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 79 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?

The Centers for Disease Control and Prevention (CDC) was originally known as the Communicable Disease Center, which was formed to fight malaria. It was originally headquartered in Atlanta, Georgia, since the Southern states faced the worst threat from malaria.

Did you know?

People with high total cholesterol have about two times the risk for heart disease as people with ideal levels.

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?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

Did you know?

When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream.

Concept Map Template Concept Map Template
A pharmacist can explain to a patient why medication may look different and ensure the correct ... A pharmacist can explain to a patient why medication may look different and ensure the correct ...
Concept Formation Concept Formation
What is the value of the equilibrium constant, K, at 25°C for the reaction? What is the value of the equilibrium constant, K, at 25°C for the reaction?
Write equilibrium constant expressions for the following reactions in terms of concentration: Write equilibrium constant expressions for the following reactions in terms of concentration:
For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately
Video: A timeline of the teeth (Explained - No Audio)

For a complete list of videos, visit our video library