Utility and Consumer Equilibrium

Utility is generally related to?

• Necessary

• Beauty

• Useful

• Satisfaction

Unit of Measuring Utility?

In Economics the term 'marginal' means ....................

• Maximum

• Minimum

• Additional

What is the Law of Diminishing Marginal Utility?

How is marginal utility calculated?

• Change in Quantity Consumed / Change in Total Utility

• Change in Total Utility / Change in Quantity Consumed

• Total Utility / Quantity Consumed

• Change in Marginal Utility / Change in Quantity Consumed

Differentiate between total utility and marginal utility.

Identify a real-life scenario where the Law of Diminishing Marginal Utility can be observed.

• Taking a walk

• Eating slices of pizza

• Watching a movie

• Reading a book

Explain the concept of Consumer Equilibrium.