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

Q: Explain and differentiate preference and utility.

A: Definitions: Financial specialists utilize the term utility to portray the satisfaction that a buyer…

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: The table below shows the relationship between the number of movies seen per month and the total…

A: Marginal Utility is the additional satisfaction derived by consuming additional unit of a given…

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 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: 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: What is the shape of the marginal utility curve?

A: Marginal utility is the additional utility that an individual derives from the consumption of one…

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 marginal utility.

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

Q: Define law of diminishing marginal utility concept with example

A: The basic law of consumption is 'law of diminishing marginal utility'.  The marginal utility is the…

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: When marginal utility is positive, total utility____

A: Marginal utility is the additional utility derived from having an additional unit of commodity.…

Q: How to compute Marginal Utility.

A: Utility refers to the total amount of satisfaction derived from the consumption of a good or…

Q: .Enumerate at least five interpretations of the graph of the Total Utility curve 2.Enumerate at…

A: Total Utility Curve: Total utility curve is the combination of consumer demand theory and its…

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: 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: 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: 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: What is marginal utility

A: Answer: Marginal utility refers to the change caused due to the change in the additional utility…

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: 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: What is the difference between total utility and marginal utility?

A: Microeconomics discusses the economic behavior of individual units, say a producer, a firm, a…

Q: Can marginal utility be negative? Briefly explain with an example

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

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: 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: The following table shows represent the utility received by Sharon for cookies and pretzels. Fill in…

A: Utility refers to the amount of satisfaction that a consumer receives from the consumption of goods…

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: 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: 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: C D Quantity Refer to the graph shown. Between points C and D, marginal utility is: Marginal Utility

A: Total utility is the total amount of satisfaction that a consumer derives from the consumption of…

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: Imagine, we are in ancient Greece. Praxilla lives in Athens and derives utility from reading poems…

A: The additional satisfaction a consumer obtains from one more unit of a product or service is…