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Author Question: What problems are implicit in the concept of utility? What will be an ideal ... (Read 39 times)

nautica902

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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?


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tsternbergh47

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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

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

Chelseyj.hasty

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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