Q1.14 Utility from consuming a good is understood by economists to mean; (a) how often we consume the good. (b) how much satisfaction or benefit we get from consuming the good. (c) how much it costs to buy the good. (d) how we best use the good. Q.1.15 The marginal utility of a good or service declines as one more unit is consumed because: (a) supply slopes upwards. (b) consumers are constrained by income. (c) of the law of diminishing marginal utility. (d) prices move with demand.

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A: Utility refers to the satisfaction or enjoyment a consumer can get from a service or good.

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A: A consumer has the following budget line:

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A:

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A: Marginal utility is the additional utility a consumer derives from consuming an additional unit.

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Q: The marginal utility of a good or service declines as one more unit is consumed because: (a)…

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A: Note: Since we can only answer up to three subparts, we'll answer the first three. Please resubmit…

Q: Advertisement is one of the factors that influence customers to increase demand for a specific good.

A:

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Q: Question 11                  If the good in the above figure is a normal good and income rises, then…

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Q: Question 14: Market pressures continually swing back and forth, driving towards a particular price…

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Q: Q.2.1 Explain the impact of each of the following scenarios on ONLY the market for plain, bottled…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Q.1.14 Utility from consuming a good is understood by economists to mean;  (a) how often we…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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A: There is a small correction in the statement.

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