"Water is very inexpensive. Thus, the marginal and total utility of water is small." Explain the...
"Water is very inexpensive. Thus, the marginal and total utility of water is small." Explain the statements.
Homework Answers
Marginal utility is defined as the satisfaction that is derived from the additional consuming 1 extra unit ..
Total utility is the difference of marginal utility for each additional unit.
Marginal utility follows law of diminishing return
As we all know that water is very inexpensive ,it means initially marginal utility has some greater value for water but it decrease very fast as a consumption of water rises.
Add Answer to:
"Water is very inexpensive. Thus, the marginal and total utility
of water is small." Explain the...
1)Explain the concept of utility, total utility, and marginal utility with respect to marijuana? 2) derive...
1)Explain the concept of utility, total utility, and marginal utility with respect to marijuana? 2) derive the consumers demand curve for marijuana using utility
Number of Cookies Total Utility Marginal Utility Number of Pretzels Total Utility Marginal Utility 30 30...
Number of Cookies Total Utility Marginal Utility Number of Pretzels Total Utility Marginal Utility 30 30 Hide commants V 2) Suppose you have a budget of $8 and cookies and pretzels cost $1 each. What is the utility maximizing combination of cookies and pretzels? How much total utility does the consumer receive? 3) Suppose the price of cookies rises to $1.50, and the price of pretzels remains the same. What is the new utility maximizing combination of cookies and pretzels?...
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 >
. Fill in the following table, graph marginal and total utility of pizza and the total...
. Fill in the following table, graph marginal and total utility of pizza and the total and marginal utility of beer and answer the following questions (Pages 508-512) (6 points) Marginal Ubility of of slices Total utility of Marginal utility beer pizzas of pizza 36 38 54 18 a. If you have a budget of $10 and the pizza and beers cost $2 each, what is the consumer optimum? b. What if the price of beer increases to $3, but...
Marginal utilities of two goods must be equal for utility maximization. True or false Explain very...
Marginal utilities of two goods must be equal for utility maximization. True or false Explain very Brief
1) Explain the relationship between total utility, marginal utility, and average utility. 2) What is consumer...
1) Explain the relationship between total utility, marginal utility, and average utility. 2) What is consumer optimum? 3) How do you calculate consumer optimum?
Explain why total utility is maximized when the marginal utility per dollar from a good is...
Explain why total utility is maximized when the marginal utility per dollar from a good is equal across goods as
Q) If total utility declines, can a marginal utility be positive? Explain your answer. Would be...
Q) If total utility declines, can a marginal utility be positive? Explain your answer. Would be greatly be appreciated if answered in 5 sentences and by your own,
Video Games Marginal Utility Total Utility Marginal Utility/Price 140 240 305 350 380 390 Complete each...
Video Games Marginal Utility Total Utility Marginal Utility/Price 140 240 305 350 380 390 Complete each of the tables above. Does Frankie experience diminishing marginal utility with both video games and dinners out? Briefly explain your answer. Find the combination of video games and dinners that maximizes Frankie's utility. Briefly explain how you derived your answer. Marketing Philippines PROBLEM #3 Maxine enjoys video games and going out to dinner. Frankie has a total of $40 to spend on video games...
Quantity of Product A Total Utility Marginal Utility Quantity of Product B Total Utility Marginal Utility...
Quantity of Product A Total Utility Marginal Utility Quantity of Product B Total Utility Marginal Utility 1 80 80 1 30 30 2 120 40 2 46 16 3 150 30 3 61 15 4 165 15 4 75 14 5 172 7 5 88 13 6 178 6 6 100 12 7 182 5 7 111 11 8 185 3 8 121 10 The table above refers to Elizabeth's utility schedule of Product A and Product B. The equilibrium...
1)Explain the concept of utility, total utility, and marginal utility with respect to marijuana? 2) derive the consumers demand curve for marijuana using utility
Number of Cookies Total Utility Marginal Utility Number of Pretzels Total Utility Marginal Utility 30 30 Hide commants V 2) Suppose you have a budget of $8 and cookies and pretzels cost $1 each. What is the utility maximizing combination of cookies and pretzels? How much total utility does the consumer receive? 3) Suppose the price of cookies rises to $1.50, and the price of pretzels remains the same. What is the new utility maximizing combination of cookies and pretzels?...
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 >
. Fill in the following table, graph marginal and total utility of pizza and the total and marginal utility of beer and answer the following questions (Pages 508-512) (6 points) Marginal Ubility of of slices Total utility of Marginal utility beer pizzas of pizza 36 38 54 18 a. If you have a budget of $10 and the pizza and beers cost $2 each, what is the consumer optimum? b. What if the price of beer increases to $3, but...
Explain why total utility is maximized when the marginal utility per dollar from a good is equal across goods as
Video Games Marginal Utility Total Utility Marginal Utility/Price 140 240 305 350 380 390 Complete each of the tables above. Does Frankie experience diminishing marginal utility with both video games and dinners out? Briefly explain your answer. Find the combination of video games and dinners that maximizes Frankie's utility. Briefly explain how you derived your answer. Marketing Philippines PROBLEM #3 Maxine enjoys video games and going out to dinner. Frankie has a total of $40 to spend on video games...
Most questions answered within 3 hours.
-
4. Adam’s Inc.’s outstanding common stock is currently selling
in the market for $28. Dividends of...
asked 4 minutes ago -
question
you were
asked to create a regression that will predict the amount of saving
for...
asked 11 minutes ago -
If tcalc = -2.78, tcrit = 1.96, H0: Mu > Mu0, and Xbar <
Mu0, what...
asked 33 minutes ago -
Circular distribution
•Suppose two birds are flying, one is flying from the north and
the other...
asked 32 minutes ago -
please answer all... it all counts as a discussion problem
1a qualitative data and proportions: Suppose...
asked 37 minutes ago -
Typing The Answer Is Mandatory
Temperature is a measure of heat. More heat means that more...
asked 27 minutes ago -
An ideal gas ( 2.00 mol) is the working substance in an engine
that operates on...
asked 24 minutes ago -
Assume you are working with a standard deck of 52 cards. There
are 13 cards (2,...
asked 31 minutes ago -
A cell phone company offers two plans to its subscribers. At the
time new subscribers sign...
asked 30 minutes ago -
Write a program that reads a floating point number and prints
“zero” if the number is...
asked 35 minutes ago -
Geoff has been running a restaurant in the city for many years.
He knows from experience...
asked 44 minutes ago -
NaOH is added to a buffer solution composed of C6H5COOH and
C6H5COO―. Which of the following...
asked 36 minutes ago