Define Marginal Utility
Marginal Utility: It is addition more to the net or total utility as consumption is increased by one more unit of commodity.
In the year 2015, people begin utilizing dollar bills to wipe up messes as hyperinflation has driven the price of ‘real’ paper towels to $7,000 a roll. This is an illustration of: (1) The income result. (2) Diminishing the marginal utility
I have a problem in economics on Problem on Paradox of Value. Please help me in the following question. Since diamonds are much expensive as relative to water, the: (i) Fundamental needs of people don’t comprise water. (ii) Consumer surplus from consuming the di
If the price of K declines, the demand curve for the complementary product J will: A) shift to the left. B) shift to the right. C) decrease. D) remain unchanged. Help me to get through from this problem.
Tell me what are the disadvantages of mixed economy system?
The Department of the Census explains low relative income as experienced while families: (w) lack sufficient income to buy the fundamental food clothing and shelter required for survival. (x) would like to improve the
The resource most probable to be viewed as the fixed in short run by a firm which operates a cable TV and Internet connection system would be: (1) Unskilled workers who bury the cable. (2) The personal computer (3) Satellite dishes that it has leased to the customers.
By the perspective of society as an entire, in that case land resources are: (w) variable in supply. (x) perfectly elastically supplied. (y) the closest of all resources to generators of pure economic rents. (z) increased through cultivating previousl
Beginning at equilibrium, a new highest legal price for Whopper Slushees set at P1 would: (i) cause people to purchase more Slushees and fewer cones from Dairy Queen. (ii) Reduce total market demand. (iii) Yield surplus demand and a scarcity. (iv) Inc
Choose the right answer of the following problem. "The government deregulated the electricity industry in California and a shortage of electricity occurred soon . It is clear that the deregulation caused the shortage." This statement requires careful analysis becau
By refering the following data give the answer of this question . The total variable cost of producing 5 units is: A) $61. B) $48. C) $37. D) $24.
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