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What are thetwo disadvantages of the concept of diminishing marginal utility in determining consumer behaviorand how are these disadvantages overcome?
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∙ 16y ago
The answer is, Penis.
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∙ 16y ago
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What are thetwo disadvantages of this concept in determining consumer behaviorand how are these disadvantages overcome?
What are some disadvantages or advantages in chemical energy?
Advantages and disadvantages of consumer behavior?
benefits of consumer behaviour
What are the disadvantages of consumers protection?
disadvantages of consumer protection act 1968
Why does the marginal rate of substitution diminish?
As a matter of fact, law of diminishing marginal rate of substitution conforms to the law of diminishing marginal utility. According to law of diminishing marginal utility, as a consumer increases the consumption of a good, its marginal utility goes on diminishing. On the contrary, if the consumption of a good decreases, its marginal utility goes on increasing.
What is ordinal approach to the theory of consumer behavior?
ordinal approach to the theory of consumer behaviour is consumer's ability to rank his preference for various combination of products. It uses Indifference curve to analyse these preferences.
What are disadvantages and advantages of the consumer society?
what are the advantages of a consumer society
What are the 5 advantages and disadvantages of consumer protection?
The advantages are that it is good for the consumers and there are no disadvantages except for the companies
What are the disadvantages of a consumer culture?
Consumer culture is a type of capitalism that the economy focuses on selling consumer goods and the spending of consumer money. Some disadvantages to of consumer culture is that it can be associated to greed, can create a vicious cycle where an individual will repeatedly buy things to be happy and must continue to buy things to maintain the happiness.
What factors can be considered a determinant to consumer demand?
Supply and Price are the determining factors for Demand.
What are the advantages and disadvantages of Custom Written?
Two advantages of custom written software are that the software is specific for the needs of the consumer, and the consumer owns the software after it is written for them. Two disadvantages are that this software often needs debugged, which can take hours, and the consumer does not get the credit for writing the software.
How is the principle of diminishing marginal utility is related to the downward-sloping demand curve?
Diminishing marginal utility implies that, for each unit of production consumed, utility is increasing at a decreasing rate. Therefore, a consumer's greatest utility gain is always at the first unit of a good and then steadily falls to 0 as they approach infinity. A consumer's willingness to pay for a good depends on their expected utility gain, so as quantity approaches infinity, willingness-to-pay approaches 0 at a diminishing, negative rate.
What are the benefits and problems of living in a consumer society?
what are advantages n disadvantages of capitalism?
