How law-diminishing marginal utility applies to consumptions

Assignment Help Macroeconomics
Reference no: EM13233515

1. Thinking of your own consumer tendencies, provide an example and explain how the law of diminishing marginal utility applies to your personal consumption patterns and how the utility-maximization rule and the income and substitution effects play a role in your shopping at the mall and grocery stores.

2. Is the law of diminishing returns impacted as a result of firms not hiring the best workers that may be available for positions within the firm or organization?

Reference no: EM13233515

Questions Cloud

Why would they remain the same : Are the following objective functions for an LP model equivalent? That is, if they are both used, one at a time, to solve a problem with exactly the same constraints, will the optimal values of X1 and X2 be the same in both cases? Why or why not?
Explain in detail how liberalism-nationalism and militarism : Explain in detail how Liberalism, Nationalism and Militarism shaped the course of European history. Provide at least two examples of how each force influenced the period of European history since the French revolution.
Why companies have not moved in significant numbers : However, it seems that, up to the present time, the relational model continues as the most prominently used database management tool. Any thoughts about why companies have not moved in significant numbers toward new database models?
Define the normal force frictional force and net work : A 15kg crate is moved along a horizontal floor by pulling on it with a rope that makes a 30 degree angle with the horizontal, How much work is done by the normal force and frictional force, What is the net work
How law-diminishing marginal utility applies to consumptions : explain how the law of diminishing marginal utility applies to your personal consumption patterns and how the utility-maximization rule and the income and substitution effects play a role in your shopping at the mall and grocery stores.
Explain the ground state energy of a harmonic oscillator : Use the Variational Principle a to estimate the ground state energy of a harmonic oscillator with un-normalized trial wavefunction φ(x)=1/(1+βx2)2 where β is a paramete
Http server may initiate interaction client true or false : In HTTP, a server may initiate an interaction with the client. a)Answer True b)False
Compute the solubility product : Since it is only slightly soluble, assume that the volume of the solution does not change on dissolution, and calculate the solubility product. Solubility of InF3: 4.0 x 10-2 g/100. mL
Nationalism contribute to the origins of the war : In what ways did nationalism contribute to the origins of the war, its outbreak, and the course of the war? How did nationalism affect the Treaty of Versailles settlement?

Reviews

Write a Review

Macroeconomics Questions & Answers

  Determine aggregate supply in the long run

Now you want to "improve" the aggregate production function to increase the supply capacity of the economy. That it, you desire to move the vertical LRAS to the right on the AS/AD diagram.LIST four initiatives that you would focus upon to get the j..

  Compute the growth rate of real gdp

Suppose last year's real GDP was $10,000 billion, this year's nominal GDP is $13,800 billion, and GDP-deflator for this year is 110. Determine the growth rate of real GDP?

  Us dollar and canadian dollar

You are trying to decide whether to buy some laptop computers for your business in either Canada or in United States. Looking at identical machines on the Dell Canada and the Dell US web sites, you find that they sell for US $2000 (US dollars) in ..

  Explain phillips curve, aggregate demand, and aggregate supp

If the Bank of Canada continues to take expansionary monetary policy, how are the unemployment rate and inflation affected? (Use both Phillips curve and AS-AD graphs in your explanation.)

  Explain what happens to price that domestic sellers charge

Suppose the government allows imports of rice into the United States. If the world price is $2 per pound, what happens to the price that domestic sellers charge and what is the quantity of imports A) The price that U.S. sellers charge is still $4, ..

  What is the equilibrium price and quantity in widget market

The widget market is competitive and there are no transaction costs. Five different suppliers are willing to sell one widget at each of the following prices: $30, $29, $20, $16, and $12. Five different buyers are willing to buy one widget at each ..

  Explain why stores want to stay open for a little while long

A local hardware store is trying to decide whether to stay open. They have found that their industry is extremely competitive and profits have shrunk considerably. Knowing that you have taken an economics course the owners have asked for your opin..

  The tools of interest rate adjustment

Since January of 2001 the Fed has reduced its Fed funds rate target from 6.5 percent to 1 percent. Nonetheless, the number of people at work is less than

  What fiscal policy would you implement

What fiscal policy would you implement and why? Graph and explain the whole situation from start to finish, make up your own numbers. Make up your own MPC from that you will be able to derive the multiplier.

  Elucidate why the us would subsidize the short run

Elucidate why the U.S. would subsidize the short run cost of production for tobacco farmers in foreign countries.

  Money supply has no effect on the long run values

A change in the money supply has no effect on the long run values of the interest rate or real output.

  Describe the implications of this economic forecast

Describe the implications of this economic forecast and the income elasticity of demand for the pricing strategy.

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