An artificial unit by which utility is measured

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1. The _________________is an artificial unit by which utility is measured.

2. The change in total utility due to a one-unit change in quantity consumed is called _____________________.

3. __________________analysis is the study of what happens when small changes take place relative to the status quo.

4. If marginal utility is positive, total utility must _____________; if marginal utility is negative, total utility must _________; if marginal utility falls (but is positive) then total utility must _________________at a decreasing rate.

5. Economists maintain that as more of a good or service is consumed, per unit of time, the marginal benefit ___________; therefore before buyers will purchase more and more of a good, its price must ____________.

6. Mary is in equilibrium. The MUa =6, MUb =12, Pa=2, what is the price of b?

7. Zach is in equilibrium. The MUa=2, MUb=8, what is the price of a in terms of the price of b?

8. What is the utility maximizing or optimization condition?

Reference no: EM13740131

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