Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 12, 2024

An important law in economics is the Law of Diminishing Marginal Utility. Discuss what this law is and provide an example of diminishing marginal utility

An important law in economics is the "Law of Diminishing Marginal Utility". Discuss what this law is and provide an example of diminishing marginal utility you've encountered recently.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics Canada in the Global Environment

Authors: Michael Parkin, Robin Bade

8th edition

321778103, 978-0321808370, 321808371, 978-0321778109

More Books

Students also viewed these Economics questions

Question

★★★★★

A weir 0.78 m in height is built across the floor of a 4-m-wide rectangular channel. If the water depth just upstream of the weir is 2.00 m, what is the flow rate in the channel? Neglect friction...

Answered: 1 week ago

Question

★★★★★

Draw the major product of the following reactions E - I. Please explain and draw the structures for letters E - I. Thank you!

Answered: 1 week ago

Question

★★★★★

Identify two assumptions that traditional financial models make about individual investment behavior and discuss their impact.

Answered: 1 week ago

Question

★★★★★

Agency issues It is sometimes argued that excess cash held by a firm can aggravate agency problems and, more generally, reduce incentives for shareholder wealth maximization how would you frame the...

Answered: 1 week ago

Question

★★★★★

Saunders Company purchased equipment by signing a noninterest-bearing note of $21,000 with payment due in three years. The equipment is custom-built, so its cash price is unavailable. Using a rate of...

Answered: 1 week ago

Question

★★★★★

Air entrainment in a draining tank (Figure 3A.7) a molasses storage tank 60 ft in diameter is to be built with a draw-off line 1 ft in diameter, 4 ft from the sidewall of the tank and extending...

Answered: 1 week ago

Question

★★★★★

Samuel agrees to buy a small Picasso painting from Nicole for $300,000. Just prior to that, Nicole hired a reputable appraiser for a valuation of the painting and showed Samuel the appraisal document...

Answered: 1 week ago

Question

★★★★★

Michael participates in several motocross races. He has won 8 more silver medals than gold medals. The number of bronze medals he has won is half that of the silver medals. If he has won 27 medals in...

Answered: 1 week ago

Question

★★★★★

Which of the following items is reported in accumulated other comprehensive income? Cumulative foreign exchange translation loss Unrealized foreign exchange transaction gains Foreign exchange...

Answered: 1 week ago

Question

★★★★★

a. The owner invested $17,800 cash in the company. b. The company purchased supplies for $1,200 cash. c. The owner invested $11,400 of equipment in the company in exchange for more common stock. d....

Answered: 1 week ago

Question

★★★★★

Fara wants to buy a new smartphone and is willing to pay $800 based on her preferences and budget. She finds the phone on sale for $600, and she decides to purchase it. What does the difference...

Answered: 1 week ago

Question

★★★★★

( b ) Martha approaches Maria Swanepoel of Swanepoel Inc., an attorney at law practicing in the Pretoria East area to assist her with her claim for damages resulting from her dispute with Joseph. The...

Answered: 1 week ago

Question

★★★★★

Financial Crises Go to http://www.macrohistory.net/data/. Download the dataset. 1. Pick a country in the dataset besides Canada, Australia, or the United Kingdom, and list all of the dates for which...

Answered: 1 week ago

Question

★★★★★

1. What will happen in the future

Answered: 1 week ago

Question

★★★★★

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago

Question

★★★★★

4. Achieve our positive goals (1 and 3 are motivated by avoiding the negative, while 2 and 4 are motivated by the positive). b. Initiative: When I communicate with others, I think it is very...

Answered: 1 week ago

Previous Question Next Question