What happens to total utility even if there is diminishing marginal utility? Even if there is diminishing

Question:

What happens to total utility even if there is diminishing marginal utility? Even if there is diminishing marginal utility, why is it assumed that people prefer more rather than less?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Economics An Introduction To Traditional And Progressive Views

ISBN: 9780765616685

7th Edition

Authors: Howard J. Sherman, E. K. Hunt, Reynold F. Nesiba, Phillip A. O'Hara, Barbara A. Wiens-Tuers

Question Posted: Nov 08, 2023 09:01 PM

See More Questions

What is the effect of cultural commoditization and transformation on local traditions and customs? Give an example. Check Chapter 4 in the textbook for information on cultural commoditization and...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
Are there dangers with incarcerating young people in detention facilities? What about the potential for negative long-term impact? Using three documented examples of misconduct/mistreatment of youth...
Did you have imaginary friends when you were a young child? What do you remember about them and their value to you?
When you registered for this class and paid your tuition, you interacted with the colleges information systems. (a) Are the registration and tuition payment systems business information systems? (b)...
a. Express the signal in terms of unit-step functions. b. Find the Laplace transform of the expression in (a) by using the shift on t -axis. \(g(t)= 0 if t <0 1-t if 0 1
Consider the following cash flow profile and assume MARR is 10 percent/year. a. Determine the ERR for this project. b. Is this project economically attractive? EOY 0 2 3 4 5 6 NCF -$100 $15 $15 $15...
The standards for one case of liquid weed killer are: Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 lbs. @ $ 6.00/lb. Direct labor . . . . . . . . . . . . . ....
1. Suppose that x1,. ,...,xk+1 is a circuit of length k in a graph G (x = xk+1) of length 3 or greater (k 3). Suppose as well that the circuit does not repeat edges (ie xx+1 xjxj+1 for i j). Show...
Do people always behave in rational ways? Give an example.
What is the explanation for diminishing marginal utility? Give an example of diminishing marginal utility.
Refer to the financial statements of Express, Inc., given in Appendix C at the end of this book. Required: 1. The company uses lower of cost or net realizable value to account for its inventory. At...
Global Travels, Inc. will make a dividend payment next year of $2.65 per share. After that, the expectation is for the dividends to grow at a rate of 4.5 percent indefinitely. If the stock currently...
explain the difference between salvage value and residual value. Are they the same?
Lana was en rolled as a full time sgudent for the entire year and no earned income. She is single and has two qualifying children for the Child and Dependent Care Credit. For credit calculations,...
Currently, Ally Gator has $12,500 in her Roth IRA. If Ally plans on contributing $6000 annually for next 45 years and her IRA earns 7% annually, what will her IRA be worth?
1.You purchase a bond with an clean price of $903. The bond has a coupon rate of 3 percent, and there are 1 months to the next semiannual coupon date. What is the dirty price of the bond? Enter the...
Reeves, Inc. sold 1,000,000 shares of $25 par value common stock at $30. It subsequently re-purchased 100,000 of those shares at $50 per share and then sold 70,000 of those shares at $55. Calculate...
Should U.S. antidumping laws be stated in terms of average total costs or average variable costs?
Would the franchises' IRRs change if the cost of capital changed?
Draw NPV profiles for franchises L and S. At what discount rate do the profiles cross?
Look at your NPV profile graph without referring to the actual NPVs and IRRs. Which franchise or franchises should be accepted if they are independent mutually exclusive? Explain. Are your answers...
Annual Premium Number of Units Purchased Premium per X $1,000 Annual Premium per $1000 of Life Insurance: 5 Year Annual Premiums per $1000 Life Insurance Age Term to Whole 20-Year 20-Year Term Age 65...
1. You are a financial planner. You are invited to speak at a conference of varying investors. What they share in common is they don't believe in diversifying their investments. What they don't have...
how is it solved please provide instruction and formulas? 7. Change in net working capital calculation Samuels Manufacturing is considering the purchase of a new machine to replace one it believes is...

What happens to total utility even if there is diminishing marginal utility? Even if there is diminishing

Question:

Step by Step Answer:

Even if there is diminishing marginal utility total utility can still increase as more of a good is consumed This is because marginal utility is the a...View the full answer

Economics An Introduction To Traditional And Progressive Views

Students also viewed these Business questions