If point XYZ falls on different level pf indifference curve, what wil happen? a. point x maybe higher that point y or vice versa and well as Z b. the will have same quantity combination c. it will cost so much d. the will have different level of satisfaction

Q: At two points on an indifference curve,a. the consumer has the same income.b. the consumer has the…

A: Indifference curve is the locus of combination two goods for which the consumer derives the same…

Q: If point XYZ falls on different level of indifference curve, what will happen? a. XYZ will have same…

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A: Hi! thanks for the question but as per the guidelines, we can answer only one question at one time.…

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A: ANSWER   As I understand we choose the good which has higher marginal utility per dollar . BUT MY…

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A: To find: What happens to total utility when marginal utilities will be positive.

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A: ***Since the student has posted a question with multiple subparts, the expert is required to solve…

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A:

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A: The correct answer is given in the second step.

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A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first three…

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.