Consumer purchase decision
If the price of a good is given, how does a consumer choose/decide as to how much of that good to purchase?
Expert
The Consumer purchases upto point where the marginal utility is equavalent to the price (MU=P). So long as marginal utility is bigger than price, he keeps on purchasing. As he makes purchases MU falls or downs and at a specific quantity of the good MU becomes equavalent to price. Consumer bought upto this point.
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Question: Suppose three identical firms are engaged in Cournot competition in quantities. They all have marginal costs equal to 40. Market demand is given by: Discover Q & A Leading Solution Library Avail More Than 1437380 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1929429 Asked 3,689 Active Tutors 1437380 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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