Law of diminishing marginal utility

Assignment Help Microeconomics
Reference no: EM132500344

An important law in economics is the "Law of Diminishing Marginal Utility". Discuss what this law is and provide an example of diminishing marginal utility you've encountered recently.

Reference no: EM132500344

Questions Cloud

From what institutions do we learn the gender roles : From what institutions do we learn these gender roles? How do these clips demonstrate the ways in which gender is socially constructed in the U.S.?
What is the company contribution margin ratio : What is the company's contribution margin ratio? How many units would the company have to sell to attain a target profit of $125,000?
Law of marginal returns or the law of increasing costs : Another important law in economics is the "law of marginal returns or the law of increasing costs".
Calculate the activity-based overhead rates using budgeted : Calculate the activity-based overhead rates using the following budgeted data for each of the activity cost pools. (Round answers to 2 decimal places)
Law of diminishing marginal utility : Discuss what this law is and provide an example of diminishing marginal utility you've encountered recently.
Determine the income for a family of four living in poverty : What does it mean to live below the poverty level? Determine the income for a family of four living in poverty. Be sure your response identifies income levels.
What is marginal rate of substitution for utility function : Bruce has the quasi log-linear utility function, U(q1,q2) = q1 + 2ln(q2) Bruce has an income of $100 and faces prices p1 = p2 = $20.
What is vertical differences and horizontal differences : What is vertical differences and horizontal differences in Economics
Find and calculate the overhead rates : Assign the overhead costs to corporate and individual tax preparation divisions. (Round answers to 0 decimal places, e.g. 125.)

Reviews

Write a Review

Microeconomics Questions & Answers

  How economic concept of price discrimination is implemented

Show how the economic concept of price discrimination is implemented in the airline industry and reflected in airline pricing.

  Characteristics of each alternative economic system

After considering the characteristics of each alternative economic system coupled with your recently expanded knowledge of our capitalistic economy.

  How under the keynesian model budget deficits increase

Explain what a budget deficit is. Describe how under the Keynesian model budget deficits increase aggregate demand. Evaluate whether or not fiscal stimulus will increase or decrease economic recovery. Explain.

  Q1-you are on the board of directors of a nonprofit art

q1-you are on the board of directors of a nonprofit art museum supported by donations from wealthy members of the

  Compute the firms optimal levels of period-one investment

Compute the firm's optimal levels of period-1 investment and period-2 profits. State the maximization problem of the representative household.

  Compute the seasonality index for each month of the year

After estimating the forecast for year 6, compute the seasonality index for each month of the year and estimate the monthly demand for year 6.

  What the short-run average cost

In the short run, capital is a fixed cost. Draw, for a few different values of K, what the short-run average cost, SRAC, looks like in relation to the long-run average cost.

  Which will lead to an offsetting decrease in price

Suppose a friend of yours offered the following argument: " A rightward shift in Demand will cause an increase in price. This increase in price will cause

  What is production possibility curve?

Evaluate the following statement: Comparative advantage will benefit all people because everyone has a comparative advantage in something

  What kind of exchange rate and monetary policy regime

Advising a developing country: Suppose you are appointed the international economic adviser to a small developing country.

  Is implicit cost inherently estimate or can it be quantified

Is implicit cost inherently an estimate or can it be quantified? And who is the primary person responsible for these estimated quantifications?

  An airline ticket costs the same from casper wyoming to

an airline ticket costs the same from casper wyoming to denver colorado and from denver to orlando florida. does this

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd