Answer:
workings. Number of units sold: 240. Fixed costs: £1 100. Variable costs per unit: 45 pence. (2) ... You are advised to show your workings. (2). (Total for question = 2 marks). Q6 ... Table 1 contains information about a small business for one month. ... Using the information in Table 1, calculate the profit for this business. You ...
Explanation:
Answer:
measures the value that a buyer places on a good.
Explanation:
A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks, etc.
Willingness to pay measures the value that a buyer places on a good or product. Thus, when this value is high, the customer would ultimately buy a product and vice-versa.
Nothing really, you just might have a better idea of your budget if you do.
Answer:
D) Marginal utility of the last unit of each product consumed is the same.
Explanation:
To maximize utility with a given income constraint, a consumer must chose products to maximize utility. This can be done so that each extra dollar, which is the marginal income, spent on each of these products yields the equal marginal utility. For example if one product yields more marginal utility per marginal dollar spent, the consumer should reallocate their income so they consume more of this product and less of others, so much so that the utility derived from this product equals utility derived from other products.
Utility is maximized when these marginal utilities per marginal dollar spent coincide.
Hope that helps.
