Asked by
Thien dao chi
on Oct 08, 2024
Verified
When a consumer shifts purchases from X to Y,the marginal utility of X falls and the marginal utility of Y rises.
Marginal Utility
The surplus enjoyment or utility obtained from the consumption of one extra unit of a good or service.
- Comprehend the principles of marginal utility and its impact on the purchasing decisions of consumers.
- Grasp the concept of substitution and income effects in consumer choice theory.
Verified Answer
HV
Learning Objectives
- Comprehend the principles of marginal utility and its impact on the purchasing decisions of consumers.
- Grasp the concept of substitution and income effects in consumer choice theory.
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