Which of the following are directly related to the principle of diminishing marginal utility?   Rather than eating one large savoury course at dinner, I prefer to have less first course so as to leave room for a pudding........................................................................... Yes/No I prefer to spend my time playing sport rather than watching .................... Yes/No I like to watch a little television in the evenings....................................................... Yes/No I like watching comedy programmes more than ................................ Yes/No I get bored .................................................................................................. Yes/No

Q: Answer the question based on the table below showing the marginal utility schedules for product X…

A: Total utility means the consumption of goods and services by an individual. It is the addition of…

Q: Suppose a consumer’s utility function is given by U(X,Y) = X1/2*Y1/2.  Also, the consumer has $72 to…

A: Given, U(X,Y) = X1/2*Y1/2 Income of the consumer = $ 72 Price of X = $1 Price of Y= $1 Utility is…

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: What type of function is the utility function expressed as u(x,y)=30lnx + y? Also, how would you go…

A: A utility function u (x, y) speaks to a customer's inclinations. That is, a utility function gives a…

Q: Felina prefers to spend her living allowance of $1500 on Mobile data and food. She prefers to pay…

A: The utility is the want satisfying power of the commodity. The budget line would be the total amount…

Q: Answer the question based on the table below showing the marginal utility schedules for product X…

A: Utility-maximizing combination: A firm maximizes its utility combination where the marginal utility…

Q: Which of the following utility functions represent preferences which do not satisfy monotonicity? U=…

A: Monotonic preferences refer to such consumer preferences towards the greater consumption of goods…

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: 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: 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: Complete the following table and answer the questions:   Units consumed Total utility…

A: An individual usually decides his demand based on the satisfaction that he derives from the…

Q: In a simple but delicious world, Joey eats only sandwiches, s, and jam, j. He has a Cobb-Douglas…

A: a. Since N>0, for any N in that, the order of the bundles will be preserved. That mean if…

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: Reid has the following utility function. U = 24m1/3d1/2  where U is Reid's total utility, m is the…

A: (a) U = 24m 1/3 d 1/2 – α (m+0.6 d -25) MU m = 1/3*24m-2/3 d 1/2 – α*1 MU d= ½ *24 m 1/3 d-1/2 -…

Q: Boyd currently consumes 46 units of good B and 36 units of good C. His total level of utility is…

A: Given data; Boyd has the utility function as Given below, U = 100B√C Where B indicates books and  C…

Q: The table shows the total utility Ann derives from eating portions of salad. •How much marginal…

A: Using the concept of utility, we may determine how satisfied a consumer is after purchasing a…

Q: i. It is known that the indifference curve is convex. What does this tell you about the relationship…

A: Answer - Part"1" Answer -When Indifference curve shows that which give show the combination  of two…

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: Q2. When do economists say that a consumer is in equilibrium, what factors can distort the…

A: 2)The phrase "consumer equilibrium" describes a situation in which a consumer is totally satisfied…

Q: Define marginal utility and Provide an argument why to maximize total utility of good x and good y,…

A: The want satisfying power of a good is termed as the utility. The summation of utility derived from…

Q: Given the following utility function: U = 5X + 10Y and marginal utilities: MU, = 5, MU, = 10 A…

A: U=5X+10Y MUx=5 MUy=10 Px=2 Py=1 Consumes(X,Y)=(16,9) MRS is the marginal rate of substitution. It is…

Q: Suppose a consumer’s utility function is given by U(X,Y) = X1/2*Y1/2.  Also, the consumer has $72 to…

A:

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: Assume that the price of oranges is $2 and the price of starfruit is $1.  You have $10 of income to…

A: utility is the satisfaction derived from the consumption of goods and service . Total utility TU is…

Q: Consider a consumer whose preferences are represented by a utility function u(x, y) = a0.5y5 Are…

A: The utility function can be defined as the measure of a group of goods and services preferred by…

Q: Refer to the information provided in table below. MU/P for Number of Cinema Tickets Total Utility…

A: a. The marginal (MU) utility of a good shows the additional satisfaction gained by an individual…

Q: Let us consider the case of Sabbir who has the option of consuming two products, peaches and…

A: When a consumer is taking 2 goods, equilibrium is found by: MUXPX=MUYPYWhere MUX is the marginal…

Q: Suppose Carlos has to choose between purchasing jewelry and water. Which of the following is the…

A: Marginal utility is the utility from the next unit consumed of the same good. MU per dollar=MU of…

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: 1.3. Consider the following utility function for a consumer who consumes two goods, x1 and x2, and…

A: U(x1,x2) = ln(x1) + x2 where x1 = good 1 and x2 = good 2

Q: Imagine Billy eats brownies (B) and cookies (C) and considers them to be perfect substitutes.…

A: A pair of identically used products is referred to as a perfect substitute. The usefulness of a…

Q: Miss Coco consumes cheese cake and curry puff. Her consumption yields the following total utility as…

A: The entire satisfaction gained from the consumption of an item or service is referred to as utility…

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: Another instance when people are likely not to spend a dime (or a minute) on an item is when they…

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

Q: Amy consumes x and y and her preferences can be represented by the following utility function U (x,…

A: Consumers' feelings of pleasure or contentment resulting from using a product or service are known…

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: 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: Q4-From the blow table discuss the following with the help of graph. a)      Trend of total utility…

A: Utility is the want satisfying power of a commodity. It is the satisfaction that a consumer derives…

Q: Mrs. Griffiths earns $5000 a week and spends her entire income on dresses and handbags, since these…

A: In this problem, the consumer (Mrs Griffiths) consumes handbags and dresses in fixed proportion (i.e…

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…