Question

Imagine yourself as a rational producer of a commodity aiming to maximize profit. A hypothetical price of the commodity is indicated in the schedule attached in the sheet. Derive your intention to supply the quantities of the commodity at the various prices indicated and complete the schedule

Answer 1

Answer:

Economists call this the problem of choice.

Most naturally, any consumer will want to get a combination of

goods that gives her maximum satisfaction. What will be this ‘best’

combination? This depends on the likes of the consumer and what

the consumer can afford to buy. The ‘likes’ of the consumer are

also called ‘preferences’. And what the consumer can afford to buy,

depends on prices of the goods and the income of the consumer.

Explanation:

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