We can explain the paradox of value as follows: The consumer surplus from water, which is cheap, is than the consumer surplus from gold, which is expensive; the total utility from gold is than the total utility from water; and the marginal utility per dollar spent on water the marginal utility per dollar spent on gold. O greater; less; equals O smaller; less; equals O greater; greater; greater than less; greater; greater than

Q: Explain one difference and one example between the Cardinal utility and ordinal utility!

A: Cardinal utility is a Marshallian concept used along with an ordinal utility to gauge the…

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: 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: Explain the Marginal Utility Concept with example?

A: Utility:Utility is the want satisfying power of a commodity. The utility is a tool to measure the…

Q: The table below shows the relationship between the number of movies seen per month and the total…

A: Marginal utility defines the additional satisfaction or value a consumer derives from consuming one…

Q: At a certain pizza shop, a single customer could order a pizza dine-in for $12 but he could get a…

A:

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: Explain the three characteristics of utility.

A: The economics as a study is based upon the idea that all the societies in the world tend to face a…

Q: Describe the concept of diminishing marginal utility while also providing an example.

A: Marginal utility is the benefit gained from consuming one additional unit of a product or service.

Q: Suppose it is “All You Can Eat” Night at your favorite restaurant. Once you’ve paid $69.95 for your…

A: Utility refers to the satisfaction attained from the consumption of goods. The aim of the consumer…

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 do indifference curves represent the consumer's preferences?

A: The indifference curve is a mathematical representation of the combination of all the consumption…

Q: Based on the table below, what is the marginal utility from the 2nd unit? UNITS TOTAL UTILITY 1…

A: Marginal utility =change in the total utility from that unit of consumption  Marginal utility from…

Q: When marginal utility is positive, total utility____

A: Marginal utility is the additional utility derived from having an additional unit of commodity.…

Q: How to compute Marginal Utility.

A: Utility refers to the total amount of satisfaction derived from the consumption of a good or…

Q: would you rather maximize your total utility or your marginal utility?

A: Total Utility is the total satisfaction that a consumer receives when he consumes different units of…

Q: Suppose that you observe that total utility rises as more of an item is consumed You can say for…

A: Utility is the wants satisfying power of a product. Total utility is the total amount of…

Q: Is it possible for marginal utility to be negative while total utility is positive

A: The total utility (TU) can be understood as the total satisfaction that is derived from consumption…