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EKN 110 - CHAPTER 5(RATED A+)
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oktober 2025

2025/2026

A+
Utility - ANSWERsatisfaction one gets from consuming it Total Utility (TU) - ANSWERthe total amount of satisfaction obtained from consumption of a specific quantity of a good or service Optimum achieved - ANSWERmoney income is allocated so that the last rand spent on each product yields the same extra/marginal utility Income effect - ANSWERthe impact that a change in the price of a product has on a consumer's real income and consequently on the quantity demanded of the good Substi...
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