Question

13. Given the price of a good, how will a consumer decide as to how much quantity to buy of that
good? Explain.
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Answer 1

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In order to decide, how much of a good to buy at a given price, a consumer compares Marginal Utility (MU) of the good with its price (P). The consumer will be at equilibrium, when the Marginal Utility of the good will be equal to the price of the good.