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Utility Theory
Page 2
Questions (65)
Write short notes on assumptions of ordinal utility approach
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Write a short note on assumptions of ordinal utility approach
Rationality Transitivity Ordinal utility Non satiety Diminishing
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Martha’s utility function is U (x, y) = min{x + 2y, 2x + y}. George’s utility function is U (x, y) = min{2x + 4y, 4x + 2y}.
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Charlie’s utility function is xA ∗ xB . The price of apples used to be $1, the price of bananas used to be $2, and his
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Timmy consumes two commodities x and y. His utility function is min{x+ 2y, y + 2x}. He chooses to buy 10 units of good x and 20
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s MRS= -P1/P2 or is MRS= -Mux/MUy
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Edge worth box in economics
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Jr
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1. Describe the meaning of utility in economics and explain why it is different from one consumer to another.
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Beanieboi
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Why do economists try to measure and understand utility?
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Beanieboi
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An economist's eight-year-old son gave his parents the following utility tables and then told them that he would like Santa to
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Explain the term total utility
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In spending all his income on beer and pizza, Fred finds that the marginal utility of the last pizza is currently 88, the
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Betty is maximizing her satisfaction consuming two goods, A and B. If the marginal utility of A is twice that of B, what is the
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4 views
Define the term total utility
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Define the diminishing utility
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Parent Categories (13)
Applied Mathematics
Consumer behavior
Consumer Theory
Economic Theory
Economics
Economics/Budgeting
Mathematics
Microeconomics
Morality
Personal Finance
Portfolio Management
Probability Theory
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