This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What problems are implicit in the concept of utility? What will be an ideal ... (Read 13 times)

nautica902

  • Hero Member
  • *****
  • Posts: 591
on: Jun 29, 2018
What problems are implicit in the concept of utility?
 
  What will be an ideal response?

Question 2

Comment on the following statement: A decrease in supply will lead to an increase in the price which decreases demand, thus lowering price. Therefore, a decrease in supply has no effect on the price of a good.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

tsternbergh47

  • Sr. Member
  • ****
  • Posts: 311
Reply #1 on: Jun 29, 2018
Answer to Question 1

(1.) It is impossible to measure utility.
(2.) It is impossible to compare the utility of different people.

Answer to Question 2

The statement is incorrect because it confuses a decrease in quantity demanded with a decrease in demand. When supply decreases, the price increases and quantity demanded falls (shown by a movement along the demand curve). Demand does not change.


nautica902

  • Member
  • Posts: 591
Reply 2 on: Jun 29, 2018
Excellent

kilada

  • Member
  • Posts: 311
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Did you know?

Cyanide works by making the human body unable to use oxygen.

How to solve all of life's problems How to solve all of life's problems
concept map : atoms and molecules concept map : atoms and molecules
Common eye and vision problems Common eye and vision problems
Negative reading oxygen sensor voltage can be caused by several problems. Negative reading oxygen sensor voltage can be caused by several problems.
Biology Concept Framework Biology Concept Framework
For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately For the circuit in Figure 1, assume ideal diodes. The peak inverse voltage is approximately
Video: Uterine (menstrual) cycle - phases

For a complete list of videos, visit our video library