Economists measure utility

a. with a mythical unit called a "util"

b. with a special device neuroscientists developed to gauge satisfaction

c. using the marginal product

d. None of the available choices is correct in terms of the consumers budget constraint

Question

Business

Popeye

1 August, 04:13

Economists measure utility

a. with a mythical unit called a "util"

b. with a special device neuroscientists developed to gauge satisfaction

c. using the marginal product

d. None of the available choices is correct in terms of the consumers budget constraint

+1

Answers (1)

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Lawson Velasquez · Answer 1

d. None of the available choices is correct

Explanation:

None of these options accurately describe a way in which utility can be measured. Utility is a concept widely used in economics which tries to measure the satisfaction that a consumer receives from a particular good or service. It is impossible to accurately measure the exact utility of a particular good to a consumer. Nevertheless, an estimation is useful when making decisions about how to distribute our money within a budget.

Economists measure utilitya. with a mythical unit called a "util"b. with a special device neuroscientists developed to gauge satisfactionc. using the marginal productd. None of the available choices is correct in terms of the consumers budget constraint

Economists measure utility

a. with a mythical unit called a "util"

b. with a special device neuroscientists developed to gauge satisfaction

c. using the marginal product

d. None of the available choices is correct in terms of the consumers budget constraint