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ECON 212 Exam 3 || WITH COMPLETE SOLUTIONS!!
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utility correct answers measure of personal satisfaction util correct answers hypothetical unit of utility marginal utility correct answers good or service is the change in total utility generated by consuming one additional unit of that good or service marginal utility curve correct answe...

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  • August 18, 2024
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  • 2024/2025
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  • ECON 212
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ECON 212 Exam 3 || WITH COMPLETE SOLUTIONS!!
utility correct answers measure of personal satisfaction

util correct answers hypothetical unit of utility

marginal utility correct answers good or service is the change in total utility generated by
consuming one additional unit of that good or service

marginal utility curve correct answers shows how marginal utility depends on the quantity of
a good or service consumed

principle of diminishing marginal utility correct answers each successive unit of a good or
service consumed adds less to total utility than does the previous unit

budget constraint correct answers limits the cost of a consumers bundle to no more than the
consumer's income

consumption posibilities correct answers the set of a ll consumption bundles that are
affordable given the consumers income and prevailing prices

budget line correct answers shows the consumption bundles available to a consumer who
spends all of his or her income

optimal consumption bundle correct answers the consumption bundle that maximizes the
consumer's total utility given his or her budget constraint

marginal utility per dollar correct answers spent on a good or service is the additional utility
from spending one more dollar on that good or service

optimal consumption rule correct answers in order to maximize utility, a consumer must
equate the marginal utility per dollar spend on each good and service in the consumption
bundle

production function correct answers the relationship between the quantity of inputs a firm
uses and the quantity of output it produces

fixed input correct answers quantity fixed for a period of time and cannot be varied

variable input correct answers quantity the firm can vary at any time

long run correct answers time period in which all inputs can be varied

short run correct answers time period in which at least one input is fixed

total production curve correct answers how the quantity of output depends on the quantity of
the variable input, for a given quantity of the fixed input

marginal product correct answers input is the additional quantity of the output produced by
using one more unit of that input

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