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Without a graph this is a bit tougher. To rise at a decreasing rate simply means to get smaller marginally. For example. My utility of drinking a glass of water over 3 drinks. First drink is worth 10 units total. By the time I take the second drink it is worth 6 units but gives me a total of 16 units. The third drink gives me 4 units and puts me at a total of 20 units. Notice total is increasing but it increases slower. It jumped from 0 to 10. Then only increased by 6. Then increased by 4. It is increasing but not by +10 everytime like the first one. This forms a parabola. Note: Where TU=max, MU=zero.
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If the cost of input rises what will happen to supply?
there is a shift in the supply curve when the cost of input rises.
What is the difference between marginal utility and marginal benefit?
I think this is the answer, based off my textbook, "Microeconomics" by Zupan and Browning. Marginal benefit is the "...maximum amount the consumer would pay for an additional unit" of some good. The height of the demand curve can be interpreted as showing the marginal benefit of some good. Marginal utility is the amount that total utility rises when consumption increases by one unit. For example if total utility for one scoop of ice cream is 10 units and totality utility for the second scoop of ice cream is 15 units, marginal utility measures the difference, 5 units, between the two.
What is the relationship between the law of supply and the supply curve?
it always rises from left to right
Why does a demand curve slope downward left to right?
A demand curve slopes downward left to right because the relationship between price and demand is negative - as price drops demand rises. The opposite is true for a supply curve where as price rises supply rises - the relationship is positive so the supply curve slopes upward from left to right. Nova net answer- because demand decreases as price increases
How does a supply curve illustrate the law of supply?
it always rises from left to right
If the cost of input rises what will happen to supply?
there is a shift in the supply curve when the cost of input rises.
What is the difference between marginal utility and marginal benefit?
I think this is the answer, based off my textbook, "Microeconomics" by Zupan and Browning. Marginal benefit is the "...maximum amount the consumer would pay for an additional unit" of some good. The height of the demand curve can be interpreted as showing the marginal benefit of some good. Marginal utility is the amount that total utility rises when consumption increases by one unit. For example if total utility for one scoop of ice cream is 10 units and totality utility for the second scoop of ice cream is 15 units, marginal utility measures the difference, 5 units, between the two.
Why does a demand curve downwards from left to right?
A demand curve slopes downward left to right because the relationship between price and demand is negative - as price drops demand rises. The opposite is true for a supply curve where as price rises supply rises - the relationship is positive so the supply curve slopes upward from left to right. Nova net answer- because demand decreases as price increases
What is the relationship between the law of supply and the supply curve?
it always rises from left to right
Why does a demand curve slope downward left to right?
A demand curve slopes downward left to right because the relationship between price and demand is negative - as price drops demand rises. The opposite is true for a supply curve where as price rises supply rises - the relationship is positive so the supply curve slopes upward from left to right. Nova net answer- because demand decreases as price increases
Why does a demand curve slope downward from left to to right?
A demand curve slopes downward left to right because the relationship between price and demand is negative - as price drops demand rises. The opposite is true for a supply curve where as price rises supply rises - the relationship is positive so the supply curve slopes upward from left to right. Nova net answer- because demand decreases as price increases
How does a supply curve illustrate the law of supply?
it always rises from left to right
Along a linear demand curve as the price rises demand becomes more?
elastic
What density difference is there with liquid chlorine at different temperatures?
density difference is decreasing when the temperature rises with liquid chlorine.
Going left to right on the aggregate demand curve real GDP?
rises as price level falls
Going from left to right on the aggregate demand curve real GDP .?
rises as price level falls
Why engel curve slopes negatively downward in case of giffen goods?
The Engel curve shows how household expenditure on goods changes with rising income. Giffen goods are inferior goods. As household income rises, instead of consuming more of the Giffen goods, expenditure is switched to better quality goods. Consequently, the demand for a Giffen good falls as income rises and this results in a downward sloping curve. Incidentally, a curve that slopes "negatively downward" is actually a curve that slopes positively upwards!
