Principles of Microeconomics, California Edition
2nd Edition
ISBN: 9780393622102
Author: Dirk Mateer, Lee Coppock
Publisher: NORTON
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Question
Chapter 16, Problem 1QR
To determine
Check whether the utility of both persons will be equal.
Expert Solution & Answer
Explanation of Solution
The term “utility” refers to the total satisfaction or pleasure that the consumer receives from the consumption of a good or service in the economy, but it does not mean that both the people get the equal level of utility. Even though both people liked the movie, the utility indicates how much they enjoyed. It will be different for each one. Thus, both of them would have received different levels of utility.
Economics Concept Introduction
Utility: Utility refers to the total satisfaction or pleasure that the consumer receives from the consumption of a good or service in the economy.
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Chapter 16 Solutions
Principles of Microeconomics, California Edition
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