The satisfaction that comes from making a choice or consuming a good or service is called focus incentive influence utility

You are maxiimizing utility when :A)(MU of X)/(P of X) < (MU of Y)/(P of Y). B)(MU of X)/(P of X) > (MU of Y)/(P of Y).  C)(MU of X)/(P of X) = (MU of Y)/(P of Y). D)(MU of X)/(P of Y) = (MU of Y)/(P of X).

1. How would a fresh produce vendor at the farmers' market create the four types of utility (form utility,. place utility, time utility, and possession utility)?

The theory of consumer behavior assumes that consumers attempt to maximize Group of answer choices the difference between total and marginal utility. average utility. marginal utility. total utility.

What is meant by autarky?

T/F Explain If preference is strongly convex, the utility function will exhibit dimin- ishing marginal utility (MU).

Alfred marshall concept of marginal utility

Total utility may be determined by Multiple Choice multiplying the marginal utility of the last unit consumed by the number of units consumed. summing the marginal utilities of each unit consumed. multiplying the marginal utility of the last unit consumed by product price. multiplying the marginal utility of the first unit consumed by the number of units consumed. X

marginal utility is a measure of the benefit (or value, or enjoyment) a person obtains by a) Consuming a single additional unit of a product. b)Selling a single additional unit of a product (and spending the resulting cash). c) Borrowing the dollar value of a single additional unit of a product (and spending it on something nice). d)Converting a single additional unit of product to an equivalent number of units.

Optimal consumption refers to   Multiple Choice   the mix of products that maximizes total utility for the limited amount of income consumers have to spend.   the total number of products that maximizes total utility for consumers.   the maximum total utility a consumer receives by the consumption of one more item.   the amount demanded that will create the strongest economy.