28. The goal of utility maximization is to allocate your _ in order to maximize your _

28. The goal of utility maximization is to allocate your _______ in order to maximize your _______

29. The additional utility gained from consuming an additional unit from a good is called _______

30 If marginal utility is positive, then as consumption increases _______

31. The tendency of marginal utility to decline as consumption increases beyond some point is called _______

Solutions

Expert Solution

28. resources; satisfaction
(Goal of utility mazimization is to allocate your budget in a way that maximizes your utility)

29. Marginal utility
(Additional utility is the marginal utility from consuming an additional unit)

30. total utility increases
(Positive marginal utility means total utility is increasing with increase in consumption)

31. diminishing marginal utility
(Decline in marginal utility is called diminishing marginal utility)

Rahul Sunny answered 1 year ago

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