The "useful" are hypothetical units of measurement with which we suppose it can be measure the “satisfaction” that a consumer can derive from consuming a good or service.The amount of utility (satisfaction) that the consumer can derive from consuming a good or service remains constant, no matter how much we consume."Utility" is something we can measure objectively and is the same for all beings humans. Likewise, we can know in advance the usefulness of a good before consume it.An “indifference” curve represents the combination of two goods that we would want consume, regardless of disposable income or their price. A consumer is in "equilibrium" when his indifference curve is tangent (touches) his budget line.Truth or false and why

“Since you have asked multiple questions, we will solve the first question for you. If you want any…

Answered: The "useful" are hypothetical units of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

The "useful" are hypothetical units of measurement with which we suppose it can be measure the “satisfaction” that a consumer can derive from consuming a good or service.
The amount of utility (satisfaction) that the consumer can derive from consuming a good or service remains constant, no matter how much we consume.
"Utility" is something we can measure objectively and is the same for all beings humans. Likewise, we can know in advance the usefulness of a good before consume it.
An “indifference” curve represents the combination of two goods that we would want consume, regardless of disposable income or their price.
A consumer is in "equilibrium" when his indifference curve is tangent (touches) his budget line.

Truth or false and why

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions