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Leviafan [203]
2 years ago
11

Recall the text’s definition of diminishing marginal utility: "the common pattern that each marginal unit of a good consumed pro

vides less of an addition to utility than the previous unit." The reason for this behavior is because of biology. Our body sends our brains a signal once too much of a good or service has been consumed. This prevents a person from literally eating until they explode. In your own experience, share two times instances where the law of diminishing marginal utility applied to you. Can you think of any time when the law of diminishing marginal utility failed for someone? Please answer in 150 words or more. Use your own words - please do not copy and paste from a web site. Be sure to reference your sources.
Business
1 answer:
son4ous [18]2 years ago
6 0

<u>Explanation:</u>

Note, the term diminishing marginal utility refers to an economic principle that states that the more unit of a particular commodity or service we consume, the more the satisfaction (utility) derived out of the consumption reduces or diminishes.

For instance, if I watched movies produced by a particular entertainment company for several days (eg Disney Studios), I may become dissatisfied using this particular entertainment provider and may decide to try another service (Netflix).

Another instance could occur after exercising, I'm given 3 bottles of coke, after taking my first bottle, the amount of utility I derive would reduce until I get to the third bottle, at this point I've reached my peak.

The law of diminishing marginal utility failed for someone I know who had used the same type of toothpaste and brushed her teeth at least once a day for a period of over 10 years.

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Melanie Gollick, nursing floor manager for Scripps Memorial Hospital La Jolla, says, "It’s the personality and being able to mes
ipn [44]

Answer:

The correct answer is b) Be able to use his or her skills.

Explanation:

Melanie Gollick believes that employees must be able to develop and use their skills to perform work in the hospital. But the use of these skills will depend on the personality of each person and the way they adapt to carry out group work.

Skills refer to a set of skills that each person presents, this ability may be different for each person, for example, a person who works in the health area in a hospital needs to be among their skills, work under pressure, follow instructions, empathy, adaptation, group work, among others.

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<em>I hope this information can help you.</em>

5 0
3 years ago
The focus of what a person or organization ought to do in when faced with a particular situation is referred to as: a. Substanti
galben [10]

Answer:

c. Normative ethics

Explanation:

Ethics involves the study of the moral principles and guidelines that determines how an individual behaves. Since people and organizations operate in a social environment, where they interact with other organizations and people, ethics has to be considered to improve how people and organizations act and behave.

1. Substantive ethics

Substantive ethics involves the formulation of guiding principles that can be used during cases of ethical dilemma.

2. Emotional ethics

It consists of the feeling and intuition that play a major role into how people behave in a given situation.

3. Normative ethics

It involves the study of ethics by looking at how an individual ought to act and the implications of that behavior. It involves asking questions about how one needs to behave in a given situation then considering the ethics of that action. It is a kind of predetermined cause of action that an individual is supposed to apply in order to arrive at specific ethical behavior.

4. Behavioral ethics

Behavioral ethics involves the study of ethical and unethical behavior and coming up with reasons as to why individuals choose to behave ethically or unethically.

6 0
3 years ago
There are four general ways of making observations: (1) direct versus indirect, (2) overt versus covert, (3) structured versus u
torisob [31]

Answer:

False

Explanation:

7 0
3 years ago
Suppose that the production of $500,000 worth of steel in the United States requires $100,000 worth of iron ore. The U.S. nomina
brilliants [131]

Answer:

The effective rate of protection for the U.S. steel industry is approximately 17.5%

Explanation:

Mathematically, the effective rate of protection is calculated as follows;

e = (n-ab)/(1-a)

where n is the nominal tariff rate on the final product , a is the ratio of the value of the imported input to the value of the finished product and b is the nominal tariff rate on the imported input

Mathematically;

a = value of iron ore/value of steel = 100,00/500,000 = 1/5 = 0.2

From the question, we can see that nominal tariff rate for steel n = 15% = 15/100 = 0.15

The nominal rate for iron ore b = 5% = 5/100 = 0.05

So we substitute all of these into the equation of e above

e = {0.15-0.2(0.05)}/(1-0.2) = (0.15-0.01)/0.8 = 0.14/0.8 = 0.175 which is same as 17.5%

3 0
2 years ago
Owning your own business allows you the freedom to A. enjoy more free time. B. bypass some laws and restrictions of the region i
7nadin3 [17]
D<span>:determine your own working hours. looks like the only logical one.</span>
6 0
3 years ago
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