Order the answer to: True or False: 1. Utility is the satisfaction or enjoyment

Assignment Help business-economics Order the answer to: True or False: 1. Utility is the satisfaction or enjoyment

business-economics

Order the answer to: True or False: 1. Utility is the satisfaction or enjoyment

Question True or False: 1. Utility is the satisfaction or enjoyment derived from consumption. 2. Economists do not think it is possible to compare the relative satisfaction derived from consumption across individuals. 3. Marginal utility is the satisfaction received from all units of a good that are consumed. 4. When marginal utility begins to diminish, total utility always diminishes. 5. If a consumer is maximizing utility, she will purchase quantities of output to the point where the marginal utility per dollar spent on consumption is equal across all goods. 6. As long as the marginal utility of the last unit consumed is positive, total utility will fall if a person consumes less of a good. 7. As long as a person had to pay a positive price for a good, he would never consume to the point where his marginal utility was falling with additional consumption. 8. A person could receive a higher marginal utility from the last diamond she purchases than from the last ounce of water she purchases, yet receive less total utility from diamonds than from water. 9. If total utility from consuming five cups of cocoa is 13, 25, 35, 44, and 52 utils, respectively, the marginal utility of the fourth cup of coffee is 9. 10. If Phil says, “You would have to pay me to eat another cookie now,” it would imply that his marginal utility from consuming one more cookie now was negative.
Subject business-economics
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