--%>
Assignment Help - homework help

Define utility

Utility: The wants satisfying power of a commodity is termed as utility.

   Related Questions in Microeconomics

  • Q : Problem relating to Moral Hazard When

    When insurance companies pay back insured individuals for all the medical bills they submit: (1) Hypochondria will tend to be cured very rapidly. (2) People would tend to frequent the doctor's office more frequently. (3) An immoral choice problem would foster underuti

    		•
  • Q : Why production possibilities curve

    What is the reason that production possibilities curve concave? Elucidate.

    		•
  • Q : Affects in Great Depression State what

    State what affect the most in Great Depression?

    		•
  • Q : Problem on price elasticity and total

    A) Use the table below to draw graphs that show the relationship between price elasticity of demand and total revenue. <

    		•
  • Q : Intermediate Oligopoly Why is demand

    Why is demand curve is beneath oligopoly indeterminate (i.e., uncertain)? Answer: Demand curve is indeterminate since of price war among sellers.

    		•
  • Q : Entry-exit in Long-run equilibrium of

    A competitive industry is in long-run equilibrium only after: (w) net pressure for entry or exit is zero. (x) each firm produces to its capacity. (y) owners reap all the profits they desire. (z) union bosses and firm managers reach mutual agreements.<

    		•
  • Q : Problem on purchasing newly-issued

    Can someone please help me in finding out the accurate answer from the following question. The individual who purchases a newly-issued corporate bond is: (i) Borrowing money from corporation. (ii) Lending money to corporation. (iii) Purchasing a share of corporation.

    		•
  • Q : Demonstrate supply curve for price

    The quantity supplied is ever more sensitive as output increases, therefore the price elasticity of supply raises as the price raises for the supply curve demonstrated in: (w) Panel A. (x) Panel B. (y) Panel C. (z) Panel D.

  • Q : Market power at output market The

    The profit-maximizing firm which is perfectly competitive in the resource market however which consists of market power in the output market will hire the labor at a point where: (p) VMP = MRP = MFC = w. (q) VMP > MRP = MFC = w. (r) VMP = MRP = MFC > w. (s) VMP

    		•
  • Q : Problem on buyers and sellers

    The supply and demand are affected by the time in sense that the longer the time interval considered, the: (1) Less sensitive sellers and buyers are to price changes. (2) Much sensitive sellers and buyers are to price changes. (3) Bigger is supply and

    		•