Why does the law of diminishing marginal utility encourage people to spread their spending across many different
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (10 reviews)
The law of diminishing marginal utility says that the first units we consume of a good deliver ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Does the law of diminishing marginal utility hold true in every situation? Is it possible to think of goods for which consuming additional units, at least initially, will result in increasing...
-
Why does the law of diminishing marginal product imply the law of increasing costs?
-
Multiple Choice Questions 1. The law of diminishing marginal utility implies that the more of a commodity you consume, the a. More you value additional units of output. b. Less you value additional...
-
The Sellinger Business School's Information Technology Service (ITS) is considering a new process to refurbish older computers in order to save on costs of buying new computers. The five steps to the...
-
In problem 626, give a 95% confidence interval for the variance of the caloric content of all 3-ounce cuts of top loin steak. In problem For advertising purposes, the Beef Industry Council needs to...
-
The parameters of the transistors in Figure P10.88 are \(V_{T N}=0.6 \mathrm{~V}\), \(V_{T P}=-0.6 \mathrm{~V}, \quad k_{n}^{\prime}=100 \mu \mathrm{A} / \mathrm{V}^{2}, \quad k_{p}^{\prime}=60 \mu...
-
An investor is interested in daily Value at Risk of his position on holding long \(\$ 0.5\) million of Dell stock and \(\$ 1\) million of Cisco Systems stock. Use 5\% critical values and the daily...
-
1. In what ways does UTCs corporate- level strategy of unrelated diversification create value? 2. What are the dangers and disadvantages of this strategy? 3. Collect some recent information on UTC...
-
The adjusted trial balance columns of the worksheet for Wildhorse Company are as follows. Post the closing entries. ( Post entries in the order of journal entries posted in the previous part of the...
-
White Company has two departments: cutting and finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The cutting department bases its...
-
Explain why economists consider the concept of utility useful, even if psychologists cannot measure it precisely.
-
Explain why a good or service that is offered at a monetary price of zero is unlikely to be a truly "free" good from an economic perspective.
-
a. Compare and contrast various characteristics of hemorrhagic and non-hemorrhagic fever diseases. b. Provide an explanation for the observed increase in incidence of these zoonotic infections around...
-
How does centrifugal governor differ from an inertia governor?
-
Why an auxiliary spring is used along with main springs in a Wilson-Hartnell governor?
-
Which type of governor is used in a gramophone?
-
Explain the meaning of sensitiveness, hunting and stability of a governor?
-
Quality Control Standards. Each of the following quality control policies and procedures are typical of ones that can be found in CPA firms' quality control documents. Identify each of them with one...
-
Evaluate the integral. #/3 tan 0 T/4 sin 20 - do
-
(a) Given a mean free path = 0.4 nm and a mean speed vav = 1.17 105 m/s for the current flow in copper at a temperature of 300 K, calculate the classical value for the resistivity of copper. (b)...
-
During the past year, the high and low use of three different resources in a factory occurred in May and November. The resources are machine depreciation, power, and maintenance. The number of...
-
Which of the following factors would affect a buyers reservation price for a given good or service: social influence, the price of the good, or the cost of producing the item?
-
For the supply curve shown in Figure 4.14, calculate the elasticity of supply when P = 6. Data from Figure 4.14 FIGURE 4.14 A Supply Curve for Which Price Elasticity Declines as Quantity Rises. For...
-
If a 10 percent increase in income causes the number of students who choose to attend private universities to go up by 5 percent, what is the income elasticity of demand for private universities?
-
Compute Book Value per Share: Requirements: With the given balance sheet data: Common Stock: $150,000 Total Equity: $700,000 Outstanding Shares: 70,000 Calculate the book value per share. Express the...
-
The total variable cost for producing 40,000 units of a product is $100,000. Determine the variable cost per unit and analyze how changes in production volume affect variable costs and total costs....
-
The stockholders' equity accounts of Concord Corporation on January 1 , 2 0 2 5 , were as follows. \ table [ [ Preferred Stock ( 7 % , $ 1 0 0 par noncumulative, 7 , 0 0 0 shares authorized ) , $ 4 2...
Study smarter with the SolutionInn App