figure. If the price of a magazine is 4, then the price of a hamburger is
 
  A) 1.75.
  B) 3.00.
  C) 4.00.
  D) 5.33.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Kaytorgator

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jun 29, 2018
Answer to Question 1

A consumer equilibrium is a situation in which a consumer has allocated all his or her available income in the way that, given the prices of goods and services, the combination of goods and services maximizes the consumer's total utility.

Answer to Question 2

B


s.tung

  • Hero Member
  • *****
  • Posts: 577
Reply #2 on: Jun 29, 2018
Thank you


Kaytorgator

  • Sr. Member
  • ****
  • Posts: 345
Reply #3 on: Jun 29, 2018
No problemo


« previous next »
 

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

Parkinson's disease is both chronic and progressive. This means that it persists over a long period of time and that its symptoms grow worse over time.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

What are examples of ideal forms? What are examples of ideal forms?
Concept Formation Concept Formation
E9-23 Prepare income statements Explain the difference in operating income E9-23 Prepare income statements Explain the difference in operating income
Explain the assumptions that must be satisfied in order to validly use the one-way ANOVA ... Explain the assumptions that must be satisfied in order to validly use the one-way ANOVA ...
The dissociation equilibrium constants for the protonated form of alanine (a diprotic amino ... The dissociation equilibrium constants for the protonated form of alanine (a diprotic amino ...
Is my concept map correct? (Grade 12 Bio) Is my concept map correct? (Grade 12 Bio)
Video: Parathyroid hormone (bone resorption) & Calcitonin (bone deposition)

For a complete list of videos, visit our video library