Is it reasonable to assume that people seek to equate the marginal utility/price ratios of the goods that they purchase, if they have never heard of ‘utility’, let alone ‘marginal utility’, and marginal utility cannot be measured in any absolute way? 12. Is it reasonable to assume that people seek to equate the marginal utility/price ratios of thegoods that they purchase, if they have never heard of 'utility', let alone 'marginal utility', andmarginal utility cannot be measured in any absolute way?

In economics, utility is defined as the pleasure or benefit gained from consuming a product; thus,…

Answered: goods that they purchase, if they have…

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 3SQP

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Is it reasonable to assume that people seek to equate the marginal utility/price ratios of the goods that they purchase, if they have never heard of ‘utility’, let alone ‘marginal utility’, and marginal utility cannot be measured in any absolute way?

12. Is it reasonable to assume that people seek to equate the marginal utility/price ratios of the
goods that they purchase, if they have never heard of 'utility', let alone 'marginal utility', and
marginal utility cannot be measured in any absolute way?

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