Question

Individual demand tells us the minimum amount an individual is willing to pay for an extra...

Individual demand tells us the

minimum amount an individual is willing to pay for an extra unit of a good.
maximum quantity of a good an individual is willing to buy at any given price.
total benefit a consumer gets from a good, but only when the price is equal to zero.
marginal benefit is unrelated to willingness to pay.
maximum marginal utility an individual receives from consuming one more unit of a good.
Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Individual demand is basically the relationship between the price of a good or service at which an individual/ consumer/ firm will be ready to buy the desired quantity of the product. As the price level of the goods and services decreases the demand for that product will increase. Here the consumer would like to increase the utility of the goods and services.

Therefore, we can conclude that, individual demand tells us the maximum quantity of a good an individual is willing to buy at any given price.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
____ 31. Total utility can be thought of as the a. total satisfaction derived from a...
____ 31. Total utility can be thought of as the a. total satisfaction derived from a bundle of goods. b. minimum amount of money a consumer is willing to spend on a bundle of goods. c. additional satisfaction a consumer receives from the marginal unit of a good. d. willingness to pay for the marginal unit of a good. ____ 32. The marginal utility of a unit of good X a. is always greater than the total utility of X....
Total utility can be thought of as the a. total satisfaction derived from a bundle of...
Total utility can be thought of as the a. total satisfaction derived from a bundle of goods. b. minimum amount of money a consumer is willing to spend on a bundle of goods. c. additional satisfaction a consumer receives from the marginal unit of a good. d. willingness to pay for the marginal unit of a good. ____ 32. The marginal utility of a unit of good X a. is always greater than the total utility of X. b. is...
Willingness to pay 1. measures the maximum price a buyer is willing to pay minus the...
Willingness to pay 1. measures the maximum price a buyer is willing to pay minus the minimum price a seller is willing to accept. 2. the maximum price that a buyer is willing to pay for a good. 3.the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept for the good. 4.the maximum price a buyer is willing to pay for a product minus the amount the buyer actually pays for...
1)Using the utility approach, the consumer is in equilibrium when A. the marginal utilities associated with...
1)Using the utility approach, the consumer is in equilibrium when A. the marginal utilities associated with consuming an extra unit of each good are equal. B. total utility from each good is at a maximum. C. the marginal utility per dollar’s worth of each good is equal. D. the marginal utility association with consuming the last unit is zero.
If a product has a low marginal utility, then A consumer is willing to pay a...
If a product has a low marginal utility, then A consumer is willing to pay a lower price for it. The demand curve will be downward-sloping. Consumers will not purchase any more of the good. Consumers will also have a low total utility.
Consumer surplus is that value that flows to consumers because they are charged more than what...
Consumer surplus is that value that flows to consumers because they are charged more than what they are willing to pay. is that value that flows to consumers because they are not all charged the maximum that they are willing to pay. is unethical because the consumer gets more than what is paid for. cannot be measured because it is subjective. is not useful to know in setting prices. The benefit to producers from selling an additional unit is the...
Suppose the market demand for good X is given by QXd = 20 - 2PX. If...
Suppose the market demand for good X is given by QXd = 20 - 2PX. If the equilibrium price of X is $5 per unit, then the total value a consumer receives from consuming the equilibrium quantity is
Which of the following statements is true? a A market failure occurs when the market produces...
Which of the following statements is true? a A market failure occurs when the market produces the “wrong” amount of a good or service, or fails to provide any at all. b When there is market failure, resources are either over-allocated or under-allocated to the production of the good. c Supply-side market failures occur when it is impossible to charge all consumers, or even any consumer of the good, the price for the good. As a result, firms are not...
The marginal net benefits of production are given by marginal willingness to pay minus the marginal...
The marginal net benefits of production are given by marginal willingness to pay minus the marginal costs of production (this is the net benefit from producing one additional unit). The area under the marginal net benefit curve is the sum of producer and consumer surplus. The marginal net benefits are given by MNB = MWTP – MC = 15 – 3Q. 3a. Which quantity maximizes the total (not marginal) net benefits of production? 3b. What are the maximum total net...
The amount by which consumers are better off, i.e., consumers' surplus is measured by _______; and...
The amount by which consumers are better off, i.e., consumers' surplus is measured by _______; and assuming that the inverse demand function for a good can be written as: P = 30 - 2Q and the current price P = $10, the resulting consumer surplus would be equal to ________; the situation in which a firm is able to charge the maximum price consumers are willing to pay for each unit of output the firm sells is referred to as...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • Use the given transformation to evaluate the integral. (x − 6y) dA, R where R is...
    asked 9 minutes ago
  • Which document is necessary in establishing outsourcing relationships with an application service provider (ASP)? Service Level...
    asked 18 minutes ago
  • In order to conduct a hypothesis test for the population proportion, you sample 450 observations that...
    asked 24 minutes ago
  • Doctor’s Order: Vancomycin 500mg tab i po q12h X 7 days Available: Vancomycin 500mg tablets What...
    asked 37 minutes ago
  • Calculate the ΔG∘rxn for the reaction using the following information. 4HNO3(g)+5N2H4(l)→7N2(g)+12H2O(l) ΔG∘f(HNO3(g)) = -73.5 kJ/mol; ΔG∘f(N2H4(l))...
    asked 38 minutes ago
  • Question 03: Saturn Shoes (Pvt.) Ltd manufacture multi-style fashion boots for the residents of Missouri. Leather...
    asked 40 minutes ago
  • A highway with a design speed of 100 km/hr is designed with a sag curve connecting...
    asked 52 minutes ago
  • Shift Registers can be used for serial/parallel interface applications. True or false?
    asked 1 hour ago
  • Scenario 1: To describe the instructors’ experience, the researcher records the year in which each instructor...
    asked 1 hour ago
  • develop a flowchart or pseudocode to check the prime numbers 1- below 100 what to do...
    asked 1 hour ago
  • Which of the following statements are true? I. The sampling distribution of ¯xx¯ has standard deviation...
    asked 1 hour ago
  • Which of the following methods of reporting cash flows provided by operating activities does the Financial...
    asked 1 hour ago