Water is necessary for life. Is the marginal benefit of a glass of water large or small?

Q: When you go to the store to buy some M&Ms candy, you find they are LESS expensive than they were…

A: Demand continuity and risk perception from buyers , and their capacity to require in existing…

Q: Is ketchup a final good or intermediate good?

A: The markets are the place where the buyers of various goods, and services, meet, and interact with…

Q: What are the components of the environment from the point of view of the decision-making? What do…

A: The decision making of the environment is a set of information, values, preferences gathered during…

Q: differences between goods and services?? for economics

A: In economics, products and services are sometimes used interchangeably. Customers are supplied these…

Q: What are the primary wants and the secondary wants?

A: Wants can be defined as general effective desire for a particular commodity or the good which can be…

Q: What is the Benefit-cost ratio?

A: The process of analyzing the total benefits and total costs associated with the implementation of a…

Q: Mechanics usually have better information about how to fix automobiles than their customers do. What…

A: Market for lemons explained by Akerlof which examines the quality of goods that is traded in the…

Q: Suppose there are 6 roads connecting town A to town B and 4 roads connecting town B to town C. In…

A: Suppose the 6 roads between A and B as 1,2,3,4,5, and 6. Suppose the 4 roads between B and C as…

Q: Which of the following goods is NOT scarce? Opublic libraries Ogarbage clean air in a big city…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: our marginal benefit from eating candy bars is shown in the table below: Marginal Benefit Candy (MB)…

A: The change in total utility or benefit when one additional unit is consumed is known as the marginal…

Q: Are luxury and sustainability compatible?

A: The findings reveal that luxury customers have mixed attitudes about sustainability, believing that…

Q: You are about to sign-up for a movie streaming service and are trying to decide how many movies you…

A: According to the marginal benefit (MB) rule, the net befit achieved from consuming a commodity is at…

Q: What are the variables for sustainability for hunger?

A: sustainability development refers to the idea that human beings society must live and meet their…

Q: What are the features of the human wants in economics

A: Features of Human Wants: Wants are limitless: Human needs are innumerable in number and different in…

Q: Use a real-life example of a social influencer helping create

A:

Q: Do you think 24-hour store follow the marginal benefits principles? Why or why not?

A: The dollar price a customer is able to charge for each transaction is often referred to as marginal…

Q: How does consumerism provide opportunities for and limitations on impacting quality of life?

A: Consumerism is a policy in economics in which the market is determined by people's choices and…

Q: What is a resource that you share with your family or neighbors? Is it being over-consumed? And if…

A: We all live in a society, where we share many things to live life peacefully and happily. Our…

Q: How can we simplify the decision-making process?

A: A business cannot take the decision making process lightly as the entire business relies and acts on…

Q: Weekly Income: $28 Price of Soup: $5 Price of dessert: $3 i) How much dessert should be consumed at…

A: Answer - Given in  the question - Weekly Income: $28Price of Soup: $5Price of dessert: $3

Q: If you can prevent someone from consuming a good, that good is called

A: If a good is prevented from its consumption, then it is an example of a private good.

Q: Explain the link between scarcity and the need for a rationing device

A: Meaning of Scarcity of Resources: The wants that can be satisfied by consuming goods and services…

Q: Define marginal benefit. Show the efficient point using a marginal cost/benefit diagram

A: Marginal benefit is defined as additional benefit derived from the consumption of one more units of…

Q: Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted…

A: Person 1 can produce two goods, i.e., A and B Person 1 can produce 4 units of good A per hour Person…

Q: 1.Suppose the marginal costs (MC) of reading are constant & the marginal benefits (MB) of reading…

A: 1) Given that marginal cost is constant, it implies that it would be parallel to x axis. The MB…

Q: Why does the fact that something is scarce require that we make choices

A: Scarcity refers to the shortages in the resources, goods and services available to us in relation to…

Q: You are in a bookstore. Your benefit from a book, expressed in dollars, is $32. The price is $17. If…

A: Opportunity cost is the foregone benefit derived from not choosing the alternative option.

Q: How should marketers respond to the changing environment?

A: It is essential to be proactive always in this rapidly changing environment for marketers. It is…

Q: Can you help me with below homework question. Which of the following economic criteria is concerned…

A: The answer is d) Allocation efficiency.

Q: Goods that satisfy humans wants though their direct use or consumption are called _______?

A: According to the given question In simple words the consumption in economics is basically known as…

Q: Can you apply the design principles and elements of visual media and information to motion media and…

A: Motion media and information to motion media have basically been derived from design principles and…

Q: You plan to study on weekend and your friends ask you to go to a farm house with them. What do you…

A: Trade-offs are considered to be an important part of economic decision making. It simply refers to…

Q: What Is Cost-Effectiveness Measures?

A: Cost(C) is an important component of production. The ‘cost of production’ refers to the total…

Q: Goods and Services are scarce becauser resources used to produce them are

A: # We know well that we live in a world of scarcity where the resources we have are limited in nature…

Q: Do consumers always make rational consumer decisions when buying economic goods?

A: Rational action applies to a choice - formation mechanism focused on the making of decisions that…

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: A. Demand curve - It is the curve which shows the relationship between quantity demanded and price…

Q: mechanics usually have better information about how to fix automobiles than their customers do. What…

A: Asymmetric information exists where the information is not equally distributed between buyer and…

Q: Why is water, which is essential to life, so cheapwhile diamonds, which are not essential to life,…

A: Economic law of diminishing marginal utility asserts that the marginal utility from each additional…

Q: How does economics play a role in decision-making at Asian Paints?

A: The corporation can make the best business decisions by analyzing economic aspects.

Q: What examples do you have of goods or services that are both consumer goods and resources depending…

A: A good can be consumer goods or intermediate goods ( ie the goods which are used as inputs for other…

Q: How the time affects supply, perishable Goods and how it affects the reproducible goods?

A: After harvest or manufacturing, perishable goods such as fruits and vegetables, dairy, fish, and…