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9. The satisfactivity that outcomes from intake of a great. Utility is the felling of satisfaction that a consumer gets from consuming his desired excellent or business. 10. Combination of two items which can be purchased with a offered budgain. Budget Plan lines…View the full answer
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Transcribed picture text: Question 9 1 pts When an economist talks about energy, she is talking about a company that offers power, water, gas, and so on the satisfaction, in regards to price, that a producer receives from offering his product the satisfactivity that results from the intake of a great. the amount of one good that a perboy is willing to provide up in order to get a unit of an additional great. the satisfactivity that results from the consumption of a good minus the price that need to be passist to obtain the excellent. Concern 10 1 pts A budgain line represents: The combinations of items providing equal energy to a consumer. The demand also curve. Combinations of two items which can be purchased with a provided budget. The amount of earnings that is required to purchase a offered amount of an excellent. Concern 11 1 pts Which of the following statements is true? O An added dollar earned by a millionaire necessarily brings him or her much less energy than an extra dollar earned by a poor perboy. If marginal utility is consistent, then complete utility for two systems of a good is equal to the marginal energy of the second unit of the good. The marginal and also complete energy of a great are the same for the first unit of the great. Total energy will certainly rise if marginal utility is negative. Inquiry 12 1 pts The diamond-water paradox is illustrated whereby of the adhering to statements? O Water, a need, has actually a relatively low price whereas diamonds, typically a deluxe, have a relatively high price. O Although water appears to have actually a relatively low price as soon as compared to diamonds, in truth, it has actually a relatively higher price. Although water shows up to have actually a reasonably low price as soon as compared to diamonds, in truth, the prices are equal. Although water appears to have actually a fairly low price when compared to diamonds, at the margin, water has actually the reasonably higher price. Although water appears to have actually a fairly low price when compared to diamonds, at the margin, the prices are equal. Inquiry 13 1 pts The presumption of transitive choices implies that indifference curves must: not cross one an additional. have a positive slope. be L-shaped be convex to the origin. all other options Question 14 1 pts If prices and also income in a two-good culture double, what will occur to the budacquire line? The intercepts of the budget line will increase. The intercepts of the budgain line will certainly decrease. The slope of the budget line may either boost or decrease. Inadequate information is offered to recognize what result the adjust will certainly have on the budgain line but we recognize society is worse-off. Tbelow will certainly be no effect on the budobtain line. Question 15 1 pts To an economist, utility refers to the usefulness of a great or company. satisfaction that outcomes from the usage of an excellent. family member scarcity of a great. price of decline in the demand also curve. Question 16 1 pts Due to the fact that tright here are so few diamonds in the civilization, the usage of diamonds takes priority over the usage of water. takes place at fairly high marginal energy, takes location at fairly low marginal energy. is even more crucial than the intake of water.