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When total output is maximized marginal output is?
Negative
How the utility maximised?
In basic economic theory, an agent's utility is maximized by finding the point on the agent's budget line that gives the highest utility. This is done by taking the first order derivative of both the budget line and the utility function and finding at what point they are equal. This is the consumption bundle.
True or false Profits will be maximized when total revenue equals total cost?
yes
Why is it wrong to say utility is maximized when the marginal utilities of all goods are exactly equal correct the statement and explain?
Utility is only consider as maximized when the last dollar spent on each goods are equal. or v can say ( when the marginal utility of the last dollar spent on each good is exactly the same as the marginal utility of the last dollar spent on any other good ) .
How do you calculate total utility?
Total utility(TU)= Average utility multiplied by quantity consumed.
When total output is maximized marginal output is?
Negative
How the utility maximised?
In basic economic theory, an agent's utility is maximized by finding the point on the agent's budget line that gives the highest utility. This is done by taking the first order derivative of both the budget line and the utility function and finding at what point they are equal. This is the consumption bundle.
When total product is maximized marginal product is?
mp = 0
True or false Profits will be maximized when total revenue equals total cost?
yes
True or false Will profits be maximized when total revenue equals total cost?
yes
Why is it wrong to say utility is maximized when the marginal utilities of all goods are exactly equal correct the statement and explain?
Utility is only consider as maximized when the last dollar spent on each goods are equal. or v can say ( when the marginal utility of the last dollar spent on each good is exactly the same as the marginal utility of the last dollar spent on any other good ) .
How do you calculate total utility?
Total utility(TU)= Average utility multiplied by quantity consumed.
Explain difference between total and marginal utility. Define UTILITY. How do consumers maximize UTILITY?
explain the difference between total utility and marginal utility
If marginal utility is positive will you have total utility increase with additional consumption?
If marginal utility is positive will you have total utility increase with additional consumption?
Where is total revenue maximized along a linear demand curve?
Unit elastic
When would the total utility of a good and the marginal utility of a good be the same?
total utility and marginal utility are the same for the first unit of good consumed.
When total utility is at its maximum where is marginal utility?
marginal utility is zero
