What is Ceteris Paribus?

Q: Which curve doesn’t have u-shape

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: what are Methods for increasing marginal utility more accurate or efficient?

A: Marginal utility refers to the additional benefit derived from consuming an additional unit. This…

Q: Explain what the utility maximizing choice means. Discuss how you could use marginal utility to…

A: Utility is characterised as the whole satisfaction a customer experiences when utilising a good or…

Q: How should I spend my money in order to maximize my utility?”

A: Utility refers to the the satisfaction derived by consumption of a good/commodity or a service.

Q: Explain how changes in income (budget constraint) and prices affect consumer consumption choices.…

A: Considering a 2 good case given the prices and income levels of consumer budget constraint / line is…

Q: What factors commonly influence a person’s daily buying choices? Select one of these and explain how…

A: These are the factors which influence a person’s daily buying choices: The income of the consumer:…

Q: What does the point on a budget line indicate in terms of prices?

A: # A budget line of the consume represents the price of the two goods and the budget of the income of…

Q: Who introduced utility

A: Utility is characterised as the whole satisfaction a customer experiences when utilising a good or…

Q: Why do people purchase more of something when its price falls?

A: Law of demand states that when other things remain the same increasing price leads to reduces the…

Q: Using the consumer choice theory, explain how an individual decides what combination of different…

A: The consumer choice theory can be understood as a theory that explains the change in consumer…

Q: How does change in price affect CONSUMER OPPORTUNITIES?

A: Microeconomics refers to the branch of economics that is concerned with a single factor and affects…

Q: What is the meaning of the term utility?

A: The economics as a study is based upon the idea that the resources which the economies have tend to…

Q: Would you call your refrigerator a comfort or a necessity?

A: Necessity commodities are those products and services that customers can purchase regardless of…

Q: hat is meant by the the term rational consumer. Ple

A: Economics refers to the study or principles of the way money, business, and industry are organized.

Q: Mahatma Gandhi once said “Happiness is when what you think, what you say, and what you do are in…

A: The great aim of life to have is happiness, it is something needed to be worked on every day. Being…

Q: What are the principles of Consumption in Muslim Consumer Behaviour?

A: Principles of Consumption in Muslim Consumer Behaviour are discussed below.

Q: How do demand and supply curves impact your life?

A: Demand and supply are very important for life. Basic products as well as luxurious products are…

Q: How do we measure utility? Explain

A: The utility is the want satisfying power of the commodity. The utility would result in the sense of…

Q: Why would someone disagree with your preferred preference?

A: Preferences refer to an individual's or society's subjective rankings or choices regarding various…

Q: What is consumerism?

A: For explaining consumerism ,we can define as : A consumer uses the goods and services produced in…

Q: what is affordance and visibility?

A: Affordance: A feature of an object is to give the user a hint as to how to utilize it, what…

Q: Is buying a steak at the restaurant considered a good or service?

A: Answer: Introduction: Goods: goods are those things that have a physical presence. In other words,…

Q: The difference between the price a consumer is willing to pay for a product and the price the…

A: Consumer surplus is the benefit that a buyer gets from purchasing a goods and services measured by…

Q: How does a consumer determine how much of a good he or she will buy?

A: Here we need to find the amount of a good that he or she will buy :  Now, As we know that, The…

Q: Explain the four kinds of utility.

A: In economics, to represent benefit or worth, the idea of utility is utilized. Its use has grown…

Q: What are the impacts of throwaway lifestyle to the environment and to the poor?

A: The economics as a study is based upon the idea that the resources which are present with the…

Q: What is the trend of the total utility

A: Total utility refers to the overall satisfaction or usefulness that a consumer derives from…

Q: Relate satisfaction with consumer equilibrium and explain their relationship.

A: Consumer equilibrium is a state where a consumer is able to maximize their satisfaction or utility…

Q: How much is steve willing to pay for one bag of potato chips?

A: Demand refers to the willingness and ability of the consumer to pay for goods and services.