Wall Oven or Water Outlet
Answer:
The four factors of production are land, labor, Capita and entrepreneurship.
Answer:
Total utility is the sum of marginal utilities
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Explanation:
In the economy, utility is a measure of relative satisfaction. In other terms, it is a term that refers to the total satisfaction that a consumer experiences when consuming a good or service. Given this measure, one can speak of increasing or decreasing utility in a meaningful way and thus explain economic behavior in terms of attempts by the economic agent to increase his or her utility. Utility is often modeled as a unit influenced by the consumption of various goods and services, the possession of wealth and the enjoyment of free time. Total utility, therefore, is the sum of all the marginal utilities that compose the total accumulation of consumption of the individual.
The switching between the two goods allows the line to linear rather than bowed out.
