Question

How does the law of demand reflect the law of diminishing marginal utility? Illustrate.

How does the law of demand reflect the law of diminishing marginal utility? Illustrate.

Homework Answers

Answer #1

Can be mentioned that the law of demand perfectly depicts the law of diminishing marginal utility. In the law of demand as the quantity demanded increases the price keeps on decreasing and that is the reason why it is inversely sloped curve and this means as people move on towards more quantity , they are likely to pay a less and this is because the satisfaction they are getting from each subsequent good is less than that of previous one. and this decreasing additional satisfaction with each amount of good is nothing but law of diminishing marginal returns

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Explain the difference between the Law of Diminishing Marginal Utility and the Law of Diminishing Marginal...
Explain the difference between the Law of Diminishing Marginal Utility and the Law of Diminishing Marginal Rate of Subsitution?
what is the difference between Law of Diminishing Margin and Law of Diminishing Marginal Utility?
what is the difference between Law of Diminishing Margin and Law of Diminishing Marginal Utility?
Evaluate the law of diminishing marginal utility.
Evaluate the law of diminishing marginal utility.
Explain how diminishing marginal utility results in the need for consumers to make choices. How does...
Explain how diminishing marginal utility results in the need for consumers to make choices. How does diminishing utility switch consumption from one good to another? Make sure to include an example to illustrate your ideas. If necessary, complete additional research to support your ideas on this topic.
A. Define marginal utility, total utility, and the law of diminishing marginal utility. B. In a...
A. Define marginal utility, total utility, and the law of diminishing marginal utility. B. In a well-labeled graph, demonstrate the relation between marginal utility and total utility. C. What is relation between marginal utility and total utility when the consumer’s total utility is maximized? D. What happens to total utility if a consumer continues to consume a good or services with negative marginal utility?
According to the law of diminishing marginal​ utility, the marginal utility for a particular product a....
According to the law of diminishing marginal​ utility, the marginal utility for a particular product a. decreases as more of the product is consumed. b. remains constant as long as the product is still considered useful. c. remains​ constant, regardless of how much of the product is consumed. d. increases as more of the product is consumed.
Define the concept of utility stating the law of diminishing marginal utility with an example
Define the concept of utility stating the law of diminishing marginal utility with an example
The law of diminishing marginal utility can be applied to so many careers, circumstances, and choices....
The law of diminishing marginal utility can be applied to so many careers, circumstances, and choices. For example, one nursing student illustrated this by describing that when a dose of morphine is administered, pain subsides. Another larger dose may not bring about greater relief. There is a point at which a larger dose does NOT bring any additional relief to pain. In other words, an additional unit of consumption brings about diminishing marginal utility. This was an application of the...
There is no difference between the law of diminishing marginal returns and the law of diminishing...
There is no difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution. True or False. Explain and offer examples to further illustrate your explanation.
The law of diminishing marginal utility says that a) the marginal utility gained by consuming equal...
The law of diminishing marginal utility says that a) the marginal utility gained by consuming equal successive units of a good will decline as the amount consumed increases. b) the more of a particular good one consumes, the greater is the utility received from the consumption of that good. c) the marginal utility gained by consuming equal successive units of a good will increase as the amount consumed increases. d) the more of a particular product one sells, the less...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT