Homework Answers
When we increase the consumption of any good repeatedly it lowers our marginal utility according to the law of diminishing marginal utility. But the total utility first increase at a diminishing rate and then declines
A) This is correct as MU decreases but here we have not talked about total utlity
B)This is also correct but it depends on what phase we are in
C) This is not correct
Hence, the most appropriate answer would be B
When we increase the consumption of any good repeatedly it lowers our marginal utility according to the law of diminishing marginal utility. But the total utility first increase at a diminishing rate and then declines
A) This is correct as MU decreases but here we have not talked about total utlity
B)This is also correct but it depends on what phase we are in
C) This is not correct
Hence, the most appropriate answer would be B
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1- According to the principle of rational choice, if there is diminishing marginal utility: A) and...
1- According to the principle of rational choice, if there is diminishing marginal utility: A) and the price received for supplying a good goes up, you supply less of that good. B) and the price received for supplying a good goes up, you supply more of that good. C) the decision producers face about how much to supply is not affected. D) after a certain point, even if the price goes up, you don't supply more of that good.
Carefully explain the principle of diminishing marginal utility using a relevant example.
Carefully explain the principle of diminishing marginal utility using a relevant example.
a. Which item below most accurately describes increasing marginal utility? An example of increasing marginal utility...
a. Which item below most accurately describes increasing marginal utility? An example of increasing marginal utility is Fricano's, a local sandwich shop, which offers a punch card that rewards customers for frequent business by providing the 10th sandwich purchased for free. Miles, Who is two years old and watches Sesame Street every morning. He usually finds the first 30 minutes of the show very entertaining, but loses interest quickly after that point stinky tofu, a Chinese speciality, which typically requires...
and why? 11) The principle of diminishing marginal utility means that as you eat fewer slices...
and why?
11) The principle of diminishing marginal utility means that as you eat fewer slices of pizza, your total utility from pizza will and your marginal utility from each additional slice of pizza will A) increase; decrease B) decrease; increase C) increase; increase D) decrease; decrease
Recall the text’s definition of diminishing marginal utility: “the common pattern that each marginal unit of...
Recall the text’s definition of diminishing marginal utility: “the common pattern that each marginal unit of a good consumed provides less of an addition to utility than the previous unit.” The reason for this behavior is because of biology. Our body sends our brains a signal once too much of a good or service has been consumed. This prevents a person from literally eating until they explode. In your own experience, share two times instances where the law of diminishing...
QUESTION; Given Biwei’s utility function U=4XY, where X is consumption of beer and Y is consumption...
QUESTION; Given Biwei’s utility function U=4XY, where X is consumption of beer and Y is consumption of pizza. For this utility function, the marginal utility of X is MUx = 4Y; the marginal utility of Y is MUY = 4X. 1) Suppose Y = 3. Calculate Biwei’s utility for X = 2, 3, 10, and 11. For a given level of Y, does good X display diminishing marginal utility? 2) Suppose X = 3. Calculate Biwei’s utility for Y =...
17. Which statement is true? a. Diminishing marginal utility is equivalent to diminishing MRS2 1 → (where MRS2 1 → is de...
17. Which statement is true? a. Diminishing marginal utility is equivalent to diminishing MRS2 1 → (where MRS2 1 → is defined as the marginal rate of substitution of good 2 for good 1, in the usual manner). b. A consumer has diminishing MRS2 1 → if goods 1 and 2 are perfect substitutes. c. If two goods are perfect complements, a consumer will have diminishing MRS2 1 → . d. If a consumer has monotonic and strictly convex preference,...
Diminishing Marginal Utility I. TOTAL AND MARGINAL UTILITY DE UTILITY CALCULATIONS Total Utility Quantity Consumed Total...
Diminishing Marginal Utility I. TOTAL AND MARGINAL UTILITY DE UTILITY CALCULATIONS Total Utility Quantity Consumed Total Utility Marginal Utility 10 2 3 4 5 6 0 1 Marginal Utility Quantity Consumed 10 Prev 1 of 3 Score answer >
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
a. Which item below most accurately describes increasing marginal utility? An example of increasing marginal utility is Fricano's, a local sandwich shop, which offers a punch card that rewards customers for frequent business by providing the 10th sandwich purchased for free. Miles, Who is two years old and watches Sesame Street every morning. He usually finds the first 30 minutes of the show very entertaining, but loses interest quickly after that point stinky tofu, a Chinese speciality, which typically requires...
and why?
11) The principle of diminishing marginal utility means that as you eat fewer slices of pizza, your total utility from pizza will and your marginal utility from each additional slice of pizza will A) increase; decrease B) decrease; increase C) increase; increase D) decrease; decrease
Diminishing Marginal Utility I. TOTAL AND MARGINAL UTILITY DE UTILITY CALCULATIONS Total Utility Quantity Consumed Total Utility Marginal Utility 10 2 3 4 5 6 0 1 Marginal Utility Quantity Consumed 10 Prev 1 of 3 Score answer >
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