B. Explain the meaning of Diminishing Marginal Utility by giving example?

Q: 2) Define the following terms and give an example: a) Pareto efficiency b) Pareto inefficiency…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Troy has preferences for laptops (L), and drones (D). Laptops costs $750 a unit and drones costs…

A: Given, Laptop Cost $750 Drone cost- $2000 Total cost- $15000

Q: What are the limitations of the law of Equi- marginal utility

A: According to the given question The law of equi marginal utility states that when the consumer…

Q: What does a negative marginal utility means? Why does it happen?

A: Utility refers to the want satisfying power of a commodity. Marginal Utility refers to the utility…

Q: (a) What are the three basic axioms of preferences in the rational choice model that are sufficient…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: what are the exceptions of law of diminising marginal utility ?

A: Marginal utility is the additional satisfaction a consumer gets when consuming additional unit.

Q: 1. If utility can be measured in some way, it is called utility. 2. State the law of diminishing…

A: Note : Since the question holds more than three subparts, we will answer first three subparts as per…

Q: What is law of diminishing marginal utility? Explain.

A: The law of of diminishing marginal utility States that it with an increase in the unit of commodity…

Q: Explain the Marginal Utility Concept with example?

A: Utility:Utility is the want satisfying power of a commodity. The utility is a tool to measure the…

Q: If something has negative marginal utility, what happens to your total utilitywhen you consume it?

A: Marginal utility is defined as the utility gains after one more extra unit of consumption. It means…

Q: Explain the phrase “Less is more” in terms of Utility and cite 2 examples in your answer.

A: The utility is the consumer wants satisfying power of the goods or services.  Marginal utility is…

Q: What are the assumptions of cardinal utility theory? Explain the law of diminishing marginal utility…

A: The Cardinal Utility approach is supported by neo-classical economists, who assume that utility is…

Q: Explain the cardinal and ordinal utility approach ?

A: Utility: Utility is the wants satisfying power of goods or services; in other words, utility is the…

Q: How do we measure utility? Explain

A: The utility is the want satisfying power of the commodity. The utility would result in the sense of…

Q: Using examples, does an increase in income affect a consumer’s budget line? Does it impact their…

A: Suppose, X is an individual consuming Grapes and pineapples. X’s income is 150. X gets utility by…

Q: 3. If MU,1/Px1 > MU,2/PX2 is the consumer maximizing his utility? Explain how to maximize it if your…

A: The change in total utility because of change in one more unit of consumption is termed as marginal…

Q: Can the choices below be represented with a utility assignment? How would you assign these…

A: Utility is the satisfaction derived from the consuming the goods and services . And to choose best…

Q: a)Which gives you greater total utility: 14 gallons of water per day or 22 gallons per day? Why?…

A: Consumers get utility from consuming goods. Total utility is derived from the total amount of goods…

Q: What do we mean by well-behaved preferences? How do the indifference curves look like for such…

A: Since the question you posted consists of multiple parts, we will answer the first three parts for…

Q: 1. If the consumer can only buy product x, how much will the consumer buy and what will be the total…

A: PX= $4 Py= $2 M= $20

Q: What is Marginal Utility, what is the concept of diminishing marginal utility?

A: Utility is refers to the level of satisfaction that a consumer receives by consuming a good. A…

Q: Govind's income is 5000 rupees and he is trying to maximize his utility from consuming Apple and…

A: Apple and oranges are both fruit. Assuming they are perfect substitutes for Govind.  I= 5000Pa= 5Po…

Q: 2. If peanut butter brings you 30 utils of pleasure for the last dollar's worth, and the last dollar…

A: In order to maximize utility, a consumer make economic decisions that guarantee the highest level of…

Q: Explain law of diminishing marginal utility ??

A: Marginal utility is the utility that is derived from the consumption of an additional unit of…

Q: ACcoralng to the law of diminishing marginal utility, marginal utility of a good declines as more of…

A: Law of diminishing marginal utility says that as more and more units of a good is consumed then…

Q: State and explain the law of diminishing marginal utility .Why does the law operate ?

A: The utility is the want satisfying power of the commodity. The preference of the consumer depends on…

Q: The law of diminishing marginal utility states that?

A: the law of diminishing marginal utility was given by a German Economist Gossen, which is why it is…

Q: define utility with its practical examples also explain its different measures in detail?

A: In economics,  the term utility refers to quality of a commodity by virtue of which is satisfies our…

Q: Examples of form utility?

A: Utility is defined as the complete satisfaction a consumer derives from the usage of a product or…

Q: d) Explain the difference between ordinal and cardinal utility. Which one is generally used in…

A: Note: Since you have posted multiple independent questions in the same request, we will solve the…

Q: How can one's choice of purchases/consumption be infuenced by utility or marginal utility?

A: Consumer choice is a basic of consumer choice theory. Which explains what will a consumer demand or…

Q: example of Diminishing Marginal Utility and briefly explain why?

A: Diminishing marginal utility means when a consumer consumes a good then marginal utility derived…

Q: The Law of Diminishing Marginal Utility is just a theory that has no application to everyday life.…

A: Utility: It means the total satisfaction received from the consumption of goods and services.

Q: If “Law of Diminishing Marginal Utility” or I.C theory is nearer to reality?

A: The law of diminishing marginal utility states that the marginal utility of a any good or service…

Q: How utility is related to form utility?

A: Utility and Form utility are related as Utility is  mainly of four kinds.

Q: d) Cardinal Utility (Discuss why this is rarely used) e) Monotonic Transformation (example below) f)…

A: d. Cardial utility is the concept of giving numerical values to ones utility. For example, utility…

Q: What does the law of equi marginal utility states? MU , MU x a) Px MU X b) Px MU, Pz > MU m P; MUY…

A: "Utility is the usefulness of a good. It refers to the want satisfying power of a commodity."…

Q: Explain Law of Diminishing Marginal Utility with an example?

A: The law of diminishing marginal utility states that when a person increases consumption of a product…

Q: marginal utility of a hamburger is 8. s Ray maximizing utility at his current consumption basket? If…

A: Marginal utility is the added satisfaction that a consumer gets from having one more unit of a good…

Q: Continuing from the previous question. GoodP 12000 Good G The Budget Line/Indifference Curve graph…

A: Answering just the Budget line indifference curve graph as asked.

Q: 1. The table shows the total utility Joseph derives from eating pizza in the evening while study-…

A: Given: Pizza Total Utility 0 0 1 30 2 48 3 60 4 70 5 78 6 80 7 76 Note: Due to…