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Microeconomics

Question in Microeconomics

19) The term Utility in economics refers to A) government provided goods like electricity B) ease of use C he want satisfying power experienced from a good, service or human he change in benefit from producing one additional unit of information limiting a person's ability to purchase a good or service is determined by: 20) 20) The objective information limi A) their preferences the prices they pay for the goods and services they purchase and their incomes their income only the prices for the goods or services only When an economists refers to utility as subjective they mean 1 The want satisfying power received from the action is personal One person may value a good, service or human action differently from another person C) All of the above. D) Comparing utility among different people is difficult 22) Marginal utility is A) objectively measurable B) the satisfaction experienced from consuming a good C) the change in total utility from one additional unit of a good, service or action D) the preference a person has for one good over another good. 23) The table below shows Al's total utility and marginal utility from going to yoga class each week Number of yoga classes Total Utility Marginal Utility 1,200 1,200 2.700 1.100 4.600 5.200 _and from the fourth yogas class is Al's marginal utility from the second yoga class is respectively. A) 600 amd 550, respectively C) 1,100 and 600, respectively B) 2,700 and 4,600, respectively D) 1.500 and 800, respectively 24) Diminishing marginal utility sets in with the A) 4th B) 3rd - yoga class Al attends C) 1st D) 2nd 25) The equimarginal principle tells us that a consumer maximizes their utility when A) the marginal utility per dollar spent on necessities is greater than the marginal utility per dollar spent on luxuries. B) total utility is at its lowest value. C) the marginal utility per dollar spent on all goods is the same. D) the marginal utility per dollar spent on expensive goods is larger than the marginal utility per dollar spent on inexpensive goods