Henry wants to buy a book.  The economic perspective suggests that Henry will buy the book if            the book will give him utility.        his income is high.        the marginal cost of the book is greater than its marginal benefit.        the marginal benefit of the book is greater than its marginal cost.

Q: A rational consumer would want as much as many goods as possible to maximize utility derived from…

A: Utility refers to the satisfaction or enjoyment a consumer can get from a service or good.

Q: Question 2.2.   Henry wants to buy a book.  The economic perspective suggests that Henry will buy…

A: The main aim of consumers is to maximize their utility whereas producers seek to maximize their…

Q: think about a time when you experienced diminishing marginal utility. Then write your own example…

A: The notion of marginal utility in economics describes the extra pleasure or benefit that a customer…

Q: What factors commonly influence a person’s daily buying choices? Select one of these and explain how…

A: These are the factors which influence a person’s daily buying choices: The income of the consumer:…

Q: Consider the following graph. The fishery is managed as an competitive (open access) regime. Fishing…

A: The Gordon-Schaefer model is a bioeconomic model that is applied to the fishing industry. It may be…

Q: Liz has a utility function of U(X,Y)=30XY, where X is food and Y is the composite good. The price of…

A: utility function is an important concept that measures preferences over a set of goods and services.…

Q: Which of the folowing statements is a Taxes are the revenues raised in the exercise of the police…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: True/False Marginal utility refers to the satisfaction or pleasure that occur due to the…

A: The satisfaction or pleasure that a person experiences after using a good or service is referred to…

Q: Explain how utility could be used in a decision where performance is not measured by monetary value.

A: Utility is resisted as a term used to portray the fulfillment an individual gets from the…

Q: Which of these is a guideline for making a decision? Guaranteed gain Marginal cost is less than…

A: Optimal decision making requires optimum utilization of resources in order to attain certain level…

Q: You have £20 per week to spend, and two possible uses for this money: telephoning friends back home,…

A:

Q: The satisfaction that comes from making a choice or consuming a good or service is called focus…

A: The subject of economics focuses on how societies distribute scarce resources to meet seemingly…

Q: "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain

A: It is possible that you get all the break fast you need on a specific morning, however, will that…

Q: The amount of a good that buyers are willing and able to purchase at a given price.

A: Consumer theory is the theory that deals with determination of a point at which a consumer maximizes…

Q: Marginal utility. Explain.

A: The complete enjoyment gained from the consumption of an item or service is referred to as utility…

Q: Why would someone disagree with your preferred preference?

A: Preferences refer to an individual's or society's subjective rankings or choices regarding various…

Q: Consumers exercise self interest when

A: Any person or group of persons who buy or utilize products or services only for their own…

Q: Question 2.2.  Henry wants to buy a book.  The economic perspective suggests that Henry will buy the…

A: Utility is refers as the want satisfying power of a commodity. A consumer buys a commodity based on…

Q: utility maximisation

A: The usefulness or enjoyment that a consumer can derive from a service or good is referred to as…

Q: Utility equals satisfaction true or false

A: The concept of utility is used to analyse consumers' tastes.

Q: Consumer value can be determined by how consumer utility compares between different items. Comment

A: In a market, utility refers to the economic concept to explains the value of a good for a specific…

Q: There is an increased consumer preference for tea. How will this impact the market for tea?…

A: The law of demand illustrates the relationship between price and quantity demanded of a good.…

Q: If marginal utility is less than the price, the consumer will

A: Marginal utility: It is the satisfaction that a consumer gets from having one more unit of a good or…

Q: You are shopping for new clothes and you like the style of a shirt. The store clerk tells you they…

A: This is an issue of likelihood, that can be addressed by utilizing a table, a tree graph or…

Q: It is a set of those combination of two goods which offer the consumer the same level of…

A: The consumers are considered to be one of the most important entity in an economy. The consumers…

Q: Optimal consumption refers to   Multiple Choice   the mix of products that maximizes total utility…

A: In consumer theory, the consumer has some sort of preference when choosing different goods for…

Q: True/False  Utility refers to the total satisfaction or happiness that an individual get from…

A: Utility is a term used to describe how satisfied or pleased a person feels after using a product or…

Q: There is a big sale at the Try-n-Save store in Springfield.  Thor purchases a new pair of sweat…

A: Discount is the amount that is waved-off for the customers. This can be due to increase in the sales…

Q: Marginal utility can also become negative True/False

A: The additional utility which adds with more consumption of goods and services is called marginal…