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.
#Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.question..
measurement and scaling techniques in business research
Importance of Income Elasticity If a country is experiencing economic growth, the income of the people will increase. However, for those engaged in the production of goods wi
Real Rigidities The New Keynesian economists rely both on nominal and real rigidities to arrive at their conclusion that nominal changes in money supply have real, and not
firms both in monopolistic and perfect competition tend to make normal profits but why do they criticize only monopolistic competition
Measures to control inflation An inflationary situation can effectively be addressed/tackled if the cause is first and foremost identified. Governments have basically three
explain the cyert and march theory of firm
Q. What do you mean by Cost Function? Cost function is a derived function. It's derived from the production function that describes the efficient method of production at any gi
#question.Constraints of Marris’ Growth Maximisation Model
Q. Explain about Utility analysis? A subset of consumer demand theory which analysis consumer behaviour and market demand employing marginal utility and total utility. Key prin
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