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How does the law of diminishing returns explain the behavior of marginal cost and average total cost?
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Explain the merits and demerits of law of diminishing marginal utility?
explain the demerits of diminishing marginal utility
How does the principle of diminishing marginal utility explain the slope of the demand curve?
The principle of diminishing marginal utility explains the slope of the demand curve by letting us be able to see which direction the slope is in, which is always downward.
What is diminishing marginal productivity explain with example?
the law diminishinf mean fixed cost and variable cost
What is this called when a buyer purchases a good each additional item type is less satisfying than the earlier one?
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.
Marginal revenue curve?
Explain why the marginal revenue(MR) is always less than the average revenue (AR)?
Answer for November 2006 paper 4 economics a level?
Explain the Law of Diminishing Marginal Utility and discuss whether it supports the idea that higher incomes increase happiness?
Q3 Explain briefly the technique of marginal costing In what ways do you consider this?
The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level of output. Marginal cost and average cost can differ greatly. For example, suppose it costs $1000 to produce 100 units and $1020 to produce 101 units. The average cost per unit is $10, but the marginal cost of the 101st unit is $20 The Econ Model applications Perfect Competition and Monopoly emphasize the roles of average cost and marginal cost curves. The short movie Derive a Supply Curve (40 seconds) shows an excerpt from the Perfect Competition presentation that derives a supply curve from profit maximizing behavior and a marginal cost curve.
Explain difference between total and marginal utility. Define UTILITY. How do consumers maximize UTILITY?
explain the difference between total utility and marginal utility
Marginal productivity of labour and the demand for labour .?
Graphically illustrate and explain the relationship between marginal productivity of labour and the demand for labour .
Explain how the diminishing returns influences the shape of the variable cost and total cost curves?
how diminishing returns influences the shapes of the variable-cost and total-cost curves
What is explaining behavior?
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.
A Explain the difference between cardinal and ordinal approach of consumer behavior?
1. Cardinal Approach refers that you can calculate or Measure the utility (degree of satisfaction) Numerically, while According to ordinal approach you can not measure the utility numerically. 2. Cardinal Approach follow the Law of Diminishing Marginal Utility while Ordinal Approach follow the Indifference Curve. 3.Cardinal Approach Emphasis on units while ordinal approach is based on rank. BY SUMIT SONI(IITTM)
