Describe Three Tools Available Through the Prepare Command and Summarize

question 37

Essay

Describe three tools available through the Prepare command and summarize why the Prepare command and its tools are important.

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Definitions:

Marginal Utility

The additional satisfaction or benefit received by a consumer from consuming one more unit of a good or service.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service versus the total amount they actually pay.

Marginal Utility

The increased gratification or value a shopper obtains by buying one more of a certain item or service.