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Does my utility increase if I pay less?

You attend an auction and in your mind agree to pay $100 for an item, but you are able to purchase at $50.

1. Discuss the comparison of the utility of the $100 versus the utility of the good and how a voluntary exchange results in a win/win situation to both parties.

2. Has the utility of the item increased because of the lower price and why?

3. As a result of the lower price, has your total utility increased and why?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M927726

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