Question: Microeconomics Assignment Instructions Please help explain the answer to all of the questions below 1.What determines a household's consumption possibilities? 2.How would you answer someone

Microeconomics

Assignment Instructions

Please help explain the answer to all of the questions below

1.What determines a household's consumption possibilities?

2.How would you answer someone who says that marginal utility theory is useless because utility cannot be observed?

3.What is consumer surplus? How is consumer surplus calculated?

4.What is a firm and what is the fundamental economic problem that all firms face?

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