Examlex
Quasilinear preferences are homothetic when the optimal amount of good 1 is not affordable.
Diminishing Marginal Utility
The decrease in satisfaction or utility that a person derives from consuming each additional unit of a good or service.
Demand Curves
A graphical representation that shows the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.
Marginal Utility
The extra value or satisfaction garnered by a consumer with the acquisition of one more unit of a good or service.
Total Utility
The overall satisfaction or happiness received from consuming a certain amount of goods or services.
Q14: Charlie's utility function is x<sub>A</sub>x<sub>B</sub>.The price of
Q14: Andrew's utility function is U(x<sub>1</sub>, x<sub>2</sub>)=4x<sup>2</sup><sub>1</sub> +
Q15: Natalie consumes only apples and tomatoes.Her utility
Q22: Georgina earns 6 dollars an hour.She has
Q29: Recall that Tommy Twit's mother measures the
Q30: if you could exactly afford either 2
Q33: Ambrose has the utility function U(x<sub>1</sub>, x<sub>2</sub>)=
Q43: Mr.Surly consumes only two goods and hates
Q46: Thomas consumes coffee (C)and doughnuts (D).His budget
Q48: Charlie has a utility function U(x<sub>A</sub>, x<sub>B</sub>)=x<sub>A</sub>x<sub>B</sub>,