Quantity In the provided graph, the equilibrium point in the market is where the S and D curves Intersect. At equilibrium, the total maximum amount that consumers would have been willing to pay for the product is represented by the area Multiple Choice a+b+c a+b. b+c

Give typing answer with explanation and conclusion   Suppose the cost of petrol is Rs. 100 per litre. There are two consumers who wish to purchase petrol for their cars: A and B. Consumer A goes to the petrol pump and asks for 10 litres of petrol. Consumer B goes to the petrol pump and asks for petrol worth Rs. 1000. (i) Find the equilibrium quantity demanded by each consumer. (ii) Draw the demand curves for each consumer. Are the two consumers identical? What is the price elasticity of demand for each consumer?

Use willingness to pay and willingness to sell to determine supply anddemand at a given price

Q.1.14 Utility from consuming a good is understood by economists to mean;  (a) how often we consume the good.(b) how much satisfaction or benefit we get from consuming the good.(c) how much it costs to buy the good.(d) how we best use the good. Q.1.15 The marginal utility of a good or service declines as one more unit is consumed because:(a) supply slopes upwards.(b) consumers are constrained by income. (c) of the law of diminishing marginal utility. (d) prices move with demand.

If a good is free, when will a consumer stop wanting to buy the good? Once the total utility equals zero At the quantity where marginal utility is at its maximum Once the marginal utility equals zero When marginal utility is negative Once the marginal utility equals total utility What is used to measure a consumer's entire satisfaction or happiness of a choice? Total utility Marginal cost Marginal utility Total Revenue Total costs Which of the following best defines the term utility as it is used by economists? when a market allocates resources in a way that maximizes consumer and producer surplus

Discuss it in your own understanding and then give example of the following:   Utility and Demand

how does each consumers indivual consumer surplus change

Given the market price of a good, how does a consumer decide as to how many units of that good to buy? Explain

What is an inferior good?

what is the normal and an inferior good?