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Author Question: Total utility is determined by: a. multiplying the quantity purchased of a good by the price of the ... (Read 33 times)

geodog55

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on: Jun 30, 2018
Total utility is determined by:
 a. multiplying the quantity purchased of a good by the price of the good.
  b. finding the additional utility gained from consuming one more unit of a product.
  c. summing the marginal utilities for each successive units of a product consumed.
  d. summing the number of units of a good consumed.
  e. dividing the marginal utility derived from consuming a good by its price.

Question 2

If AVC is subtracted from the ATC, the result is:
 a. economic profit.
 b. accounting profit.
  c. average fixed cost.
  d. marginal cost.


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Cheesycrackers

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

c


geodog55

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

vickybb89

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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