“In fact, production theory is much simpler than consumption theory because the output of a production process is generally observable, whereas the “output” of consumption (utility) is not directly observable”. Explain this statement.

Answers

Answer 1

Answer:

Since the output of consumption is most likely waste it is hard to track where the waste is going. Whereas with production theory the output is the product which goes to the consumer. This is much more easy to observe and is therefore "directly observable."

Explanation:


Related Questions

A waitress sold 20 ribeye steak dinners and 12 grilled salmon​ dinners, totaling ​$559.11 on a particular day. Another day she sold 29 ribeye steak dinners and 6 grilled salmon​ dinners, totaling ​$583.72 How much did each type of dinner​ cost?

Answers

Answer:

Ribeye steak dinner ≈ $16.01Grilled salmon dinner ≈ $19.91

Explanation:

Number of ribeye steak dinners sold = xNumber of grilled salmon dinners sold = y

Create two equations showing the amount sold and earned each day:

[tex]\left \{ {{20x+12y=559.11} \atop {29x+6y=583.72}} \right.[/tex]

Solve the system of equations:

[tex]\left \{ {{20x+12y=559.11} \atop {29x+6y=583.72}} \right.\\\\=\left \{ {{20x+12y=559.11} \atop {29(2)x+6(2)y=583.72(2)}} \right.\\\\=\left \{ {{20x+12y=559.11} \atop {58x+12y=1167.44}} \right.\\\\(20-58)x+(12-12)y=559.11-1167.44\\\\-38x=-608.33\\\\x=\frac{-608.33}{-38} =16.01\\\\20x+12y=559.11\\20(16.01)+12y=559.11\\12y=559.11-20(16.01)\\12y=238.91\\y=19.91[/tex]

THIS IS AN ECONOMICS QUESTION
TRUE OR FALSE
The law of demand says that as the income of the consumer changes the demand will change in direct proportion to the income change.

Answers

Answer:

I believe this is true

Explanation:

mark me brainlist

Answer:

The question is really a maybe question

Explanation:

Because it is not always all the time that they increase your tax because of your  income.They are some times that they give you higher tax for their own benefit so they can higher it to any amount,

Answer 2 :

No

Explanation 2

There is no way that they put it to your direct income if they do they just choose to make you loose all your money to be able to provide for him or herself and their family

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