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 60 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?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

Complications of influenza include: bacterial pneumonia, ear and sinus infections, dehydration, and worsening of chronic conditions such as asthma, congestive heart failure, or diabetes.

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

Did you know?

Medication errors are three times higher among children and infants than with adults.

Wilson and Simberloff's experiments on the equilibrium model of biogeography. Wilson and Simberloff's experiments on the equilibrium model of biogeography.
Concept of Death by Children Concept of Death by Children
Othmer’s Equilibrium Still Schematic Diagram Othmer’s Equilibrium Still Schematic Diagram
Kyo and jitsu-concept of energy deficiency and excess from shiatsu. Kyo and jitsu-concept of energy deficiency and excess from shiatsu.
Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ... Under ideal conditions, a single cell of the bacterium E. coli would divide every 20 minutes to ...
Write equilibrium constant expressions for the following reactions in terms of concentration: Write equilibrium constant expressions for the following reactions in terms of concentration:
Video: Structures that affect circulation - kidneys and blood volume and skeletal muscle pumping

For a complete list of videos, visit our video library