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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.
What is allocative efficiency using the benchmark model?
Illustrate what will be the level of output and price in the long run if this industry were perfectly competitive.
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them?
What happens to the demand for Sara's sweatshirts in long run. In long run, what happens to Sara's economic profit.
A monopolist with a straight-line demand curve finds that it can sell one unit at $9 each or nine units at $1 each. Its marginal cost is constant at $4 per unit.
Assume the two newspapers merge. Illustrate what is the likely post-merger bargaining outcome.
If 100 % of deficit is financed by sale of securities to federal agencies, illustrate what happens to amount of debt held by public Illustrate what happens to level of gross debt.
If it makes sense that one type of labor can substitute for another in production, how can capital, a physical object, substitute for labor, a human being?
q1. assume that the autarky charge of commodity x is 10 in nation a 8 in nation b as well as 6 in nation c as well as
What output market with the appropriate starting position and show what effect the contractionary policy would have in the output market.
Solve for the equilibrium interest rate. Solve for equilibrium value of consumption and investment.
What are the twin sins that the natural monopolist will commit that prevents society from realizing the gains?
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