Comparison of interpersonal utility is impossible because
Utility is measured in utils
Marginal utility is not observable
Utility is subjectively determined
Individual income differ
Correct answer is C
The comparison of interpersonal utility is impossible because the utility or the satisfaction derived from consuming a product is subject to what that individual has stated. It is impossible to say that Mr. A and Mr. derived the same level of satisfaction after consuming a bottle of water. This is because their level of satisfaction differs individually and only implicit values are used in comparison.
Perfectly elastic
Inelastic
Elastic
Perfectly inelastic
Correct answer is C
Elastic demand is a situation where a change in prices leads to a change in the quantity demanded.
Population Statistics of a Country. The dependency ratio between 1960 and 1990 is
Increased by 5%
Increased by 2%
Decrease by 2%
Decrease by 5%
Correct answer is C
No explanation has been provided for this answer.
From the table above, the total utility for the individual who consumes 3 units of commodity X is
50 units
150 units
230 units
250 units
Correct answer is C
No explanation has been provided for this answer.
In the diagram above, full employment is indicated by
L
M
N
P
Correct answer is B
No explanation has been provided for this answer.
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