Meaning of utility

Q: Can you measure your own utility

A: In economics, utility refers to the entire pleasure derived from the consumption of an item or…

Q: The part of income which is not consumed is called ________

A: Savings is the left over amount from.the income which is not CONSUMED.

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

A: Consumer- Consumer is a person who purchases goods and services for the maximum satisfaction of…

Q: Does the income level of a person change their view of substitute goods?

A: Two goods are substitutes of each other if both can be used in place of another. Similar and…

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 is budget said explain what can lead to change in budget set'

A: Budget refers to the amount of money income that is available with the consumer to be used for…

Q: How would universal basic income affect consumer optimum?

A: Universal basic income is a scheme to provide a specific sum of money to all the citizens of a…

Q: Explain how a rational consumer decides which goods to buy. Note: you must discuss the role of…

A: The consumer prefers to buy the goods and services which provide them maximum satisfaction after its…

Q: (A) The unit in which the utility is calculated is ________  (B) Utility measures __________ of the…

A: # In economics we use the concept of utility for the measurement of the satisfaction received by the…

Q: † quantity demanded is completely unresponsive to

A: Elasticity measures how much responsive the quantity demanded is towards the changes in the price of…

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: What is goods

A: In economics, there are two types are items sold in the market: goods and services. Both these items…

Q: What is a budget line

A: Purchasing behavior is the decisions of consumers taken to purchase a particular type of product or…

Q: What is the additional satisfaction that an individual gets from consuming one more unit of a…

A: Net gains measures the final measure of gains. It is total gains less of all the costs and expenses.…

Q: It is a set of those combination of two goods which offer the consumer the same level of…

A: It is the Indifference set which act as an combination of the two goods which actually offers the…

Q: How would you define consumer behavior?

A: Consumer behaviour is very important for any firm to determine what goods and services need to…

Q: What is consumer behavior and why is it important?

A: Consumer behavior is an important microeconomics concept.

Q: Definition of want

A: Economics is the study of efficient allocation of resources. The resources in the economy are…

Q: Discuss Budget line

A: A budget refers to an estimate of revenues and expenses that are to be incurred in the future and…

Q: :6. Utility means

A: To find : What is meaning of utility.

Q: 40. Total utility of a commodity is measured by which price of that commodity?

A: To find : How is total utility of commodity is measured.

Q: What are the factors which determine the choice that a person makes between buying a Honda Accord or…

A: The demand for the commodity is directly related to the income or purchasing power of the consumer.…

Q: human want or need is called A. Service B. Demand C. Utility

A: So all the actual aspirations and the basic desires of the human are totally known as the human…

Q: When a consumer is below the budget line, what does it mean?

A: According to the given question A budget line is gradually a line which have other name that is the…

Q: Budget constraints provide a visual image the represents what a person can afford, given the price…

A: Budget constraint shows the amount of two goods  with given set of income that the consumer can…

Q: What is a extrapolation

A: In economics there are several economic activities and events that cater to the different analyses…

Q: What inferior goods that people buy?

A: Demand for inferior products is often determined by client behavior. Inferior smart refers to…

Q: What is Buying behavior?

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

Q: If you buy less clothing because the price of clothing at your favorite store has gone up, what are…

A: Consumption of products and services in the economy by consumers is referred to as demand. Demand,…

Q: Define the word EMOTION and VALUE by citing your own example on how these two words are applied in…

A: The term "consumer purchases" refers to things that are utilized on a daily basis (e.g., clothing,…

Q: a full explanation about perceived enjoyment

A: Enjoyment is basically the pleasure that people get from the various activities they perform in…

Q: Total Utility:.....

A: The expenditure incurred on output production depicts the cost. The cost is of two types: Fixed and…

Q: What are the two things consumers can do with income?

A: Income is the financial gain earned during a particular period of time.

Q: what is a normal good?

A: Goods refers to the goods which are purchased by the consumer to satisfy their wants. Inferior goods…

Q: Does the role of price vary with the type of situation?

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

Q: Drinking five glasses of water consecutively declines your utility, why?

A: Utility is referred to as the want satisfying power of the commodity. Most economic theories based…

Q: State any two reasons for why a consumer buy more at a lower price

A: The inverse relationship between price and the quantity demanded is given by the law of demand and…

Q: What is Ceteris Paribus?

A: The subject economics is based on the market mechanism being the central element depends on the two…

Q: How does household made choices based on budget or their utility satisfaction? Justfiy

A: The first method is that, the households want to minimize their budget, subject to a specific level…

Q: What is complementary goods

A: In an open economy, there is a free flow of production of goods and services. All types of goods are…

Q: How a price change affects consumer optimum?

A: In consumer's equilibrium, consumer optimum means getting a maximum level of satisfaction after…

Q: Total utility

A: In economics, utility refers to the complete satisfaction derived from the consumption of an item or…

Q: Summarize in a table or diagram classifying the following items: normal, inferior, luxury,…

A: The items which tend to provide utility and also helps in the satisfaction of human wants are known…