Explain law of diminishing marginal utility ??

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: 1.Briefly discuss the law of diminishing marginal utility.

A: The law states that when the consumption 9f a commodity keeps on increasing,  marginal utility of…

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

A: The utility is something that a consumer gains after consuming a good or a product. It is measured…

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: What is the concept of diminishing marginal utility of consumers? How consumer use Marginal Rate of…

A: "Marginal utility represents the addition to the total utility from consuming one more unit of the…

Q: The table below contains information about the total utility Jerry gains from coffee and pastries he…

A: a) Number of Coffee  Total Utility From Coffee  Marginal Utility From Coffee 1 1.50   2 2.70…

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: Define marginal utility. (50 words)

A: Utility means the satisfaction that a consumer gets after the consumption of a good or service. It…

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: The table below contains information about the total utility Jerry gains from coffee and pastries he…

A: Answer: Introduction: Marginal utility: marginal utility refers to the additional utility derived…

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: What does the assumption that More Is Better implies about Marginal Utility? Explain?

A: MU(marginal utility) is the change in TU(total utility) when an additional unit of good is consumed.…

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 definition of marginal​ utility?   A. The average utility from consuming a good or…

A: ANS Marginal Utility (MU) can be defined as the gain in the utility level that is achieved when the…

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: 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: What other factors affect the marginal utility?

A: ANSWER STEP-1 The factors affect the marginal utility Variables like tax likewise influence the…

Q: Kirk enjoys going to ballparks and watching baseball. Last week, Kirk paid $40 to purchase a ticket…

A: People buy goods and services because of their ability to satisfy human want. That property of a…

Q: briefly discuss and explain the two major approches for the analysis of utility

A: In economics, utility is a term referring to the overall satisfaction obtained from consuming a good…

Q: xplain the difference between marginal utility and total utility

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

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

A: The literal meaning of utility is satisfaction. The concept of utility is measured under two…

Q: if the utility function is given by u=x^2y^2 what is marginal utility?

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

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: when is the substitution effect greater than the income effect?

A: Income Effect is the change in the demand caused due to purchasing power of the consumer due to…

Q: Define marginal utility and law of diminishing marginal utility with example.

A: Consumer theory: It studies the behavior of consumers based on their consumption preferences given…

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: goods that they purchase, if they have never heard of 'u marginal utility cannot be measured in any…

A: In economics, utility is defined as the pleasure or benefit gained from consuming a product; thus,…

Q: what does it mean if the utility function is ordinal and not cardinal.

A: Ordinal refers to order of a series. Cardinal refers to giving a value to the series.

Q: Use the following table to answer the question be Marginal Utility Units Total Consumed Utility W 20

A: The Marginal Utility(MU) is the change in the utility after the addition of one more unit of a good.…

Q: What isn the law of diminishing marginal utility? Give an example to illustrate

A: Marginal utility implies extra utility obtained from the extra unit of a product.

Q: Next question In a year, Marco buys 10 sweaters at $60 each and pays $40 for 10,000 gallons of tap…

A: Marginal utility refers to change in total utility with respect to change in output. It the…

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: Assume Tom's utility for tacos is as follows: Tom's utility from consuming tacos Total Utility 0 35…

A: Answer: The formula to find the marginal utility (MU) from 3rd taco is given below: MU3rd…

Q: When does marginal utility become 1) Negative 2) zero Explain

A: According to the given question In the simple words we can say that the marginal utility is the…

Q: Define Utility? Discuss law of Equi-marginal utility in detial.

A: The utility is the overall satisfaction that a consumer receives from consuming a service or good.…

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: 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.

Q: Suppose utility can be measured by "utils" and that Jim buys both coffee and bagels. The price of…

A: Marginal utility refers to additional utility gained from consuming an additional unit of the good.

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…