Total utility and marginal utility are same when a consumer takes ________ of a commodity.
5th Unit
10th Unit
6th Unit
1st Unit
Upward sloping demand curve can be explained by:
Marginal utility theory
Diminishing marginal utility
Indifference curve theory
Consumer theory
A consumer with a given income will maximize their utility when :
The total utility derived from each commodity consumed is equal
The marginal utilities derived from each commodity consumed are proportional to their prices
The marginal utility derived from each commodity is equal
The marginal utility derived from each product consumed is zero
Scale of preference of a consumer is independent of:
Market Price
Scale of preference of other consumer
Income of the consumer
All of the above
The formula of marginal utility is
MUn - 1 - MU1
TUn - TUn - 1
TU/MU
TU × MU
A consumer can get maximum satisfaction where the _________ are same.
Total utility and Marginal utility
Price of a commodity and Marginal utility
Price of a commodity and Total utility
Marginal Utility
If consumption of the good is not continuous or there are varieties in the goods then which law with hold:
Law of diminishing marginal utility
Law of increasing marginal utility
Law of diminishing returns
Law of constant returns
In Economics the term utility means
Sorrow
Enjoyment
Satisfaction
Development
Indifference mean:
x is preferred to y
y is preferred to x
x and y are equally preferred
x is not preferred
Consumer's equilibrium is a situation in which a consumer can get _______ satisfaction from his current level of income.
Maximum
Minimum
No
Less
