Units Consumed Total Utility Marginal Utility 10 10 2 8 3 25 4 30 5 6 34 3.

Q: (Law of Diminishing Marginal Utility) Complete each of the following sentences: a. your tastes…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table…

A: Utility maximization was first developed by utilitarian philosophers Jeremy Bentham and John Stewart…

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: What is the law of diminishing utility? Please explain with a few examples.

A: Law of diminishing marginal utility says that as we consume more and more units of same good then…

Q: Explain why it is that as the consumer purchases more of a good, her marginal utility falls while…

A: Utility: - Utility is the satisfaction derived by any consumer by consuming a good or service.

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: Instructions: Move the slider at the bottom of the diagram to change the quantity consumed for all…

A: Marginal utility is the benefit one receives from consuming one extra unit of any service or any…

Q: With the help of a graph, explain how the decrease in the income affect the consumer's choice for…

A: The demand for goods, and services comes from the buyers, or consumers of those goods, and services.…

Q: Every Friday for two months, Shelley visits her favorite pizza place and buys a large pepperoni and…

A: Answer: Shelly eats pizza for 9 Fridays which leads to a decrease in the marginal utility of pizza…

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: Explain the three characteristics of utility.

A: The economics as a study is based upon the idea that all the societies in the world tend to face a…

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: 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: 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: 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: What happens to marginal utility at the point where total utility is decreasing? Answers: a.…

A: Utility is the fulfillment or advantage inferred by devouring an item; in this manner the minimal…

Q: Use the Budget Line and Indifference Curve concepts to illustrate how a consumer can obtain the…

A: The curve that depicts various combinations of goods and services which could provide different…

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: The principle of diminishing marginal utility says that A. total utility increases by smaller and…

A: Law of diminishing utility means that additional utility gained from consuming one more unit factor…

Q: The table below shows the marginal utility from consuming mini pizzas and sodas. If pizzas and soda…

A: We have giver marginal utility table of Pizza and soda, The price of mini pizza =1 and the price of…

Q: Define Utility in your own words.What does it mean to have diminishing marginal utility?How do you…

A: A person who either orders or use purchased services or goods being for uses including personal,…

Q: Instructions: Move the slider at the bottom of the diagram to change the quantity consumed for all…

A: The additional satisfaction a customer gets from getting one more unit of a product or service is…

Q: The following table shows the total utility gained from the consumption of Fanta Lemon in a week.…

A: The utility is the want satisfying power of the goods and services.  Marginal utility is the change…

Q: Analyze the graph below, and answer the following; (Graph on Total Utility and Marginal Utility) TU,…

A: Utility: Utility for a consumer can simply be defined as the want-satisfying power that a good…

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: 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: Refer to the table below. If the subscription price for a sports app is $2 per week, the…

A: Given,The subscription price for a sports app Ps is $2 per week.The subscription price for a game…

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: Is it possible for total utility to increase while marginal utility diminishes

A: Step-1 Marginal utility(MU) is the change in the total utility(TU) due to small change in the…

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: 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: what is A curve showing combinations of two goods that provide a consumer with a constant amount of…

A: Economics and Economists offers theoretical and practical solutions for various economic and policy…

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: Describe Marginal Utility and Diminishing Marginal Utility? Include a detailed example using a…

A: Marginal utility is defined as the satisfaction level received when consumer consume some level of…

Q: ow does the law of diminishing marginal utility relate to changing income? Select one: a. The…

A: Marginal utility is the utility that is derived by consuming one extra unit of the good.

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

A: Marginal utility is the additional satisfaction that is obtained from consuming one more unit of the…

Q: Diminishing Marginal Utility. Explain the law of diminishing marginal utility Discuss an instance…

A: The idea of marginal utility is used to measure how individuals' satisfaction levels affected their…

Q: explain the consumer equilibrium condition according to the utility theory.

A: Utility: - Utility is the satisfaction derived by any consumer from consuming a good or service.