FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A utility function describing by how much one market basket is preferred to another is called: Question 14 options: A) a cardinal utility function. B)

A utility function describing by how much one market basket is preferred to another is called: Question 14 options: A) a cardinal utility function. B) an ordinal utility function. C) either an ordinal or a cardinal function. Both types of functions use this ranking. D) neither an ordinal nor a cardinal function. Neither type uses this ranking

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Economics

Essentials of Economics

Authors: N. Gregory Mankiw

8th edition

1337091995, 978-1337515351, 1337515353, 978-1337091992

More Books

Students also viewed these Economics questions

Question

★★★★★
Find the following z-scores. a. z0.03 b. z0.005

Answered: 1 week ago

Question

★★★★★
(a) Derive the transfer function H ( s ) H ( s ) for the general first-order system given by y + y = k u y + y = k u where y ( t ) y ( t ) is the output, u ( t ) u ( t ) is the input, and all...

Answered: 1 week ago

Question

★★★★★
Using the following diagram, which gives the distribution function of a random variable X, calculate the probabilities (i) P(X Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★
Toledo Custom Manufacturing (TCM) makes machined steel parts to customer specification. They have a variety of machines that can hold tight tolerances. In this case they have just received an order...

Answered: 1 week ago

Question

★★★★★
Choose the correct statement from the following options? a) b) c) Custom is a regulations issued by the council of ministers or the parliament Positive laws of the state are enacting by the...

Answered: 1 week ago

Question

★★★★★
During 2023, Emily worked as a financial controller for Vector Industries (VI) and earned a salary of $150,000. VI downsized its office space after the pandemic, and adopted a hybrid working policy...

Answered: 1 week ago

Question

★★★★★
The financial data for UVW Corporation for the year ended December 31, 2023, is provided below: Total Assets: $1,200,000 Total Liabilities: $600,000 Shareholders' Equity: $600,000 Net Income:...

Answered: 1 week ago

Question

★★★★★
23. Your company plans to expand into other countries, and you are charged with planning and executing the entry. Describe to the company's president your strategies for expansion and the five global...

Answered: 1 week ago

Question

★★★★★
Forest Fires and Acres Burned Number of fires and number of acres burned are as follows: Number of fires x 72 69 58 47 84 62 57 45 Numbers of acres burned y 62 42 19 26 51 15 30 15 Find y' when x =...

Answered: 1 week ago

Question

★★★★★
Discussion Post: Identify an approach or technique in 2 or 3 of the presentations. You can pick a different technique for each presentation you choose to discuss. This technique will have had a...

Answered: 1 week ago

Question

★★★★★
Arrange/rearrange your organization/department (or an organization you have worked with in the past). illustrate how you would organize systems to make them more efficient. The objective is to...

Answered: 1 week ago

Question

★★★★★
Write a professional Bio of an officer. Use the following question to cover the Bio Who are you? How did you get to be who you are? What are you doing now? What would you like to do in the future?.

Answered: 1 week ago

Question

★★★★★
Trudy's Boutique (A) 1. Case 7. The excitement **How can I help you?" Trudy cheerfully asked as she introduced herself. Trudy Thompson was having fun operating her clothing booth at another fair. Her...

Answered: 1 week ago

Question

★★★★★
1. Effort is important.

Answered: 1 week ago

Question

★★★★★
2. Set up two points representing the pillars of your values system. Discuss this with the others in the group.

Answered: 1 week ago

Question

★★★★★
8. Find values in the Norwegian culture that you believe have been stable over a long period. Do you feel that these values say something about your own values?

Answered: 1 week ago

Previous Question Next Question