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Economics Homework Four Answers - Student Two (view source)
Revision as of 15:31, October 11, 2009
, 15:31, October 11, 2009clarified my feedback
1.A consumer's overall satisfaction is expressed in economics as his utility.
1.A consumer's overall satisfaction is expressed in economics as his utility.
:Correct.
:Correct, or you could say "total utility."
2.Your consumer surplus would be $1000. Consumer surplus is when you work hard and get lots of money and then go to buy something and find out it isn't as expensive as you thought. Then the amount of money you have left over is your consumer surplus.
2.Your consumer surplus would be $1000. Consumer surplus is when you work hard and get lots of money and then go to buy something and find out it isn't as expensive as you thought. Then the amount of money you have left over is your consumer surplus.