Describe the law of diminishing marginal utility. On what assumptions is this law based?

Question:

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

Step by Step Answer:

Related Book For book-img-for-question

Economics

ISBN: 978-1285738321

12th edition

Authors: Roger A. Arnold

Question Posted: Dec 05, 2017 07:48 AM

See More Questions

What is the law of diminishing marginal utility and how does it shape conversations about well-being and equality among welfarists? Provide examples of diminishing marginal utility and explain how...
Does the law of diminishing marginal utility hold true in every situation? Is it possible to think of goods for which consuming additional units, at least initially, will result in increasing...
Why does the law of diminishing marginal utility encourage people to spread their spending across many different types of goods?
For 2020, cost of goods available for sale for Blossom Corporation was $5500000. The gross profit rate on sales was 25% Sales for the year were $5000000. What was the amount of the ending inventory?...
Determine the reactions at the beam supports for the given loading. 3 kN/m skN/m A, -1.6 m -161 5m- 24 m
Use the data given in AP13-5 for Summer Corporation. Data from in AP13-5 The comparative financial statements for Summer Corporation are below: Required: 1. Compute component percentages for Year 2....
In which of the health care settings above will the function medical admission need to be supported?
Items 1 through 6 are questions typically found in a standard internal control questionnaire used by auditors to obtain an understanding of internal control for notes payable. In using the...
3. A) If a window (n1 = 1.5) is coated with another material (n2 > n1), derive expressions for thickness that give maximum reflection and minimum reflection. Note that light undergoes a phase change...
You are the contracting officer for a CPFF service contract for routine and emergency maintenance of testing equipment in the amount of $1,200,000. The contractor is not required to provide any...
What is a price floor and what are its economic effects?
Describe how diminishing marginal utility is related to price elasticity of demand.
Does a bank have a duty to protect its customers from their own navet, as exemplified in this case by Dunns trusting someone he did not know with his bank account information? Why or why not?
An analyst is reviewing various asset alternatives and is presented with the following information relating to the broad equity market of Switzerland and various industries within the Swiss market...
Time value of money calculations may not be required in an economic evaluation for all of the following reasons except a. annual cash flows are proportional to the first year cash flow b. inflation...
A bottled mango juice drink must contain at least 17 percent mango juice for proper taste. The drink is created by blending unprocessed juice from two orchards. RightRipe Orchard sells unprocessed...
A child receives $$100$,000 as a gift, which is deposited in a bank account earning 6 percent compounded semiannually. If $$5$,000 is withdrawn at the end of each half year, how long will the...
A deposit of $3,000 is made in a savings account that pays 7.5 percent interest compounded annually. How much money will be available to the depositor at the end of 16 years? a. $8,877 b. $10,258 c....
Identify the special journal(s) in which the following column headings appear. a. Accounts Payable Dr. b. Cash Cr. c. Inventory Cr. d. Inventory Dr., Accounts Payable Cr.
In the circuit shown in Figure 4, a battery supplies a constant voltage of 40 V, the inductance is 2 H, the resistance is 10, and l(0) = 0. (a) Find l(t). (b) Find the current after 0.1s.
A sample of two printed circuit boards is selected without replacement from a batch. Describe the (ordered) sample space for each of the following batches: (a) The batch contains 90 boards that are...
Counts of the Web pages provided by each of two computer servers in a selected hour of the day are recorded. Let A denote the event that at least 10 pages are provided by server 1 and let B denote...
What is the purpose of system calls?
1. What would a graph of the speed of an object that moves at a constant speed look like? (hint: curved line, broken line, etc.) 2. A car travels 120 km in 1250 seconds. What is the speed in...
Today we are going to calculate the electric field of two concentric non-conducting charged cylinders (separated by a neutral insulator) of infinite length in all regions of space. We will be using...
You are Professional Accountant ( SA ) for registered accountants. A client of yours in the SME sector is speculating shares on listed company on the JSE. The detail and name of the listed company is...

Describe the law of diminishing marginal utility. On what assumptions is this law based?

Question:

Step by Step Answer:

As consumption increases marginal utility declines is the law of diminishin...View the full answer

Economics

Students also viewed these Cost Accounting questions