Marginal utility - Study guides, Class notes & Summaries

ECS3708 ASSEMMENT 2 SEMESTER 1 2024 Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L) is explained by: U(C,L)=(C-200)(L-80) Assuming that there are 168 hours in a week available to allocate between work and leisure. If you earn R5 per hour and you also receive a social grant of R350 each week. Consider a firm that uses only labour to produce output Q. If the production function is given as: Q=3L^2+1/2 L-3/5 L^3 Determine the marginal product ...

Law of diminishing marginal utility correct answers The basic economic principle that as the consumption of a product increases, the marginal utility derived from consuming more of it (per unit of time) will eventually decline marginal utility correct answers the additional utility, or satisfaction, derived from consuming an additional unit of a good marginal benefit correct answers the maximum price a consumer will be willing to pay for an additional unit of a product. It is the dollar va...

Marginal utility is defined as the correct answers change in total utility a person derives from the consumption of a good divided by the change in the quantity of the good consumed. Suppose you are eating buffalo wings at a local happy hour. The total utility from doing so after the fourth, fifth, sixth, and seventh wings are 80, 116, 136, 150, respectively. The marginal utility of the sixth wing is __________ . correct answers 20 Which of the following is true? - Marginal utility is the...

WGU C718 Full Study Guide Questions Rated A+ What is the definition of economics? the study of how humans make decisions in the face of scarcity What are economic and accounting profits? Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs - Implicit costs = Economic profit What are the characteristics of an oligopoly? 1) few firms 2) barriers to ent...

Complete Solutions Manual for Microeconomics for Life, Smart Choices for You, 3rd Canadian Edition by Avi J. Cohen ; ISBN13: 9780137656707....***Chapter 6 and 7 solutionsnot included*** .1.What's in Economics for You? Scarcity, Opportunity Cost, Trade, and Models 2.Making Smart Choices: The Law of Demand 3.Show Me the Money: The Law of Supply 4.Coordinating Smart Choices: Demand and Supply 5.Just How Badly Do You Want It? Elasticity 6.What Gives When Prices Don't? Government Policy Choic...

NDSU Econ 201 Final Exam Questions with Revised Answers Updated We would definitely see an upward sloping demand curve for a a. normal good b. inferior good c. giffen good d. elastic good - Answer-c T or F: market prices give us an idea of the relative value of products - Answer-true A study is conducted involving variablees, number of people attending a water park, and the high temp for the day. Which is the independent variable a. number of people b. high temp - Answer-b THe...

WGU C718 Full Study Guide Questions | 104 Questions with 100% Correct Answers | Verified | Latest Update | 25 Pages What is the definition of economics? - Answer ️️ -the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - Answer ️️ -Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs -...

True or False: Majority voting on whether a public good should be produced could lead to a result where a public good whose cost are bigger than the benefits would end up getting approved by the voters. Correct Answer-True Understand diminishing marginal utility Correct Answer-The benefit/value of a good or service decreases with each additional unit bought Understand diminishing returns Correct Answer-The principle that as successive increments of a variable resource are added to a fixed ...

WGU C718 Full Study Guide Questions | 104 Questions with 100% Correct Answers | Verified | Latest Update | 25 Pages What is the definition of economics? - Answer ️️ -the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - Answer ️️ -Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs -...

BSNS exam prep Multiple Choice Questions And Correct Answers. Over 100 Q&A At her current level of consumption, a consumer is willing to pay up to $1.50 for a bottle of eater and up to $1,500 for a diamond ring because the a. total utility of diamond rings is greater than the total utility of water b. total utility of water is less than the marginal utility of a diamond ring c. marginal utility of a bottle of water is less than the marginal utility of a diamond ring d. marginal utility of...