The amount of utility
Not what you're looking for?
In terms of the consumer theory set forth in this chapter, can you explain the meaning of the following statements? a. "I think you get more for your money from Nike than from Reebok." b. "I wanted to buy a Boxster rather than a Malibu, but it just wasn't worth it." c. "I'd like to go to Mexico over spring break, but I just can't afford it," said Don. Jill asked, "Don't you have enough money in your account?" Don replied, "Yeah, but I can't afford to go." d. "I'll have to flip a coin to decide whether to buy chocolate chip or vanilla fudge ice cream."
Purchase this Solution
Solution Summary
Answers:
In terms of the consumer theory set forth in this chapter, can you explain the meaning of the following statements? a. "I think you get more for your money from Nike than from Reebok." b. "I wanted to buy a Boxster rather than a Malibu, but it just wasn't worth it." c. "I'd like to go to Mexico over spring break, but I just can't afford it," said Don. Jill asked, "Don't you have enough money in your account?" Don replied, "Yeah, but I can't afford to go." d. "I'll have to flip a coin to decide whether to buy chocolate chip or vanilla fudge ice cream."
Solution Preview
a. The amount of utility you derive from Nike is higher than the amount of utility you derive from Reebok. That utility might be due to a better more lasting shoe, design, or from such a things as the utility attached to wearing a brand that has created value around itself (ie. if it is cool to wear ...
Purchase this Solution
Free BrainMass Quizzes
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.