Changes

1.)  A consumer’s overall satisfaction is expressed as his total utility.  

1.)  A consumer’s overall satisfaction is expressed as his total utility.  

2.)  Your consumer surplus would be 1,000$ dollars.  This means that you have 1,000$ extra dollars to spend or save.  It is as if you made 1,000$ dollars more because you planned to spend 10k on the car but it only cost 9k.

2.)  Your [[consumer surplus]] would be 1,000$ dollars.  This means that you have 1,000$ extra dollars to spend or save.  It is as if you made 1,000$ dollars more because you planned to spend 10k on the car but it only cost 9k.

3.)  If I hike for four hours my total utility is 19 units.  After that I do not receive any extra utility from hiking.  With reading, however, I generate 15 units of utility after five hours, and after no more utility comes out of reading.  If I have five extra hours today, I should spend three hours hiking and two hours reading a book as to generate my maximum utility from my activities.

3.)  If I hike for four hours my total utility is 19 units.  After that I do not receive any extra utility from hiking.  With reading, however, I generate 15 units of utility after five hours, and after no more utility comes out of reading.  If I have five extra hours today, I should spend three hours hiking and two hours reading a book as to generate my maximum utility from my activities.