Explain utility total utility and marginal utility and the, Ask an Expert

Economics

Explain utility, total utility and marginal utility and the differences between them. Include examples.

1. Explain with examples the law of demand and the demand curve.

2. Explain “the rational consumer, marginal utility and price.

3. With examples explain the difference between elastic and inelastic demand

Possible examples-beer and cigarettes

4. With examples explain how elasticity of demand effects total revenue.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91520636

Have any Question?Write your Review or question?

Related Questions in Business Economics

A standard deck of cards contains 52 cardsa compute the

A standard deck of cards contains 52 cards. (a) Compute the probability of randomly selecting a three or ten. (b) Compute the probability of randomly selecting a three or ten or two. (c) Compute the probability of random ...

Queusing appropriate diagrams explain the likely impact of

Que Using appropriate diagrams, explain the likely impact of President Trump's proposed protectionist policies on macroeconomic equilibrium in Australia and the USA in the short term and in the long term. Please provide ...

State whether each of the following will increase decrease

State whether each of the following will increase, decrease, or have no effect on the population variance. (a) the sum of squares ( SS ) increases This change will increase the population variance. This change will decre ...

Currently fringe benefits make up about 30 of us workers

Currently, fringe benefits make up about 30% of U.S. workers' total compensation. Suppose the U.S. government decides to tax fringe benefits as ordinary income. How might this affect the level of fringe benefits as a sha ...

Why does the marginal cost curve always intersects the

Why does the marginal cost curve always intersects the average total cost curve and AVC?

Smithco is a supplier to many brand name makers of mobile

SmithCo is a supplier to many brand name makers of mobile phones. SmithCo manufactures the external shells that enclose mobile phones. The strength of a shell is measured by applying increasing pressure to the shell and ...

Question 1co6 from a random sample of 68 businesses it is

Question 1 (CO6) From a random sample of 68 businesses, it is found that the mean time that employees spend on personal issues each week is 4.9 hours with a standard deviation of 0.35 hours. What is the 95% confidence in ...

As noted in chapter 14 of aampa distribution of income

As noted in Chapter 14 of A&A, distribution of income among various population groups followed roughly the same patterns in the USA, Sweden, and the former Soviet Union, despite the very different forms of economic organ ...

What is the current balance of trade for the united states

What is the current balance of trade for the United States? Has this balance been increasing or decreasing? Based on the current economic conditions, how do you think this balance will move in the near future, and why?

Marketing research company desires to know the mean

Marketing research company desires to know the mean consumption of milk per week among people over age 32. A sample of 440 people over age 32 was drawn and the mean milk consumption was 3.4 liters. Assume that the popula ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert