Oh, dude, it's like this - at a buffet, you pay a fixed price and can eat as much as you want, so if you're hungry, you can keep going back for more without worrying about the cost per item. But with an a la carte menu, you pay for each item individually, so you might be more conscious of how much you're spending and end up ordering less. It's all about maximizing that food-to-dollar ratio, you know?
Marginal utility is the additional satisfaction or benefit gained from consuming one more unit of a good or service. In economics, decision-making is influenced by marginal utility because individuals tend to allocate their resources towards goods or services that provide the highest marginal utility relative to their cost. This means that people will continue consuming a good or service until the marginal utility no longer outweighs the cost, helping them maximize their overall satisfaction or utility.
explain the difference between total utility and marginal utility
Explain why the marginal revenue(MR) is always less than the average revenue (AR)?
Graphically illustrate and explain the relationship between marginal productivity of labour and the demand for labour .
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explain the demerits of diminishing marginal utility
Marginal utility is the additional satisfaction or benefit gained from consuming one more unit of a good or service. In economics, decision-making is influenced by marginal utility because individuals tend to allocate their resources towards goods or services that provide the highest marginal utility relative to their cost. This means that people will continue consuming a good or service until the marginal utility no longer outweighs the cost, helping them maximize their overall satisfaction or utility.
The model of buying decision behavior consists of the items people are attracted to. When making a decision to purchase. The model can help businesses display items in a way that is attractive to the customer.
explain the difference between total utility and marginal utility
Explain why the marginal revenue(MR) is always less than the average revenue (AR)?
The science that seeks to described and explain and on decision, to change the behavior of man and other animals.
Graphically illustrate and explain the relationship between marginal productivity of labour and the demand for labour .
As a verb, "explaining behavior" is the act of using words to explain a behavior. As an adjective, "explaining behavior" is the observable behavior in which a person tends to explain her/himself.
the application of economic science in business decision making is all pervasive.more specifically, economic laws and tools of economic analysis are now applied a great deal in the process of business decision making. this has led,asmentioned earlier, to the emergence of a separate branch of study colled managerial economics.
Heap
This is known as diminishing marginal utility. It is the principle that the satisfaction or utility derived from consuming each additional unit of a good decreases as more of it is consumed. This concept is a fundamental principle in economics and helps explain consumer behavior.
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