Answer:
b. The slope of the budget constraint is the same for each woman.
Explanation:
Budget Line is the combination of two goods that a consumer can buy, given prices & money income (all spent).
Equation : p1x1 + p2x2 = m ;
where p1 & p2 are price of good 1 & 2 , x1 & x2 are quantities of good 1 & good 2 , m = money income
- Abby's Budget Line : 5I + 8N = 80
- Bobbi's Budget Line : 5I + 8N = 60
- Deborah's Budget Line : 5I + 8N = 40 [ I = Icecream, N = Novel ]
Slope of Budget Line represents change (sacrifise) of a good needed to get change (gain) of other good, given same prices & income.
Slope = ΔY/ΔX = Px / Py
Since prices are same for each woman, price ratios & hence the slope of budget line will also be same for all of them.
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The distribution of income in the United States has become less equal over the last 20 years. This means that the difference between the rich and the poor has grown. It could mean that the rich have started getting more money while the poor get what they used to get, or even less. In any case, the gap between their income has changed greatly during this time period.
Answer:
Total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good.
Explanation:
As consumption increases, total utility increases but marginal utility would begin to diminish after a certain point is reached as a result of diminishing marginal utility.
The Law Of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit falls.
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There are rules to follow when making sales. If the buyer agent with minority buyers in his car approaches a scheduled showing only to see a Confederate flag flying from the front porch, the agent should;
- Consult with the buyers and determine whether they want to proceed.
<h3>What is the response of a listing agent who approaches a potential listing?</h3>
The response of a listing agent who approaches a potential listing only to find a Confederate flag flying from the front porch is that;
- He should ask the seller if the flag stands for his racial prejudice and later ask that it should be removed.
Real estate agents are known to be business people and so thy are not social engineers. But if the agent believes the flag stand for racist attitudes that will hinder or enter the transaction and result in lowering of interest in the property, it is best to stop the listing.
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