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 49 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
:D TYSM

adf223

  • Member
  • Posts: 304
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

concept map : atoms and molecules concept map : atoms and molecules
Common Health Problems Requiring Rehabilitation Common Health Problems Requiring Rehabilitation
How to solve optimization problems in calculus (Part 1) How to solve optimization problems in calculus (Part 1)
How to solve optimization problems in calculus (Part 3) How to solve optimization problems in calculus (Part 3)
Children with emotional or behavioural problems living with both parents vs divorce Children with emotional or behavioural problems living with both parents vs divorce
Physics - Motion (Please help me solve these problems, I really need help) Physics - Motion (Please help me solve these problems, I really need help)
Video: Bone tissue types - compact and spongy

For a complete list of videos, visit our video library