Answer:
In this section, we are going to take a closer look at what is behind the demand curve and the behavior of consumers. How does a consumer decide to spend his/her income on the many different things that he/she wants, i.e., food, clothing, housing, entertainment? We assume that the goal of the consumer is to maximize his/her level of satisfaction or joy, constrained by his/her income.
Economists use the term utility as a measure of satisfaction, joy, or happiness. How much satisfaction does a person gain from eating a pizza or watching a movie? Measuring utility is based solely on the preferences of the individual and has nothing to do with the price of the good. Let’s do an experiment in utility.
Step 01: Get some of your favorite candy, pastries, or cookies.
Step 02: Take a bite and evaluate, on a scale from 0 to 100 (with 100 being the greatest utility), the level of utility from that bite. Record the marginal utility of that bite (i.e., how much you get from that one additional bite).
Step 03: Repeat step 02. It is important to be consistent with each unit consumed, i.e., the same size and no drinking milk or water part way though. When you run out of candy or your marginal utility goes to zero you can stop.
Law of Diminishing Marginal Utility
The correct answer is C. Edgar arranges a meeting with his instructor after missing class due to illness.
Explanation:
Resilience is considered as the ability to recover from adverse events and adapt to changes. In terms of time-management, resilience implies using time efficiently despite unexpected or negative events. This ability is shown by Edgar because he dealt positively with a negative unexpected event, which was missing class due to illness, and he could manage time efficiently and adapt despite this event. Thus, the student that shows resilience is relation to time-management is Edgar.
