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- Which of the following goods is likely to provide both the largest total utility and the smallest marginal utility? (A) (B) (C) Computers (D) Spam (E) Air Plastic Automobiles1. How would a fresh produce vendor at the farmers' market create the four types of utility (form utility,. place utility, time utility, and possession utility)?What refers to the amount of the satisfaction derived from the consumption of the commodity Help•••
- While deriving consumer's equilibrium, what is given? (a) Income of the consumer (b) Price of the commodities (c) Both income and price (d) None of the above Qy|Which of the following defines marginal utility? a. the maximum amount of satisfaction from consuming a product b. the change in total utility divided by the price of a product c. the total satisfaction received from consuming as much of the product that is available for consumption d. the additional satisfaction received from consuming one more unit of a productHow would the equilibrium quantity and price of smartphones be altered if the prices of their electronic components increase, and labor costs to produce them rise, while alternative communication methods become more accessible and user-friendly? (A) Quantity will fall, and the effect on price is ambiguous. (B) Price will fall, and the effect on quantity is ambiguous. (C) Quantity will rise, and the effect on price is ambiguous. (D) Price will rise, and the effect on quantity is ambiguous.
- Consumer's surplus is the highest in the case of- (A) Necessities (B) Comforts (C) Luxuries (D) Conventional necessities 1 to IA (C to 35 oubong(c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?What is difference between goods and services?
- What does 'ceteris paribus' mean? (a) Other things remaining constant (b) Price of other goods remaining constant (c) Other things are simultaneously changing (d) None of the aboveUtility 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.How has the supply and demand of a specific product affected your/your family’s purchasing decisions? What variables most affect your decision to either buy or not buy a good or service?
