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Utility is a satisfaction that an individual derives from consuming or using a specific good or service. Total utility indicates the total amount of satisfaction or pleasure an individual derives from consuming some specific quantity of a good or service. Marginal utility refers to the additional satisfaction a consumer gets from an additional unit of a good or service she/he consumes during a given period of time.
The law of diminishing marginal utility states that as a consumer consumes more and more units of a specific good or service, the additional utility the consumer derives from the successive units keep on diminishing (declining) over time.
Diminishing marginal utility explains a lot about consumer behavior in the economy. Select a specific consumer behavior and construct a mini case study that highlights the workings of marginal utility and how it affects the consumption pattern.
Illustrate money supply should the Bank of Canada set next year if it wants to keep the price level stable.What money supply should the Bank of Canada set next year if it wants inflation of 10 percent.
The manager of a corporate division faces the posibility of an audit every year. She prefers to spend time preparing if she will be audited; otherwise, she would prefer to invest her time elsewhere.
Which of the following would cause a shift of the supply curve for hot dogs check all that apply?
Elucidate effect does the current supply and current demand have on this product.
A restraint manager believes he will need all new kitchen appliances in 2 years. The cost today is $48,800 but costs are going up at 10% per year. Find the semi annual payments needed f funds earns 5% compounded semi annually. Round to the nearest do..
21st century insurance offers mail-order auto mobile insurance to preferred risk drivers in the Los Angeles area.
Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.
q.at one time the country of aquilonia had no banks but had currency of 10 million. then a banking system was
Assume the average value of P is $ 3 and the average value of Po is $ 6. Illustrate what is the price elasticity at the average values of P and Po.
If total mortality among children remains constant whereas the incidence of that mortality shifted from late childhood to untimely rates of fertility declined.
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.)
How economic conditions affect interest rates and bond yields? Over the past six months, U.S. interest rate have declined, and Canadian interest rate have increased, The U.S. economy has weakened over the past year , and the Canadian economy has impr..
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