human want or need is called A. Service B. Demand C. Utility

Q: Need experts solution with step by step with explanation

A: In consumer theory, the consumer aims to maximize utility (satisfaction) given their budget…

Q: ___ is the lack of satisfaction yielded after consuming too much of the same product. A.…

A: Utility is a measure of satisfaction generated to a consumer from the consumption of a good or…

Q: Does the income level of a person change their view of substitute goods?

A: Two goods are substitutes of each other if both can be used in place of another. Similar and…

Q: Calculate the marginal utility .. # of cookies per day           Total Utility per Day 0…

A: Utility refers to the satisfaction. The aim of the consumer is to maximize the utility. Total…

Q: Total utility rise from 10 to 18 and the total quantity rise from 1 to 2  Calculate the marginal…

A: # the term marginal utility simply measures the change in utility taking place when the consumption…

Q: Price of candy New price of Price of ice cream cones = 5.00 2.50 candy = $ 1.25 Quantity of Ice…

A: When price of ice cream cone is $5.00 Price of candy is $2.5 Then the optimum consumption will occur…

Q: How do your total and marginal utility change as you stay at home watching the same TV show (not…

A: The objective of the question is to understand how total and marginal utility change as a person…

Q: What is the shape of the marginal utility curve?

A: Marginal utility is the additional utility that an individual derives from the consumption of one…

Q: How do we measure utility? Explain

A: The utility is the want satisfying power of the commodity. The utility would result in the sense of…

Q: how does each consumers indivual consumer surplus change

A: Introduction:Consumer surplus represents the economic gain that consumers experience when they buy a…

Q: Demand and Utility Table for Milkshakes Quantity Marginal Total Price Demanded Utility Utility $4 1…

A: The marginal utility can be defined as the change in utility of additional unit of a product. It can…

Q: What determines the utility an individual receives from consuming a good? Select one: a. The…

A: In economics, the problem of scarcity is addressed by economic agents. As human wants are unlimited,…

Q: The income of consumer has got increased and the consumer's demand for good X has also increased.…

A: If the consumer's income is increasing this means that the consumer can now afford more goods and…

Q: would you rather maximize your total utility or your marginal utility?

A: Total Utility is the total satisfaction that a consumer receives when he consumes different units of…

Q: Price for X is $1 and Y is $2.  Budget is $9.            Good X                Good Y…

A: In economics, utility refers to the overall satisfaction derived from the consumption of a good or…

Q: Refer to the graph below: Quantity of Y 160 A B 11 200 X Quantity of X Why doesn't the consumer…

A: Consumer theory is important in economics because it examines how customers maximize satisfaction…

Q: 1. Using the consumer choice theory, explain how an individual decides what combinations of…

A: The answer is as follows:-

Q: Number of Units 1 W|N 2 3 4 Total Utility 40 80 140 182 222

A: Utility refers to the happiness or satisfaction that an individual get from the consumption of a…

Q: what is the principle of utility

A: Utility refers to the satisfaction received by a consumer from consuming a particular commodity.

Q: What are the 4 forms of utility? And explain what each one is.

A: Utility: It means the satisfaction received by consuming a good or service.