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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
Explain difference between total and marginal utility. Define UTILITY. How do consumers maximize UTILITY?
explain the difference between total utility and marginal utility
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 total utilitymarginal utility d low of diminishing marginal utility and draw the thoeretical mathematical diagramatically relationship between total and marginal utility?
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Why does marginal rate of substitution change along the indifference curve?
The marginal rate of substitution (MRS) changes along the indifference curve because it reflects the rate at which a consumer is willing to give up one good for another while maintaining the same level of utility. As a consumer substitutes one good for another, the quantity of the first good decreases while the quantity of the second good increases, leading to diminishing marginal utility. This diminishing utility means that the willingness to trade off one good for another decreases, resulting in a changing MRS along the curve. Thus, the shape of the indifference curve illustrates this variability in trade-offs between goods.
What is the tangent between a budget constraint and an indifference curve on an indifference map?
It is the equilibrium point of utility maximization.
Explain the relationship between total utility and marginal utility?
Total Utility can mean the total amount of satisfaction gained from the purchase or consumption of a product. Marginal Utility is the amount of satisfaction gained from purchasing or consuming more of the same product. For Example: If you purchased two slices of Pizza, Your total utility would be the satisfaction you receive from consuming both slices. Your marginal utility would be the satisfaction you gained consuming an additional slice (i.e. The difference between consuming two slices versus one slice) Typically your marginal utility decreases as your consumption increases. For Example: If you have eight pizzas, one extra slice is not likely to bring you as much satisfaction as a second slice would if you only had one slice of pizza (as opposed to eight pizzas).
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 relationship between the marginal benefit of consuming a good and the overall satisfaction or utility derived from that consumption?
The relationship between the marginal benefit of consuming a good and the overall satisfaction or utility derived from that consumption is that as you consume more of a good, the marginal benefit decreases while the overall satisfaction or utility increases at a decreasing rate. This is known as the law of 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
Clearly differentiate between diminishing marginal utility and diminishing marginal returns?
utility: means a level of satsfection. marginal utility:an extra unit gain my consumer/consumation of addational unit. deminishing marginal utility:when a person reachs his max level of satsfection by consuming a specific product then his utility will be falling by incresing the rate of consuming goods. diminishng marginal return & Diminishing marginal utility is same.
