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A Pigeon Learns to Peck Only at a Red Disc

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A pigeon learns to peck only at a red disc.It will not peck at another disc that is identical in shape and size but a different colour.This illustrates the concept of


Definitions:

Income

The financial gain or money received by an individual or entity, usually through work, investments, or business operations.

Income

Financial earnings acquired regularly from work or investment profits.

Total Utility

The total satisfaction or benefit derived by a consumer from consuming a given quantity of goods or services.

Utils

A hypothetical unit of measurement used in economics to quantify utility or satisfaction gained from consuming a good or service.

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