EBK PRINCIPLES OF MICROECONOMICS (SECON
2nd Edition
ISBN: 9780393616149
Author: Mateer
Publisher: W.W.NORTON+CO. (CC)
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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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Students have asked these similar questions
How do your total and marginal utility change as you stay at home watching the same TV show (not necessarily the same episode) alone all day?
Explain and differentiate preference and utility.
Explain the four kinds of utility.
Chapter 16 Solutions
EBK PRINCIPLES OF MICROECONOMICS (SECON
Knowledge Booster
Similar questions
- Think about a favorite thing you often buy or enjoy. It could be your favorite food, a favorite place to visit, a type of event, or something you make us part of a hobby. As part of this review you will create a chart ( just like the examples of total in marginal utility) showcasing the favorite item. Include the following information: How many you purchase or consume in the course of a day, week, or a month. Marginal utility of additional consumptions The total utility of all consumptions. Let’s assume that the largest utility you get from any one item is 20. Make it as interesting as you can by considering something that is important to you. Fill in the chart. arrow_forwardWho introduced utilityarrow_forward
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