If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 16, Problem 1QFR

To determine

To explain:

If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.

Expert Solution & Answer

Explanation of Solution

Even though both individuals liked the movie, this does not mean that both get the same utility levels. The concept of utility differs from person to person. This is because utility depends on the experience or benefit that a person derives from the consumption of goods and services, and these benefits or experiences differs from person to person. Therefore, even though both liked the movie very much,it cannot be said that both the persons are receiving same amount of utility.

Economics Concept Introduction

Utility:

It is the level of satisfaction that an individual gets after consuming goods and services. The level of utility varies from consumer to consumer and the quantity of commodities and services.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Not use ai please

Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. The profit per night for each type of room and rental class is as follows. Rental Class Super Saver Deluxe Business Room Type I Type II $30 $35 $20 $30 $40 Round Tree's management makes a forecast of the demand by rental class for each night in the future. A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. The demand forecast for a particular night is 140 rentals in the Super Saver class, 50 rentals in the Deluxe class, and 40 rentals in the Business class. Round Tree has 100 Type I rooms and 120 Type II rooms. (a) Formulate and solve a linear program to determine how many reservations to accept in each rental class and how the reservations should be allocated to room types. (Assume S₁ is the number of Super Saver rentals allocated to room type I, S₂ is the number of Super Saver…

Answer 2

Question

Chapter 16, Problem 1QFR

To determine

To explain:

If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.

Expert Solution & Answer

Explanation of Solution

Even though both individuals liked the movie, this does not mean that both get the same utility levels. The concept of utility differs from person to person. This is because utility depends on the experience or benefit that a person derives from the consumption of goods and services, and these benefits or experiences differs from person to person. Therefore, even though both liked the movie very much,it cannot be said that both the persons are receiving same amount of utility.

Economics Concept Introduction

Utility:

It is the level of satisfaction that an individual gets after consuming goods and services. The level of utility varies from consumer to consumer and the quantity of commodities and services.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 16, Problem 1QFR

To determine

To explain:

If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.

Expert Solution & Answer

Explanation of Solution

Even though both individuals liked the movie, this does not mean that both get the same utility levels. The concept of utility differs from person to person. This is because utility depends on the experience or benefit that a person derives from the consumption of goods and services, and these benefits or experiences differs from person to person. Therefore, even though both liked the movie very much,it cannot be said that both the persons are receiving same amount of utility.

Economics Concept Introduction

Utility:

It is the level of satisfaction that an individual gets after consuming goods and services. The level of utility varies from consumer to consumer and the quantity of commodities and services.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 16, Problem 1QFR

To determine

To explain:

If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.

Expert Solution & Answer

Explanation of Solution

Even though both individuals liked the movie, this does not mean that both get the same utility levels. The concept of utility differs from person to person. This is because utility depends on the experience or benefit that a person derives from the consumption of goods and services, and these benefits or experiences differs from person to person. Therefore, even though both liked the movie very much,it cannot be said that both the persons are receiving same amount of utility.

Economics Concept Introduction

Utility:

It is the level of satisfaction that an individual gets after consuming goods and services. The level of utility varies from consumer to consumer and the quantity of commodities and services.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 16, Problem 1QFR

To determine

To explain:

If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.

Expert Solution & Answer

Explanation of Solution

Even though both individuals liked the movie, this does not mean that both get the same utility levels. The concept of utility differs from person to person. This is because utility depends on the experience or benefit that a person derives from the consumption of goods and services, and these benefits or experiences differs from person to person. Therefore, even though both liked the movie very much,it cannot be said that both the persons are receiving same amount of utility.

Economics Concept Introduction

Utility:

It is the level of satisfaction that an individual gets after consuming goods and services. The level of utility varies from consumer to consumer and the quantity of commodities and services.

Answer 6

Chapter 16, Problem 1QFR

To determine

To explain:

If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.

Expert Solution & Answer

Explanation of Solution

Even though both individuals liked the movie, this does not mean that both get the same utility levels. The concept of utility differs from person to person. This is because utility depends on the experience or benefit that a person derives from the consumption of goods and services, and these benefits or experiences differs from person to person. Therefore, even though both liked the movie very much,it cannot be said that both the persons are receiving same amount of utility.

Economics Concept Introduction

Utility:

It is the level of satisfaction that an individual gets after consuming goods and services. The level of utility varies from consumer to consumer and the quantity of commodities and services.

Answer 7

Chapter 16, Problem 1QFR

To determine

To explain:

If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.

Answer 8

Expert Solution & Answer

Explanation of Solution

Even though both individuals liked the movie, this does not mean that both get the same utility levels. The concept of utility differs from person to person. This is because utility depends on the experience or benefit that a person derives from the consumption of goods and services, and these benefits or experiences differs from person to person. Therefore, even though both liked the movie very much,it cannot be said that both the persons are receiving same amount of utility.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Utility:

It is the level of satisfaction that an individual gets after consuming goods and services. The level of utility varies from consumer to consumer and the quantity of commodities and services.

Answer 12

Ch. 16 - Prob. 1QFR Ch. 16 - Prob. 2QFR Ch. 16 - Prob. 3QFR Ch. 16 - Prob. 4QFR

If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.

To explain: If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.

Explanation of Solution

Want to see more full solutions like this?

Chapter 16 Solutions

To explain:

If an individual and his/her friend both watch a movie and like it, whether it is justifiable to say that they both receive same amount of utility.