To Be Useful for Decision-Making Ratio Results Need to Be

question 40

Short Answer

To be useful for decision-making ratio results need to be compared with other information to provide standards or y__________ against which to measure the results.

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Definitions:

Marginal Utility

The additional satisfaction or utility that a consumer receives from consuming an additional unit of a good or service.

Money Income

The total amount of monetary earnings or receipts accruing to an individual or household from various sources before any deductions like taxes.

Total Utility

The complete fulfillment experienced when a certain amount of products or services is consumed.

Utility Schedule

A utility schedule is a table that shows the relationship between quantities of a good or service consumed and the utility or satisfaction derived from that consumption.