0
Write a statement that best illustrates the concept of diminishing marginal utility?
Adh99
The more bags of potato chips a person eats, the less additional satisfaction the person gets from eating another bag.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Define diminishing marginal product of capital?
Diminishing marginal product of capital is an economic principle that refers to the concept that when the input is increased and the other inputs are kept at the same level than it may initially increase output. However, if the inputs continue to increase with no other changes there may be limited effect or eventually negative effect on the output.
How can the demand curve be derived using the marginal utility theory?
Marginal utility is the key concept underline demand .The height of a demand curve reflects marginal utility.The marginal utility curve resembles the demand curve. So, it is through the marginal utility we get the demand curve.
Why is marginal analysis involved in economics?
Economic theory makes much use of marginal concepts. Marginal cost, marginal revenue, marginal rate of substitution, marginal utility, marginal product, and marginal propensity to consume are a few examples. Marginal means on the margin and refers to what happens with a small change from the present position. It is the concept of economic choices to make small changes rather than large-scale adjustments. Marginal analysis is the key principle of profit-maximization in firms and utility maximization among consumers.
What is the concept of marginal cost of capital?
The marginal cost of capital (MCC) is the cost of the last dollar of capital raised, essentially the cost of another unit of capital raised. As more capital is raised, the marginal cost of capital rises.
How to use the concept of price elasticity of demand to maximize revenue?
Price elasticity of demand is a way to determine marginal revenue. Optimal revenue and, more importantly, optimal profit will occur to the point when marginal revenue = marginal cost, or the price elasticity of demand < 1.
Who gave the concept of law of diminishing marginal utility?
It is William Stanley Jevons
What are thetwo disadvantages of the concept of diminishing marginal utility in determining consumer behaviorand how are these disadvantages overcome?
The answer is, Penis.
Define diminishing marginal product of capital?
Diminishing marginal product of capital is an economic principle that refers to the concept that when the input is increased and the other inputs are kept at the same level than it may initially increase output. However, if the inputs continue to increase with no other changes there may be limited effect or eventually negative effect on the output.
What is this called when a buyer purchases a good each additional item type is less satisfying than the earlier one?
This is known as diminishing marginal utility. It is the principle that the satisfaction or utility derived from consuming each additional unit of a good decreases as more of it is consumed. This concept is a fundamental principle in economics and helps explain consumer behavior.
What statement illustrates an exception to the concept that the cell is the unit of structure and function of all living things?
lysosomes contain hydrolytic enzymes
Which concept does this best illustrates?
Thirst towards finding truth behind the given statement!
Which statement best illustrates the concept of European mercantalism during the age of exploration?
Portugal sought trade benefits from it's colonial possessions.
An ideogram illustrates a?
concepts
The image illustrates what evolutionary concept?
Embryology similarities
How can the demand curve be derived using the marginal utility theory?
Marginal utility is the key concept underline demand .The height of a demand curve reflects marginal utility.The marginal utility curve resembles the demand curve. So, it is through the marginal utility we get the demand curve.
What is a graphic flow chart that illustrates the concept of the mandate of heaven?
a bs assignment
What is the meaning of picture graph?
A drawing on squared paper that illustrates a concept simply.
