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ECS1501-25-Y Topics 12 -15
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Mbali has R50 to spend on snacks at a supermarket. She gets 10 units of satisfaction per rand from chips and 7 from sweets. What should she do to maximise her utility?
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If a consumer is not in equilibrium, what can they do to reach it?
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Consumer equilibrium is reached when
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The law of diminishing marginal utility helps explain
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If the price of a good falls, what happens to the consumer's equilibrium quantity?
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What is the shape of the demand curve for a normal good?
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How does a change in consumer income affect the demand curve?
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Total utility is
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What is meant by "utility" in economics?
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Sipho buys a cup of coffee every morning on his way to work. On Monday, he drinks a second cup and finds it less enjoyable than the first. What economic principle does this illustrate?
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