Question: How does utility describe a consumer's preferences? Utility is the benefit or satisfaction from consumption of goods and services. the practical usefulness of a good.

How does utility describe a consumer's preferences?
Utility is
the benefit or satisfaction from consumption of goods and services.
the practical usefulness of a good.
equal to the price of a good.
the value of a good.
the additional satisfaction received from consuming another unit of a g
Question 83(1 point)
How does utility describe a consumer's

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Part 1: True-False questions: Answer all questions. Whenever the question concerns a consumption set, assume that C = R2 +. 1. If the price of either good falls, assuming income if xed, the budget...

Q:

Section 1. 5. Draw out examples of each of the following indifference curves: imperfect substitutes, perfect substitutes, and perfect complements. 6. Jody enjoys having exactly 1 teaspoon of sugar...

Q:

Economics in the News November 16, 2017 First study the news article linked below. Salvator Mundi: Who might have bought it, why it soared and other art auction details 1. Salvator Mundi had a...

Q:

Solve. the following attachments. 8. (15%) Suppose a consumer has preferences over the single good x and all other goods m represented by the direct utility function U(x, m) = In(x) + m. Let the...

Q:

Question 57 Not yet answered Marked out of 1.000 \\V Flag question Question 58 Not yet answered Marked out of 1.000 \\V Flag question Question 59 Not yet answered Marked out of 1.000 \\V Flag...

Q:

Give correct answers please... Problems 1. A monopoly faces a market demand curve given by P = 42 - Q. Its marginal cost curve is given byMC = Q. a. What is the equation for the marginal revenue?...

Q:

6 | Consumer Choices Figure 6.1 Investment Choices Higher education is generally viewed as a good investment, if one can afford it, regardless of the state of the economy. (Credit: modification of...

Q:

Explain the following. 1. In microeconomics the term utility references the: i. relative scarcity of a good or service ii. usefulness of a good or service iii. satisfaction derived from consumption...

Q:

Can you please help me solve these 10 Econ questions? I also attached the chapter just in case. Thanks so much!! :) MARKETS AND HOW THEY WORK 177 9.0 CHAPTER 9 LEARNING GOALS After reading this...

Q:

Please answer all the required questions in detail I hope the answer is not copy-paste I hope that the answer will be according to the concepts in the chapter 3 The following article summarizes the...

Q:

In blanking operation, the clearance is provided on A. Punch B. Die C. Half on the punch and half on the die D. Either on a punch or die depending upon designer's choice

Q:

You have been a director of sales at Privation Insurance Company for the last five years. Next week, you will be promoted to the position of Vice President of Sales, leading a staff of 35 sales...

Q:

3. What are the major advantages to a lessor for becoming involved in a leasing arrangement?

Q:

Comprehension Which of the following is not true regarding IRP, DDD Comprehension Which of the following is not true regarding IRP,