Assignment 4.2 Print View - Assignment Print View Score 1 11:35 AM 29\/30 Points 96.67 Award 1 out of 1.00 point A consumer's demand curve for a product

Assignment 4.2 Print View - Assignment Print View Score 1...

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11/7/15, 11:35 AM Assignment Print View Page 1 of 30 1.Award: 1 out of 1.00 point 1 out of 1.00 point Score: Score: 29/30 Points 96.67 % A consumer's demand curve for a product is downsloping because: total utility falls below marginal utility as more of a product is consumed.marginal utility diminishes as more of a product is consumed.time becomes less valuable as more of a product is consumed.the income and substitution effects precisely offset each other.!! References References Multiple Multiple Choice Choice Learning Objective: 07-03 Explain how a demand curve can be derived by observing the outcomes of price changes in the utility-maximization model. # !
11/7/15, 11:35 AM Assignment Print View Page 2 of 30 2.Award: 1 out of 1.00 point1 out of 1.00 pointAccording to economists, gift registries, returning gifts for cash refunds, and "recycling gifts": References References Multiple Multiple Choice Choice Learning Objective: 07-05 Give examples of several real-world phenomena that can be explained by applying the theory of consumer behavior. #
11/7/15, 11:35 AM Assignment Print View Page 3 of 30 3.Award: 1 out of 1.00 point1 out of 1.00 pointIf a rational consumer is in equilibrium, which of the following conditions will hold true?! References References Multiple Multiple Choice Choice Learning Objective: 07-02 Describe how rational consumers maximize utility by comparing the marginal utility-to- price ratios of all the products they could possibly purchase.
11/7/15, 11:35 AM Assignment Print View Page 4 of 30

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