What is the law of marginal diminishing utility

Assignment Help Business Economics
Reference no: EM132098866

What is the law of marginal diminishing utility? We learned it in class today and I understood it a little bit but need more of an explanation.

Reference no: EM132098866

Questions Cloud

Input an integer value altitude and use a loop to write : Input an integer value altitude and use a loop to write your own graphics program 'fall.cpp' that produces a graphic representation of falling object.
Cost of producing an additional unit of soybeans in japan : a. What is the opportunity cost of producing an additional unit of soybeans in Japan?
Identify the elementary operation : Identify the elementary operation. Compute how many times the elementary operation is executed with respect to the input size n.
Features of mnes business strategies : What are the three shifts of some basic features of MNEs business strategies today
What is the law of marginal diminishing utility : What is the law of marginal diminishing utility? We learned it in class today and I understood it a little bit but need more of an explanation.
What is the objective function : Nine mansions need to be build.. What is its cost-minimizing choice of Capital and Labour? (What is the objective function? What is the constraint?)
What is the objective function : Twelve homes must be built. What is its cost-minimizing choice of Capital and Labour?
What is the form of production function : What is the form of production function? What returns to scale does QuickBuild enjoy? please show how.
What is the annual opportunity cost : Aside from the value of a normal social life, what is the annual opportunity cost, expressed in dollars, to this rower of "Going for Gold"?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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