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Explain difference between total and marginal utility. Define UTILITY. How do consumers maximize UTILITY?
explain the difference between total utility and marginal utility
When total utility is at its maximum where is marginal utility?
marginal utility is zero
When total utility increases marginal utility is?
marginal utility decreases
What is the difference between equi-marginal utility and diminishing marginal utility?
What is the difference between equi-marginal utility and diminishing marginal utility?Read more:What_is_the_difference_between_equi-marginal_utility_and_diminishing_marginal_utility
Can you explain the concept of marginal utility and how it influences decision-making in economics?
Marginal utility is the additional satisfaction or benefit gained from consuming one more unit of a good or service. In economics, decision-making is influenced by marginal utility because individuals tend to allocate their resources towards goods or services that provide the highest marginal utility relative to their cost. This means that people will continue consuming a good or service until the marginal utility no longer outweighs the cost, helping them maximize their overall satisfaction or utility.
Explain the merits and demerits of law of diminishing marginal utility?
explain the demerits of diminishing marginal utility
Explain difference between total and marginal utility. Define UTILITY. How do consumers maximize UTILITY?
explain the difference between total utility and marginal utility
How does marginal utility explain the paradox of value?
The paradox of value is explained by the concept of marginal utility, which states that the value of a good is determined by its marginal utility rather than its total utility. For example, water has a high total utility as it is essential for life, but its marginal utility is low because in most situations there is an abundance of water. Conversely, diamonds have a low total utility but a high marginal utility due to their scarcity, leading to a higher market value despite their limited practical use.
When total utility is at its maximum where is marginal utility?
marginal utility is zero
When total utility increases marginal utility is?
marginal utility decreases
What is the difference between equi-marginal utility and diminishing marginal utility?
What is the difference between equi-marginal utility and diminishing marginal utility?Read more:What_is_the_difference_between_equi-marginal_utility_and_diminishing_marginal_utility
What is marginal utility. why marginal utility diminishing. give atleast 10 examples where the marginal utility have not diminising?
Life-saving procedures
Can you explain the concept of marginal utility and how it influences decision-making in economics?
Marginal utility is the additional satisfaction or benefit gained from consuming one more unit of a good or service. In economics, decision-making is influenced by marginal utility because individuals tend to allocate their resources towards goods or services that provide the highest marginal utility relative to their cost. This means that people will continue consuming a good or service until the marginal utility no longer outweighs the cost, helping them maximize their overall satisfaction or utility.
How does an individual or household benefit from the law of diminishing marginal utility?
what is it marginal utility
How does the principle of diminishing marginal utility explain the slope of the demand curve?
The principle of diminishing marginal utility explains the slope of the demand curve by letting us be able to see which direction the slope is in, which is always downward.
Criticism of law of diminishing marginal utility?
the criticisma of the law of diminishing marginal utility
What is a sentence with marginal utility?
The expected marginal utility of the next unit of water is diminishing.
