David R.

Any bundle of goods located outside (versus inside) of a consumer's budget constraint:   i. is unobtainable, given the consumer's incomeii. implies the consumer is not spending all of his or her... more

One component of the consumer choice model is an individual's utility function. The utility function alone may be used to identify: i. the bundles of goods and services that yield the same level... more

In microeconomics the term 'utility' references the:    i. relative scarcity of a good or service ii. usefulness of a good or service iii. satisfaction derived from consumption of a good or... more

A long-standing hypothesis regarding consumer preferences is given by the law of diminishing marginal utility, which states that: A.the quantity of a good demanded will rise as price is lowered,... more

and if he consumes 3 pieces he obtains 12 units of utility. It follows that:     A.total utility is increasing at a decreasing rate and marginal utility is increasing   B.total utility is... more

A.the quantity of a good demanded will rise as price is lowered, holding all other factors constant   B.the demand for a good will rise as price is lowered, holding all other factors... more

i. the bundles of goods and services that yield the same level of utilityii. the utility derived from all bundles of goods and services iii. the utility maximizing bundle of goods and services a... more

how you believe consumer equilibrium (& utility) may be related to the concept of elasticity.  In other words, do you think that the elasticity of demand impacts the utility we get from... more