Micro 1.6-Marginal Analysis-Utility Maximization and Consumption Bundles Video
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Last updated over 1 year ago
5 questions
1
Our income, or budget, serves as a constraint to the amount of goods and services that we can consume.
Our income, or budget, serves as a constraint to the amount of goods and services that we can consume.
1
When confronted with a budgetary constraint, consumers have to consider the...._____________________ per ___________ .
Other Answer Choices:
dollar
marginal utility
1
The formula for marginal per dollar is:
The formula for marginal per dollar is:
1
When dealing with utility maximization, assume that a consumer will spend _______ of their income and cannot _______ their budget. (one word each)
1
When deciding on the next unit between two goods, a consumer will always pick the good that has the higher _______ . (4 words)