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How does the principle of marginal utility explain the price we would be willing to pay for another unit of good or service?
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What does Aggregate marginal willingness to pay mean?
An aggregate demand curve is derived from the principle of diminishing marginal utility and it shows the amount of a good (or service) consumers would buy at different prices over some time period. Diminishing marginal utility implies that as the number of units consumed increases, the willingness to pay for additional units of that good (i.e., marginal WTP, MWTP) goes down.
What does marginal cost mc refer to?
the amount a firm's costs change when an additional good or service is produced
What is marginal costing techniques?
There are two type of costing are involved in a product or service. ie Direct cost and Indirect cost. In this two head there are two sub type costing are involved. ie Varriable cost and Fixed cost. Here the the total varriable cost are involved in a product of cost is called marginal costing. In another way the totoal cost -fixed cost is called marginal costing By M.Magesh 099948 33079
How might marginal cost impact the activity of a producers?
It might lead a producer to charge more for a product or service.
6. How might marginal cost impact the activity of a producer?
It might lead a producer to charge more for a product or service.
What does Aggregate marginal willingness to pay mean?
An aggregate demand curve is derived from the principle of diminishing marginal utility and it shows the amount of a good (or service) consumers would buy at different prices over some time period. Diminishing marginal utility implies that as the number of units consumed increases, the willingness to pay for additional units of that good (i.e., marginal WTP, MWTP) goes down.
Principle of table service in serving meals?
Principle of table service in serving meals?
Between safety and customer service which one more importance and explain why?
Both safety and customer service is important because they complement one another.
How o explain confidentiality to a service user?
how to explain what is confidentiality to a service user
What does marginal cost mc refer to?
the amount a firm's costs change when an additional good or service is produced
What is marginal costing techniques?
There are two type of costing are involved in a product or service. ie Direct cost and Indirect cost. In this two head there are two sub type costing are involved. ie Varriable cost and Fixed cost. Here the the total varriable cost are involved in a product of cost is called marginal costing. In another way the totoal cost -fixed cost is called marginal costing By M.Magesh 099948 33079
How might marginal cost impact the activity of a producers?
It might lead a producer to charge more for a product or service.
Which of the is not a basic principle of customer service?
Showing up on time
Explain with proper example of marginalism?
Marginalism is the economic concept that focuses on the incremental change in benefits derived from consuming one additional unit of a good or service. For example, if a consumer is deciding whether to buy a second cup of coffee, they will consider the additional satisfaction (utility) they will receive from that second cup relative to the price they have to pay. If the marginal benefit exceeds the marginal cost, the consumer is likely to buy the second cup.
6. How might marginal cost impact the activity of a producer?
It might lead a producer to charge more for a product or service.
When a firm hires a worker for one hour the marginal benefit to that firm equals the?
The marginal benefit will be the value added by that one hour of work. Say the worker is an economist and produces $50 worth of service work in that hour for the firm. The marginal benefit would be $50. If the worker is in production and spins $10 worth of thread into fabric the firm can sell for $100, then the value added (and the marginal benefit) is $90.
What is the example for marginal utility?
people can be expected to satisfy their most pressing needs first, marginal utility normally declines with increasing availability of a good or service. A simple example is money. If someone has no money then $100 has a marginal utility of $100 to them, as they can be expected to spend it on the basic necessities of life. If someone already has $100,000, then $100 has very little marginal utility to them, perhaps far less than $100.
