Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 12, 2024

If you purchase a gift worth $12 for your sister, but your sister would be willing to pay only $8 if she bought the item

If you purchase a gift worth $12 for your sister, but your sister would be willing to pay only $8 if she bought the item for herself, then the Multiple Choice total utility of the gift is $4. total utility of the gift is $20. marginal utility of the gift is $4. loss of value in the gift is $4

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

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

Step: 2

Step: 3

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

Introduction To Mathematical Statistics And Its Applications

Authors: Richard J. Larsen, Morris L. Marx

5th Edition

321693949, 978-0321694027, 321694023, 978-0321693945

Students also viewed these Economics questions

Question

★★★★★

Elisabeth Rossiter, the single proprietor of Nikopoulos, Inc., a successful manufacturer of advanced microchips for computer gaming consoles, is seeking new long-term capital to finance the growth of...

Answered: 1 week ago

Question

★★★★★

Discuss whether recent UK initiatives in the area of corporate governance have served to diminish the agency problem with respect to UK listed companies.

Answered: 1 week ago

Question

★★★★★

Answered: 1 week ago

Question

★★★★★

A shareholders group, in lodging a protest, claimed that the mean tenure for a chief exective office (CEO) was at least nine years. A survey of companies reported in The Wall Street Journal found a...

Answered: 1 week ago

Question

★★★★★

Question 3 Not yet answered Marked out of 1.00 P Flag question Auditing of management accounting is compulsory Select one: O True O False

Answered: 1 week ago

Question

★★★★★

Which one of the following statements is true? Multiple Choice The current yield on a par value bond will exceed the bond's yield to maturity. O The yield to maturity on a premium bond exceeds the...

Answered: 1 week ago

Question

★★★★★

2. (6 points) In a sample of 821 households in Morocco, the volume of water consumed in a week was 334 liters with a standard deviation of 591 liters. Test that the average volume of water consumed...

Answered: 1 week ago

Question

★★★★★

Consider a company founded with 1m shares of common equity, split amongst the founders. A year later the company raises $5M of Series A funding at a $10M pre-money valuation. After the money has gone...

Answered: 1 week ago

Question

★★★★★

Your aunt's fasting sugar level is 130, so the doctor wants her to see a nutritionist to help her eat a more healthy diet. The mean blood sugar level is 84 with a standard deviation of 23. Interpret...

Answered: 1 week ago

Question

★★★★★

Your company estimates that 5% of this month's $100,000 Sales on account will eventually be written off. The entry should be: Debit Bad Debt Expense, $5,000; Credit Bad Debt Allowance, $5,000 Debit...

Answered: 1 week ago

Question

★★★★★

Suppose we want to figure out what the biggest magnitude earthquake was in 2019, but we only have our representative sample of 200. Let's see if trying to find the biggest magnitude in the population...

Answered: 1 week ago

Question

★★★★★

What is the biggest mistake made by those who call meetings? Group of answer choices There is an assumption that all members will come to the meeting prepared. The meeting is not scheduled far enough...

Answered: 1 week ago

Previous Question Next Question