What is the difference between total and marginal utility?
Question:
What is the difference between total and marginal utility?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
In economics total utility and marginal utility are two important concepts that are used to understand consumer behavior They are both measures of the ...View the full answer
Answered By
Sumit kumar
Education details:
QUATERNARY Pursuing M.Tech.(2017-2019) in Electronics and Communication Engg. (VLSI DESIGN) from
GNIOT Greater Noida
TERTIARY B.Tech. (2012-2016) in Electronics and Communication Engg. from GLBITM Greater Noida
SECONDARY Senior Secondary School Examination (Class XII) in 2012 from R.S.S.Inter College, Noida
ELEMENTARY Secondary School Examination (Class X) in 2010 from New R.J.C. Public School ,Noida
CERTIFICATION
Summer Training in ‘WIRELESS EMBEDDED SYSTEM’ from ‘XIONEE’ for the six weeks.
EMBEDDED SYSTEM Certificate issued by CETPA INFOTECH for one day workshop.
Certificate of Faculty development program on OPTICAL COMMUNICATION and NETWORKS for one week.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Economics An Introduction To Traditional And Progressive Views
ISBN: 9780765616685
7th Edition
Authors: Howard J. Sherman, E. K. Hunt, Reynold F. Nesiba, Phillip A. O'Hara, Barbara A. Wiens-Tuers
Question Posted:
Students also viewed these Business questions
-
Describe the law of diminishing marginal utility. On what assumptions is this law based? Use diminishing marginal utility to explain why millionaires often do not have many homes, even if they can...
-
The difference between total utility and marginal utility is that: a. Both represent the satisfaction obtained from most all goods and services. b. Total utility is the satisfaction from consuming a...
-
MCQ questions T3 1. Economists use the term utility to mean: a. the satisfaction a consumer obtains from a good or service b. the value of a product before it has been advertised c. the contribution...
-
How would this photo be different if the two people were both Americans?
-
Omaha College requires students to pay tuition each term before classes begin. Students who have not paid their tuition are not allowed to enroll or to attend classes. What accounts do you think...
-
Brand Landscaping offers a promotion where they will mow your lawn 20 times if the customer pays $700 in advance. Required: Prepare the journal entry to record (1) The customers prepayment of $700...
-
A professional soccer club plays home games once a week, but on different weekdays. How can this club segment and price differentiate tickets for their home games using the PRO cube as a starting...
-
Pettit Printing Company has a total market value of $100 million, consisting of 1 million shares selling for $50 per share and $50 million of 10% perpetual bonds now selling at par. The companys EBIT...
-
has a standard of 2 pounds of materials per unit, at $6 per pound. In producing 2,000 units, Yari used 3,800 pounds of materials at a total cost of $23,560. Yari's materials quantity variance is...
-
Explain how consumers reacting to changes in prices and attempting to keep at a utility maximizing level of consumption leads to the relationship between price and quantity demanded.
-
Why is it not possible to precisely measure utility or pleasure?
-
DE21-12 Return to Polar Spring's Filtration Department described in Daily Exercises 21-5 and 21-8. Using your answers to those exercises, compute the cost per equivalent unit for direct materials and...
-
Write down a C program that takes runs scored by a batsman and prints the status according to the following policy: Runs scored >80 50-79 30-49 10-29 <10 Grade Excellent 4 Very Good Good Average Poor
-
Consider the standard two-period maximization problem for investor j over s states of nature: Subject to S max u(c) + (s)u(c;}(s)) S=1 Cjo + q(s) C; (s) = Wjo +244) S=1 where all terms are as defined...
-
At what point should a leader cease gathering data, take the risk, and simply make the decision? Support your position.
-
In the exchange lemma for the scheduling problem, we say that the first event to finish a* in a given time period [i,j] is always part of the optimal solution for that same time period. To argue...
-
4 10 points Company's year-end is December 31. Calculate depreciation for each year of the machine's estimated useful life under each of the following methods: (Do not round intermediate...
-
The relative compositions of the pollutants NO and NO2 in air are governed by the reaction, NO + 1/2O2 NO2 For air containing 21-mol-% O2 at 25C and 1.0133 bar, what is the concentration of NO in...
-
1. Advertising for eyeglasses _________ (increases/decreases) the price of eyeglasses because advertising promotes _________. 2. An advertisement that succeeds in getting consumers to try the product...
-
What is project Ps NPV? What is its IRR Its MIRR?
-
Draw project P's NPV profile. Does project P have normal or non-normal cash flows? Should this project be accepted?
-
What is each project's initial npv without replication?
-
Managerial accounting provides information to internal users as they request it. This can be immediate and as frequent as demanded True or False True False
-
June Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has...
-
When the company follows the method of capitalizing borrowing costs, the steady income from investing temporarily surplus amounts of the borrowed amount is treated specifically for the construction...
Study smarter with the SolutionInn App