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Illustrate the Law of Equi-marginal roles in terms of total utility and
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- Assuming that seafood is your favorite food. Would the law of diminishingmarginal utility apply to your consumption of seafood?this week you have gone to two parties. assume the total utility you gained from these parties is 100 utils. then you go to a third party, and your total utility rises to 110 utils. what is the marginal utility of the third party attended per week? given the law of diminishing marginal utility, what will happen to total utility and marginal utility when you go to a fourth party this week?Give a real-life example (from your daily life) that illustrates total utility rising as marginal utility declines.
- Does the law of diminishing marginal utility applies to writing (like for example academic writing not a sort of hubby or addiction)? And can you explain why or why not? Thank you so muchhow the concept of diminimishing matginal ulitily leads to folks allocating their income to a varied market basket of goods?Elaborate the concept of Law of Diminishing Marginal Utility
- What is meant by autarky?Terry attends college and works part-time in a drug store. She can work up to 40 hours per week and is paid $9 per hour. With her schoolwork and other responsibilities, she only has 40 hours per week total to devote to work and leisure. The following table shows her utility from different levels of leisure and income. Hours of Leisure Total Utility from Leisure Marginal Utility of Leisure Work Hours Income Total Utility from Income Marginal Utility from Income 5 18 5 45 35 10 34 10 90 59 15 48 15 135 77 20 56 20 180 86 25 60 25 225 92 30 65 30 270 98 35 69 35 315 103 40 72 40 360 107 Terry decides to decrease her work hours from 20 to 10. What will be her total utility from both leisure and income when working 10 hours per week?Terry attends college and works part-time in a drug store. She can work up to 40 hours per week and is paid $9 per hour. With her schoolwork and other responsibilities, she only has 40 hours per week total to devote to work and leisure. The following table shows her utility from different levels of leisure and income. Hours of Leisure Total Utility from Leisure Marginal Utility of Leisure Work Hours Income Total Utility from Income Marginal Utility from Income 5 18 5 45 35 10 34 10 90 59 15 48 15 135 77 20 56 20 180 86 25 60 25 225 92 30 65 30 270 98 35 69 35 315 103 40 72 40 360 107 Terry decides to decrease her work hours from 20 to 10. 8. What would be marginal utility loss from less income?
- Define and explain the relationship between total utility, marginal utility, and the law of diminishing marginal utility.Explain why the lifetime budget constraint must be satisfied as a strict equalityTotal utility is the addition of all the marginal utilities that an individual derives from successive units. True or False?
