Economists measure utility

a. with a mythical unit called a "util"

b. with a special device neuroscientists developed to gauge satisfaction

c. using the marginal product

d. None of the available choices is correct in terms of the consumers budget constraint

Question

Karter

Business

11 May, 22:11

Economists measure utility

a. with a mythical unit called a "util"

b. with a special device neuroscientists developed to gauge satisfaction

c. using the marginal product

d. None of the available choices is correct in terms of the consumers budget constraint

+4

Answers (1)

Know the Answer?

Jayleen Tran · Answer 1

d. None of the available choices is correct

Explanation:

None of these options accurately describe a way in which utility can be measured. Utility is a concept widely used in economics which tries to measure the satisfaction that a consumer receives from a particular good or service. It is impossible to accurately measure the exact utility of a particular good to a consumer. Nevertheless, an estimation is useful when making decisions about how to distribute our money within a budget.

Economists measure utilitya. with a mythical unit called a "util"b. with a special device neuroscientists developed to gauge satisfactionc. using the marginal productd. None of the available choices is correct in terms of the consumers budget constraint

Economists measure utility

a. with a mythical unit called a "util"

b. with a special device neuroscientists developed to gauge satisfaction

c. using the marginal product

d. None of the available choices is correct in terms of the consumers budget constraint