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Assignment 11 - Yourlocation: Title Assignment11DUEDEC4...

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Jump to Navigation Frame   Your location: Assessments  ›  View All Submissions  › View Attempt  View Attempt 1 of unlimited  Title: Assignment 11 DUE DEC 4 Started: December 3, 2009 5:21 AM Submitted: December 3, 2009 5:38 AM Time spent: 00:16:40  Total score: 20/20 = 100%   Total score adjusted by 0.0  Maximum possible score: 20  1.   When an economist talks about utility, she is talking about    Student Response Value Correct Answer Feedback 1.  the satisfaction that  results from the  consumption of a  good. 100%       2.  the satisfaction that  results from the  consumption of a  good minus the price  that must be paid to  get the good.      3.  a company that  provides electricity,  water, gas, etc.      4.  the satisfaction, in  terms of price, that a  producer receives  from selling his  product.      5.  the amount of one  good that a person is  willing to give up in  order to get a unit of  another good.     
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Score: 1/1  Comments:   2.   A util is an artificial construct used as a means of measuring the    Score: 1/1  Comments:   3.   Marginal utility is defined as the    Score: 1/1  Comments:   4.
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  Suppose Alice receives 123 utils from consuming one hamburger and 50 utils from consuming a second  hamburger. What is the marginal utility of the second hamburger? 
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