A state and explain the law of diminishing marginal utility

Assignment Help Microeconomics
Reference no: EM13373258

a. State and explain the law of diminishing marginal utility and do the same for the law of diminishing returns.

b. Identify and explain two similarities and two differences between these two laws.

c. Then, provide three real world example of each law from your own personal or professional life.

Reference no: EM13373258

Questions Cloud

Japans real gdp was 525 trillion yen in2009 and 535 : japans real gdp was 525 trillion yen in2009 and 535 trillion yen in 2010. japans population was 127.6 million in 2009
In july 2009 in the economy of sandy island 10000 people : in july 2009 in the economy of sandy island 10000 people were employed 1000 were unemployed and 5000 were not in the
1 what types of products are phone services and : 1. what types of products are phone services and electricity?2. why does a firm spend an enormous amount on advertising
1would auctioning broadcast licenses be more efficient than : 1.would auctioning broadcast licenses be more efficient than having the federal communications commission fcc assign
A state and explain the law of diminishing marginal utility : a. state and explain the law of diminishing marginal utility and do the same for the law of diminishing returns.b.
The most popular way for international expansion is for a : the most popular way for international expansion is for a local firm to acquire foreign companies. one of the most
Questionnbspone idea that the consultant had was to reduce : questionnbspone idea that the consultant had was to reduce prices to bring in more customers. if average prices were
Presented below are the financial balances for the atwood : presented below are the financial balances for the atwood company and the franz company as of december 31 2009
Suppose that marginal utility of good a is 4 times the : suppose that marginal utility of good a is 4 times the marginal utiltiy of good b but the proce of good ais only 2

Reviews

Write a Review

Microeconomics Questions & Answers

  Do consumers lose when a large country protects

If a small country wants to protect its domestic producers from more efficient foreign competition by imposing an import tariff, will it come out ahead  Do consumers lose when a large country protects it's less efficient producers from foreign comp..

  Construct a budget line for having a family

Indifference theory can explain all rational choices and behavior and try the theoryout on this situation. Suppose the only consideration for couples to have a bby or not was money. If a baby costs $8,000 a year.

  Discuss the reasons for merchants supporting the laws.

Some states have had laws restricting the sale of most goods on Sunday.oppose such laws because they find Sunday afternoon a convenient time to shop.

  Which is an example of the law of diminishing returns

a company has sales of $30 million. A million dollar advertising campaign increases sales $10 million to $40 million, but a two million-dollar campaign raises them $15 million to $45 million. Which of the following can U.S authorities NOT do to con..

  Explain the long-run outcome of the policies

Suppose the government misjudges the natural rate of unemployment to be much lower than it actually is, and thus undertakes expansionary fiscal and monetary policy to try to achieve the lower rate.

  Pricing-output decisions in short run

If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P, the number of firms operating in the sh..

  Calculate the hold out period mse

Examine your Y data (excluding the hold out period) to determine if it needs to be differenced to make it stationary. Show a time series plot of the raw Y data and autocorrelation functions (ACFs).

  Consider a demand curve of the form graph both curves using

Consider a demand curve of the form qd=20-2p where qd is the quantity demanded of goods and p is the price o the good. also consider a supply curve of form

  Compute the monopolists profit-maximizing supply choice

A monopolist supplies to a market with (inverse) demand given by D(Q) = 100 ? Q. The monopolist has constant marginal cost c = 2. Compute the monopolists profit-maximizing supply choice and the corresponding mark-up over marginal cost.

  Find the price elasticity of demand for each group at the

The director of a theater company in a small college town is considering changing the way he prices tickets. He has hired an economic consulting firm to estimate the demand for tickets.

  Health administration question

Identify the extent of safety issues in Canadian hospital care. Describe strategies that might be put in place to improve safety?

  Define average and marginal revenue

Which of the following statements is correct? Marginal revenue equals $3, Average revenue equals $600, Average revenue exceeds marginal revenue, but we don%u2019t know by how much.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd