Define Utility in your own words.What does it mean to have diminishing marginal utility?How do you calculate Marginal Utility? What is the formula?What is the utility maximizing rule? Describe the rule as well as state it mathematically.

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: Complete the following table and answer the questions below: a. At which rate is total utility…

A: Total utility (TU) is the sum total of all utilities which a rational consumer derives by consuming…

Q: Define and explain marginal utility

A: Definition A consumer's increased enjoyment from having one more unit of an item or service is…

Q: Explain one difference and one example between the Cardinal utility and ordinal utility!

A: Cardinal utility is a Marshallian concept used along with an ordinal utility to gauge the…

Q: 6)       According to the law of diminishing marginal utility, _________? A) Additional consumption…

A: Law of diminishing marginal Utility: It says that by consuming more goods marginal utility will…

Q: What is the law of diminishing marginal utility why or how is this relevant for our discussion of…

A: Marginal utility is the addition to the total utility received from consuming an additional unit of…

Q: As an individual consumes more and more of a good, each additional unit brings about less and less…

A: Marginal Utility refers to the additional satisfaction derived from consumption of an additional…

Q: The law of diminishing marginal utility says that.... ........... as a person consumes more and more…

A: The consumers, or the individuals, or the households purchase goods, and services in order to…

Q: Elaborate the concept of Law of Diminishing Marginal Utility

A: A consumer's increased enjoyment from having one more unit of an item or service is referred to as…

Q: Would you expect marginal utility to rise or fall with additional consumption of a good? Why?

A: Marginal utility is the change in the total utility when a person consumes an additional unit of a…

Q: Given the assumptions of the law of diminishing marginal utility (exactly the same product consumed…

A: Marginal utility (MU) is defined as the extra utility or benefit a consumer gets by consuming an…

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: what is UTILITY and UTILITY FUNCTION?

A: Applied economics, utility refers to a consumer's satisfaction with the product or service.…

Q: et us consider the case of Saiful who derives positive marginal utility from consuming apples. In…

A: Total utility refers to the total amount of satisfaction or fulfilment gained by a consumer as a…

Q: please explain the theory of marginal utility. Please include a particular product or service you…

A: In economics, utility refers to the entire pleasure derived from the consumption of an item or…

Q: What is the law of diminishing utility? Explain with proper example.

A: The want satisfying power of a commodity is referred to as the utility.

Q: Use the Law of Diminishing Marginal Utility to discuss why Market Demand has to have a downward…

A: Utility is the satisfaction  derive by consuming goods and services. And due to law of diminishing…

Q: Q) Marginal utility measures the Select one: a. additional cost of an additional unit of…

A: The utility of a Commodity: The term utility of a commodity refers to the satisfying power or the…

Q: When marginal utility is decreasing but positive, total utility is a increasing at a decreasing…

A: Marginal utility is the additional utility that is derived by consuming an additional unit of the…

Q: What are the two conditions that are met if a consumer is maximizing utility?

A: A consumer is said to be in a state of equilibrium when he or she maximizes his utility, given…

Q: Is it possible for marginal utility to be negative while total utility is positive

A: The total utility (TU) can be understood as the total satisfaction that is derived from consumption…

Q: Explain the relationship between marginal utility and the total utility with the help of a diagram.

A: In economics, utility refers to the satisfaction that an individual receives from the consumption of…

Q: Define and explain the relationship between total utility, marginal utility, and the law of…

A: Law of diminishing marginal utility states as other factors are constant, rise in consumption will…

Q: What is law on diminishing marginal utility

A: The additional satisfaction a shopper gets from possessing one further unit of an item or service is…

Q: Pick any random tangible good that gives you happiness or sense of contentment when you utilise it.…

A: In general, utility refers to the amount of joy or satisfaction (or alleviated suffering) that an…

Q: If marginal utility is declining but still positive, total utility is increasing.  True or false…

A: The utility is the satisfaction received from consuming a good or service.

Q: Define, and then explain in your own words what the concept of Marginal Utility is:

A: Marginal utility is that utility which consumer get an additional  satisfaction from buying or…

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: Why is “consumer's utility is impossible to measure and quantify? Explain your answer.

A: In economics, utility refers to the entire pleasure derived from the consumption of an item or…

Q: What does failing total utility for imply marginal utility? Give an arthimetical example to…

A: Marginal utility is the extra utility received from consuming one additional unit of the good per…

Q: Give a real-life example (from your daily life) that illustrates total utility rising as marginal…

A: Total utility(TU) is the satisfaction or benefit derived from consuming a good. Marginal utility(MU)…

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: Marginal utility is equal to?

A: Utility It's a metric for assessing a person's level of satisfaction with the things they've…

Q: How can else  increase marginal utility and therefore the consumer demand curve?

A: marginal utility is the additional fulfillment a purchaser gets from having another unit of a decent…

Q: Explain how consumer equilibrium is reached using marginal utility analysis.

A: Utility refers to the power of a good to satisfy the wants of the people. Marginal utility refers to…

Q: Q.2. From the following total utility schedule a. derive the marginal utility schedule. b. plot the…

A: Disclaimer :- as you posted multipart questions we are supposed to solve the first 3 questions only…

Q: What does falling total utility imply for the marginal utility? Give an arithmetical example to…

A: The Total Utility(TU) is the amount of total satisfaction an individual receives from the…

Q: Illustrate with Example: According to law of diminishing marginal utility, as you consume more and…

A: Law of diminishing marginal utility:- As per the notion, a person utilizes more amount of a product,…

Q: Suppose the following table reflects the total satisfaction (utility) derived from eating pizza:…

A: The utility is an important concept of the consumers’ demand theory. Marginal utility is the utility…

Q: 35. When total utility becomes maximum, then marginal utility will be

A: To find : What will be marginal utility when total utility becomes maximum.