📚
Все вопросы
- The theory of … has been reformulated entirely in terms of consumer preferences, and utility is seen only as a way to describe preferences. #121
- A utility function is a way of assigning a number to every possible … bundle such that more-preferred bundles get assigned larger numbers than less-preferred bundles. #122
- There are some theories of utility that attach a significance to the magnitude of utility. These are known as cardinal utility theories. #123
- In mathematics, the set of all (x1, x2) such that u(x1, x2) equals a constant is called a absolute set. #124
- When the utility function is linear in good 2, but (possibly) nonlinear in good 1; hence the name quasilinear utility, meaning «partly linear» utility. #125
- Consider a consumer who is consuming some bundle of goods, (x1, x2). How does this consumer’s utility doesn’t change as we give him or her a little more of good 1? This rate of change is called the marginal utility with respect to good 1. #126
- The study of how the equilibrium price and quantity change when the underlying conditions change is known as …. #127
- Utility functions are basically ways of describing choice behavior. #128
- The optimal choice of the consumer is that bundle in the consumer’s budget set that lies on the … indifference curve. #129
- Typically, the optimal bundle will be characterized by the condition that the slope of the indifference curve (the MRS) will equal the slope of the … line. #130