15. Complete description of an indifference curve\'s shape 16. The relationship
ID: 1193904 • Letter: 1
Question
15. Complete description of an indifference curve's shape 16. The relationship of two commodities aloe one budget line 17. What MRS stands for 18. 19 The relationship of this two graphical illustrations tells the best combination in the consumption of times following a limited budget 20. The potential consumption of a certain item based on Its market price and the income of its buyers 21. Principles behind a consumer finding a consumption mu that will garner him the highest level of satisfaction 22. Formula for Marginal Utility 23. It is the function of the units of consumption 24. Seeking for this combination can increase the level of the consumers' satisfaction even at a limited budget 25. Every peso spent should yield the highest of this as possible.Explanation / Answer
15) Complete description of an indifference curve's shape- CONVEX
16) The relationship of two commodities along one budget line - INVERSELY PROPORTIONAL
17) What MRS stands for - MARGINAL RATE OF SUBSTITUTION
18&19) The relationship of this two graphical illustration tells the best combination in the consumption of times following a limited budget - CONSUMER'S EQUILIBRIUM
20) The potential consumption of a certain item based on its market price and the income of its buyers- DEMAND
21) Principles behind a consumer finding a consumption mix that will garner him the highest level of satisfaction - Utility Function
22) Formula for Marginal Utility - Change in Total Utility / Change in number of Units consumed
23) It is the function of unit of consumption - DiISPOSABLE INCOME
24) Seeking for this combination can increase the level of the consumers' satisfaction even at a limited budget - MARGINAL UTILITY
25) Every peso spent should yeild the highest of this as possible - EQUI MARGINAL PRICIPLE ( HIGHEST MARGINAL UTILITY).
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