To Calculate the Total Utility of Consuming N Quantity of a Product

question 32

Multiple Choice

To calculate the total utility of consuming N quantity of a product:

• A) add the additional satisfaction of consuming each product up to N and multiply by its price.
• B) add the total satisfaction of consuming each product up to N.
• C) multiply the additional satisfaction from consuming the Nth product by its price.
• D) multiply total satisfaction from consuming N products by N.

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Definitions:

NC Fixed Contact

Refers to the normally-closed fixed contact in a relay or switch, which is closed (conducting) in its default state and opens when activated.

Relay

An electrical device that opens or closes circuits electromechanically or electronically based on input signals.

Digital Sensors

Devices that convert physical information into digital signals for measurement, processing, or communication purposes.

Discrete Sensors

Sensors that detect and respond to changes in physical conditions with discrete output, such as on/off states, used in automation and control systems.