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1 year ago

If, when you consume another piece of candy, your marginal utility is zero, then?

1 answer:

meriva1 year ago

5 0

If, when you consume another piece of candy, your marginal utility is zero, then you have gotten the most out of eating candy overall.

<h3>What is marginal utility?</h3>

Utility in economics refers to the pleasure or advantage obtained from using a thing.
A good or service's marginal utility quantifies how much consumers enjoy or are satisfied after increasing or decreasing their use by one unit.

You may purchase an iced doughnut, for instance. You consequently gain some degree of utility or satisfaction from it.

The general rule in economics is that marginal utility equals total utility change divided by change in quantity of goods.
The equation looks like this: Total utility difference divided by amount of commodities difference equals marginal utility.

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You might be interested in

Along any downward sloping straight-line demand curve: Group of answer choices both the price elasticity and slope are constant.

vitfil [10]

Answer:

the price elasticity varies, but the slope is constant

Explanation:

The demand curve is a curve that shows the relationship between price and quantity demanded. The demand curve is negatively sloped because the higher the price, the lower the quantity demanded. This is in line with the law of demand.

According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

At the midpoint of the demand curve, demand is usually unit elastic. Above the midpoint of the demand curve, demand is elastic and blow the midpoint, demand is inelastic

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one

Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.

Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases

Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.

8 0

3 years ago

Soda and pizza are complements because they are often enjoyed together. When the price of soda rises, what happens to the supply

almond37 [142]

Explanation:

In the case of the complements goods, if the price of the soda rises, the demand would be decreased and the supply would rises. Since the soda and pizza are complementary goods so the impact of one good would be the same for another good also

Moreover, we also know that the price and the demand has an inverse relationship but the price and the supply has a direct relationship

6 0

3 years ago

The relationship between quantity supplied and price is _____

Nataliya [291]

Answer:

I believe it is profit

Explanation:

6 0

3 years ago

question content area for the year ended december 31, orion, inc. mistakenly omitted adjusting entries for $1,500 of supplies th

Oduvanchick [21]

Errors will have a $2,300 overstatement of net income on revenues, costs, and net income.

The amount earned by an individual or business after costs, allowances, and taxes is referred to as net income. Net income in the company is the amount that remains after all costs, such as salaries and wages, the cost of goods or raw materials, and taxes, have been paid.

Net income = Total revenue - total expenses

where,

Total revenue = Unearned revenue = $4,200

Total Expense = Supplies expense + insurance expense = $1,500 + $5,000 = $6,500

Net Income = Total revenue - Total Expenses = $4,200 - $6,500

Net Income = -$2,300

Therefore, there's an overstatement of $2300 in Net Income.

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6 0

1 year ago

A news article details the destruction of a recent earthquake. Which of the following are readers of the article likely to do as

elena55 [62]

A news article details the destruction of a recent earthquake. Readers of the article likely to do as result are Overestimate their risk of earthquakes. Thus option A is correct.

<h3>What is Earthquake?</h3>

Earthquakes is referring to a kind of natural disaters which occurs due to the movement of tectonic plates. when these tectonic plates move and collapse with one another results in an earthquake.

When a news article shows destruction related to earthquakes people will most likely analyze their risk from earthquakes and evaluate whether they are safe from them or not.

Therefore, option A is appropriate.

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7 0

2 years ago