The marginal utility is represented by the:PricePabQSDQuantity Choose one:A. area b.OB. price P.OC. area a.D. quantity Q.O E. area c.29 OF 50 QUESTIONS COMPLETED

Utility is the satisfaction gained by the consumer by consumption of a good. Marginal utility is the…

Answered: The marginal utility is represented by…

Business

Economics

The marginal utility is represented by the: Price P a b S D Quantity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Total utility rise from 10 to 18 and the total quantity rise from 1 to 2 Calculate the marginal…

A: # the term marginal utility simply measures the change in utility taking place when the consumption…

Q: All else equal, which is steeper, the demand curve for a normal good or the demand curve for an…

A: In the case of a normal good, as income increases, the demand for the good also increases, but at a…

Q: What is the marginal utility per dollar spent on the 6th strawberry? Which of the combinations of…

A: Utility shows the satisfaction. MU is the marginal utility. MU is calculated as the change in…

Q: What does the concept of 'price elasticity of demand' in microeconomics measure? A) The…

A: Price elasticity of demand (PED): It serves as an economic measure employed to assess the degree of…

Q: Owen saw that the price of peaches had gone down, and so he decided to buy more peaches. Based on…

A: The correct answer is:B) Owen's quantity demanded for peaches has increased.Here's why:The passage…

Q: explain law of diminishing marginal utility concept with example.

A: According to the law of diminishing marginal utility, as we consume more of a good, the amount of…

Q: What is the shape of the marginal utility curve?

A: Marginal utility is the additional utility that an individual derives from the consumption of one…

Q: Suppose when a person’s income increases, his or her demand for mac and cheese decreases. What is…

A: There exists a positive relation between income of a consumer and demand for normal good. There…

Q: A consumer buys two goods X and Y. Suppose price of Good X falls. What will be its effect on its…

A: # The consumer will work accordingly to the law of demand which means if price falls then the demand…

Q: he total area ind the démand curve of a good, measures- A) Marginal utility B) Total utility C)…

A: According to the given question The main aim of the demand curve is to depict the relationship…

Q: explain law of diminishing marginal utility concept with exampl

A: The additional pleasure or benefit (utility) a customer obtains by acquiring an extra unit of a…

Q: How does the demand curve look like? Graph it.

A: Demand curve representation of the law of demand, depicts how much quantity of commodity is demanded…

Q: Good X IC₂ IC₁ Good Y

A: Budget constraint: given the price of 2 goods and consumer’s income. The budget constraint shows…

Q: Ceteris paribus, a change in which of the following would be LEAST likely to cause a shift in the…

A: The sweater market, like every other market, has buyers as well as sellers. Consumers are either…

Question

The marginal utility is represented by the:
Price
P
a
b
Q
S
D
Quantity

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define marginal utility

VIEW

Step 2: Explain the correct option

VIEW

Step 3: Explain the incorrect options

VIEW

Solution

VIEW

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

why does a substitution between goods cause a negative slope on a demand curve?
Suppose that Karina is running a tattoo parlor with two types of customers. The first type is willing to pay $80 for a tattoo, while the second type is willing to pay just $40 for a tattoo. The ink for a tattoo costs $10. Customers will only buy one tattoo each. If Karina can only set a single price, what price will she set? a. 80 b. 40 c. 70 d. 30
When marginal utility is positive, total utility____
Demand and Utility Table for Milkshakes Price $4 $3.50 $3.00 $2.50 $2.00 Quantity Marginal Demanded Utility 1 2 3 4 5 Total Utility If the price of milkshakes were $2.50 each, your total utility would be and your marginal utility would be
Steve allocates his budget of $24 per week among three goods. Use the following table of the marginal utilities for Good A, Good B, and Good C to answer the questions below: Q(A) MU(A) Q(B) MU(B) Q(C) MU(C) 1 50 1 75 1 25 2 40 2 60 2 20 3 30 3 40 3 15 4 20 4 30 4 10 5 15 5 20 5 7.5 If the price of A is $2, the price of B is $3, and the price of C is $1, how much of each will Daniel purchase in equilibrium? If the price of A rises to $4 while the other prices and Daniel's budget remain unchanged, how much of each will he purchase in equilibrium?
When the price of goods X increases by 20% and the quantity of demand decreases by 30%, the demand for the goods is inelasticTrue or false?
Refer to the graph below: Quantity of Y 160 B 200 X Quantity of X Why doesn't the consumer choose the combination at point A?
A B D, The demand for a blueberries, a normal good, is shown in the graph above. A shift from B to A might be caused by: Multiple Choice a decrease in the price of blueberries. an increase in the price of blueberries. a decrease in the price of a substitute. an increase in the price of a substitute. Peter recently has accepted a 10 percent cut in pay as part of cutbacks at his workplace. Now he makes his coffee at home instead of stopping at the local coffee shop every day. Based on this behavior, what can we assume about these goods for Peter? Multiple Choice Home-brewed coffee is a normal good and coffee shop coffee is an inferior good. Home-brewed coffee and coffee shop coffee are normal goods. Home-brewed coffee will become a normal good over time Home-brewed coffee is an inferior good and coffee shop coffee is a normal good.
Explain using words and graphs where an individual demand curve is derived(where do they come from)?
Two goods are substitutes if a decrease in the price of one good. This will lead to: Select one: a. reduces the quantity demanded of the other good b. increases the demand for the other good. c. increases the quantity demanded of the other good d. reduces the demand for the other good
Suppose the following table shows your demand schedule for CDs. Price Quantity Demanded $15 1 12 9. 9:56 6. 4 (a) What is your total utility from four CDs? Total utility: $ (b) What is your marginal utility from the fourth CD? Marginal utility: $ (c) If the price is $6, how much will your consumer surplus be? Consumer surplus: $
The law of diminishing marginal utility helps to explain the direct relationship between price and quantity supplied. a. True b. False