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Utility is a satisfaction that an individual derives from consuming or using a specific good or service. Total utility indicates the total amount of satisfaction or pleasure an individual derives from consuming some specific quantity of a good or service. Marginal utility refers to the additional satisfaction a consumer gets from an additional unit of a good or service she/he consumes during a given period of time.
The law of diminishing marginal utility states that as a consumer consumes more and more units of a specific good or service, the additional utility the consumer derives from the successive units keep on diminishing (declining) over time.
Diminishing marginal utility explains a lot about consumer behavior in the economy. Select a specific consumer behavior and construct a mini case study that highlights the workings of marginal utility and how it affects the consumption pattern.
The result was an increase from $8 to $32 per unit per year. What were the effects of these changes on Belk's economic lot size and relevant costs?
Compute the (point) cost elasticity of demand when cost is $700. Is demand elastic or inelastic.
If the marginal cost is a constant of 6, would that mean it is an economy of scale or diseconomy? My first thought was that it would be a diseconomy since I thought MC needed to approach zero for very large quantitities.
Illustrate what is the present macroeconomic situation (e.g. worrying about inflation also/or recession) in the U.S.
q.you are watching national news broadcast with your parents. the news anchor clarifies that the exchange rate for the
with monetary policy for closed, it is hard for authorities to stimulate demand. Interior design does this show that currency-board regime was a mistake.
What are the major categories of “investment” expenditure in the GDP accounts? What are “transfer” expenditures of governments? Why aren’t they included as part of “government spending” in calculating GDP? Why aren’t “intermediate” goods purchases by..
the data contains the price of new and used taurus sedans. all prices for used cars are from 1995. for example a new
Why would a country include offshore assembly provisions in its tariff code? Post to the discussion board your 200 word answer, focusing on selecting and organizing your most relevant comments in a coherent fashion
Imagine that you are an international reporters. You have been tasked with describing and critiquing the current state of the U.S. economy.
q1. if consumption increases by 12 billion when real disposable income increases by 15 billion illustrate what is the
For this case read the article below concerning connecting the factory floor to the intranet/internet. This seems to be an effective way to manage an organization's inventory.
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