Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Marginal Utility
The extra utility derived from the consumption of one more unit of a good, the consumption of all other goods remaining unchanged.
The hypothesis of diminishing marginal utility
This states that as the quantity of a good consumed by an individual increases, the marginal utility of the good will eventually decrease.
Units of Total Utility/ Marginal Utility/
X consumed mm TU (utils) MU (utils)
0 0 0
1 15 15
2 25 10
3 33 8
4 38 5
5 40 2
6 40 0
7 39 -1
Consuming 1 unit of X gives 15 utils of satisfaction, consuming 2 units gives 25 utils, and so on. The figure of marginal utility decline as each successive unit is consumed. If the consumer goes on consuming more and more units, eventually he reaches a point (the sixth unit) where additional units yields no extra satisfaction at all.
Q. What do you mean by Legal Monopoly? Legal Monopoly: Some monopolies are engendered and protected under various laws. Inventors of new processes, devices or articles attain
CAPITAL MARKETS Markets in which financial resources (money, bonds, stocks) are traded i.e. the provision of longer term finance - anything from bank loans to investment in pe
explain the incimental principle
real GDP is increasingly criticized for its alleged failure to adequately measure the standard of living. To what extent do you think this criticism is valid?
Weighted-average costing: Normal and abnormal spoilage Ranka Company manufactures high-quality leather products. The Company's profits hav declined during the past 9 months. R
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
Theories associated with different market structures A firms profit maximising output decisions take into account the market structure under that they operate. There are 4 type
Let consider the following game among an employer (Katharine) and an employee (Kevin). Katharine needs Kevin to work hard rather than loaf around and that is why she considers spe
Q. Explain about Cardinal utility? A measure of utility or satisfaction derived from consumption of services and goods which can be measured using an absolute scale. Cardinal u
State the difficulties in the measurement of profit.
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd