of the following choices, which could have shifted Edison's budget constraint from BC₁ to BC₂? Check all that apply. His income increased while the prices of theater and concert tickets stayed the same. The prices of both theater and concert tickets decreased while his income stayed the same. The price of concert tickets increased while his income and the price of theater tickets stayed the same. His income decreased while the prices of theater and concert tickets stayed the same. inferior normal Based on Edison's consumption of plays and concerts after his budget constraint shifted, plays are and concerts are goods. goods

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.