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ECS1501-25-Y Topics 12 -15
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Supply theory tries to explain the behaviour of consumers.
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Patricia withdraws R10 000 from her savings account (on which she earns interest of 10% per annum) to purchase a new computer which she will be able to use in her consultancy for a period of five years. The full R10 000 forms part of her economic costs of production in the first year.
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Which of the following is NOT a condition for consumer equilibrium?
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A rational consumer allocates income such that
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How is the demand curve derived from consumer equilibrium?
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A grocery store offers a "buy 2, get 1 free" promotion on apples. Why might this increase apple purchases?
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If total utility is increasing but marginal utility is decreasing, we can say
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A gym offers a monthly subscription where members can attend unlimited classes. The first few visits bring excitement, but over time, members attend less frequently. What is this an example of?
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Economists use scientific techniques to measure utility on an objective scale.
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Utility is the degree of satisfaction that a consumer derives or is expected to derive from the consumption of a good or service (eg beef).
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