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What if the following describes a situation in which there would be a decreasing marginal utility?
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∙ 6y ago
Buying a second winter coat.
Michelle Jo Elizabet...
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What describes a situation in which there would be decreasing marginal utility?
Buying a new car when you already have two cars. ordering a second dessert when your're already full
What describes a situation which there would be decreasing marginal utility?
The Law of Diminishing Returns is one of the powerful laws in economics. The Law of Economies of Scale is another law of similar importance. [And in that order IMHO]
Describe a situation in which there would be decreasing marginal utility?
A situation in which there would be decreasing marginal utility would be:buying a new car when you already have two carsBuying a second winter coatordering a second dessert when you're already full
What would be a situation in which there would be decreasing marginal utility?
Buying a new car when you already have two cars. ordering a second dessert when your're already full
What occurs when somebody buys a third winter coat elasticity substitution decrease marginal utility or efficient production?
decreasing marginal utility
What describes a situation in which there would be decreasing marginal utility?
Buying a new car when you already have two cars. ordering a second dessert when your're already full
What describes a situation which there would be decreasing marginal utility?
The Law of Diminishing Returns is one of the powerful laws in economics. The Law of Economies of Scale is another law of similar importance. [And in that order IMHO]
Describe a situation in which there would be decreasing marginal utility?
A situation in which there would be decreasing marginal utility would be:buying a new car when you already have two carsBuying a second winter coatordering a second dessert when you're already full
What would be a situation in which there would be decreasing marginal utility?
Buying a new car when you already have two cars. ordering a second dessert when your're already full
What's a situation in which there would be decreasing marginal utility?
Buying a new car when you already have two cars. ordering a second dessert when your're already full
What occurs when someone buys a third winter coat?
Decreasing marginal utility
What occurs when somebody buys a third winter coat elasticity substitution decrease marginal utility or efficient production?
decreasing marginal utility
What could occur when someone buys a third winter coat?
decreasing marginal utility
What are increasing marginal returns?
ncreasing marginal returns mean that marginal product is greater for each subsequent unit of a variable input than it was for the previous unit. Decreasing marginal returns, as such, mean that marginal product is less for each subsequent unit of a variable input than it was for the previous unit.
Why avc curve U shape?
Overall because of diminishing marginal returns. The marginal cost curve, MC, decreases until diminishing marginal returns set in and and it begins to increase. When the MC is below the AVC, the AVC must fall. When the MC is above the AVC, the AVC must rise. In otherwords, if the marginal cost is decreasing the average cost must be decreasing as well and vice versa.
Are marginal costs relevant costs?
If marginal costs are relevant for specific situation or specific decision making scenario then marginal costs are relevant costs otherwise marginal costs can be irrelevant.
which statement best describes one way the farm will be affected by using this new fertilizer?
In the given situation, the new fertilizer will cause 'the farm's marginal benefits for each piece of land to increase.
