What is law of diminishing marginal utility? What are the conditions for the application of the law

Question:

What is law of diminishing marginal utility? What are the conditions for the application of the law of diminishing utility? Explain the law with the help of MU schedule and MU curve.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Managerial Economics

ISBN: 9789325986688

8th Edition

Authors: D N DWIVEDI

See More Books

Question Posted: Oct 07, 2024 04:01 AM

See More Questions

Two franchising experts recently debated the issue of whether new college graduates should consider franchising as a pathway to entrepreneurship. Jeff Elgin said recent college graduates are not...
What are some of the tasks at which robots excel? Which human tasks are difficult for them to master? What fields of AI are required to develop a truly perceptive robot?
The pump of a water distribution system is powered by a 15-kW electric motor whose efficiency is 90 percent. The water flow rate through the pump is 50 L/s. The diameters of the inlet and outlet...
What is law of diminishing marginal utility? What are the conditions for the application of the law of diminishing utility? Explain the law with the help of MU schedule and MU curve.
1. Do Bill and Molly qualify for any other tax-advantaged saving vehicles? If so, which ones? To what extent? 2. Since Bill does not receive an employer match, should he invest the maximum amount in...
5. (40 points) As a financial manager of a company that produces and sells window glass, you have been recently asked to analyze alternatives to replacing an old furnace. In the glass-making process,...
What is meant by utility? Distinguish between cardinal and ordinal concepts of utility. How is utility measured under cardinal utility approach?
What is meant by consumer equilibrium? Suppose total utility schedule of a consumer from his consumption of X is given as follows. Units of X consumed 1 2 3 4 5 6 7 8 Total utility 20 35 45 52 57 60...
7. Which of the following reconciling items does not require a journal entry? a. NSF check b. Deposit in transit c. Bank service charge d. Bank collection of note receivable
Calculate the account balances. Use a "Bal" posting reference on the proper side of each account to show the ending balances of the accounts Cash Accounts Payable Nov 11 Nov 7 Nov 28 17,000 1,800 800...
Calculate the Employment Insurance premium on a quarterly director's fee of $11,000.00 paid by a crown corporation listed in Schedule III of the Financial Administration Act in Ontario . Your answer:
MCQ-00790 On May 1, Year 1, Marno County issued property tax assessments for the fiscal year ended June 30, Year 2. The first of two equal installments was due on November 1, Year 1. On September 1,...
Stien Inc. manufactures recycling boxes. The company has the following information available for the past year: Total sales Total operating income Degree of operating leverage $455,000 $42,000 5.50...
The interest charged on a $100,000 note payable, at the rate of 9%, for a year would be Select one: Oa. $9,000. O b. $5,000. c. $2,250. Od. $750.
Two friends are carrying a 200-kg crate up a flight of stairs. The crate is 1.25 m long and 0.500 m high, and its center of gravity is at its center. The stairs make a 45.0° angle with respect to...
Why is inventory management important for merchandising and manufacturing firms and what are the main tradeoffs for firms in managing their inventory?

What is law of diminishing marginal utility? What are the conditions for the application of the law

Question:

Step by Step Answer:

Managerial Economics

Students also viewed these Business questions