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Please see below. I really need help with these. Classify each of the statements as true or false. True False Answer Bank Marginal utility is
Please see below. I really need help with these.
Classify each of the statements as true or false. True False Answer Bank Marginal utility is the extra satisfaction experienced by one additional unit of consumption. Marginal utility is always positive. Diminishing marginal utility means that consumption of an additional unit decreases utility. Numerical utility values are relatively easy to calculate. Utility is a measure of the satisfaction people receive from their choices. If you eat a slice of pizza that gives you food poisoning, your utility will likely decrease. Marginal utility is always negative.People buy more of a good when the price falls. There are several theoretical explanations for this behavior. Match the explanation for why people buy more at lower prices with the proper term. Substitution effect Income effect Total effect Answer Bank An increase in quantity demands that comes from consumers having a greater incentive to buy a good whose price is relatively lower. An increase in quantity demands that are attributable to changes in purchasing power as the price of a good falls. An increase in quantity demands attributable to the combination of the income and substitution effect.The first graph presents the utility maximizing combinations of bread and brie that Hayden chooses when the price of bread is $1.00 per loaf and the price of brie is either $4.00 or $6.00 per wheel. The second graph shows Hayden's demand curve for brie, based on those utility maximizing points. What are the specific prices and quantities of brie associated with points A and B on Hayden's demand curve? Bread (loaves) Market for brie Price ($) 26 B Demand 16 BCI BC2 7 24 Brie (wheels) Quantity (wheels of brie) price of brie at point A: $ per wheel quantity of brie demanded at A: wheels quantity of brie demanded at B: wheels price of brie at point B: $ per wheelStep by Step Solution
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