What is meant by consumer equilibrium? Suppose total utility schedule of a consumer from his consumption of

Question:

What is meant by consumer equilibrium? Suppose total utility schedule of a consumer from his consumption of X is given as follows.

Units of X consumed 1

2 3

4 5

6 7

8 Total utility 20 35 45 52 57 60 60 50 Suppose also that price commodity X is `5 per unit. Find consumer’s equilibrium.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Managerial Economics

ISBN: 9789325986688

8th Edition

Authors: D N DWIVEDI

See More Books

Question Posted: Oct 07, 2024 04:01 AM

See More Questions

Match the accounting terminology to the definitions. 1. Sarbanes-Oxley Act 2. Internal control 3. Encryption 4. Separation of duties 5. Internal auditors
Describe a knowledge management system for a college or university.
Steam enters a nozzle with a low velocity at 150C and 200 kPa, and leaves as a saturated vapor at 75 kPa. There is a heat transfer from the nozzle to the surroundings in the amount of 26 kJ for every...
What is meant by consumer equilibrium? Suppose total utility schedule of a consumer from his consumption of X is given as follows. Units of X consumed 1 2 3 4 5 6 7 8 Total utility 20 35 45 52 57 60...
This is a partial adjusted trial balance of Fenske Company. InstructionsAnswer these questions, assuming the year begins January 1.(a) If the amount in Supplies Expense is the January 31 adjusting...
Herring Fisheries plans to pay $0.54 per share in dividends in the coming year. If its equity cost of capital is 13%, and dividends are expected to grow by 5.3% per year in the future, what is the...
What is law of diminishing marginal utility? What are the conditions for the application of the law of diminishing utility? Explain the law with the help of MU schedule and MU curve.
What is meant by consumer equilibrium? What are the conditions of consumers equilibrium under cardinal utility approach? Illustrate consumers equilibrium diagrammatically.
Find 0.900 and 0.100 probability limits for a c chart when the process average is equal to 16 nonconformities.
2. The following purchases were made by a business house having three Departments: Department A 1,000 units Department B 2,000 units at a total cost of Rs. 1,00,000 Department C 2,400 units Stock on...
The Lentiviral vector is derived from the HIV virus but is modified to be safe for gene therapy in humans. Which of the following statements best describes the modifications to the viral genome of...
The airline industry is frequently used as an example of an oligopoly industry.Consider the following analytic problems: Consider AirTrain and BigJet, two airlines that currently fly non-stop flights...
Parts 1, 2 and 3 have been completed below at the very bottom. Complete parts 4, 5, 6, 7 and 8 using this information. Part 4: Stakeholder Plan For the project selected in Unit III, create an...
Allon Co. is a food distributor located in the Midwestern United States. The controller's office is in the process of preparing the Year 3 financial statements and Allon's analysts are preparing the...
One end of a uniform meter stick is placed against a vertical wall (Fig. 11.50). The other end is held by a lightweight cord that makes an angle 6 with the stick. The coefficient of static friction...
Parkin Industries, a U.S. company, acquired a wholly-owned subsidiary, located in Italy, at the beginning of the current year, for 200,000. The subsidiary's functional currency is the euro. The...

What is meant by consumer equilibrium? Suppose total utility schedule of a consumer from his consumption of

Question:

Step by Step Answer:

Managerial Economics

Students also viewed these Business questions