Ask Question
Social StudiesSocial Studies
20 July, 04:14

Describe the meaning of utility in economics and explain why it is different from one consumer to another

+5
Answers (1)
  1. 20 July, 04:19
    0
    Utility is widely used in economic science to explain how consumers or decision makers make their choices in the best way.

    Even if it is not possible to measure the utility that a consumer attributes to a specific good, the theory seeks to compare and classify the alternatives of choice to the good. Is not possible because the consumers have their own parameters and specifics to choose a good.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Describe the meaning of utility in economics and explain why it is different from one consumer to another ...” in 📗 Social Studies if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Dr. McHale is a board-certified psychiatrist who is a lieutenant in the Army. He has recently been assigned to Afghanistan. In his role there he is asked to sit for interrogations of enemy combatants.
Answers (1)
A researcher studying public opinion of proposed social security changes obtains a simple random sample of 5050 adult americans and asks them whether or not they support the proposed changes.
Answers (1)
In what ways did the people of Americas Europe Asia Africa interact with one another in the 1400s?
Answers (1)
When 7-year-old philip was caught pocketing a candy bar that he had not paid for, he felt ashamed and guilty. using freud's terminology, the sense of shame and guilt that philip felt was a product of his: id. ego. superego?
Answers (1)
Which of the following events resulted from Napoleon's invasion of Spain in the early 1800s
Answers (2)
New Questions in Social Studies
Who are the national symbols
Answers (1)
Ron experiences overwhelming sleep attacks. these attacks happen anytime, anywhere-during meetings at work, at family events, on commuter trains, and during church services. sometimes, ron has nearly a dozen such attacks in a single day.
Answers (2)
Which pathogen is killed by antibiotics?
Answers (1)
When was the ratification of the articles of confederation
Answers (1)
If people who are aroused by watching rock videos are then insulted, their feelings of anger will be greater than those of people who have been similarly provoked but were not previously aroused. this is best explained by the:
Answers (1)
Home » Social Studies » Describe the meaning of utility in economics and explain why it is different from one consumer to another
Sign Up Forgot Password?