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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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A price ceiling creates a shortage when it is set
Setler [38]

Answer:

D. lower than the equilibrium price.

Explanation:

Markets are at equilibrium where demand = supply & demand, supply curves intersect.

Price ceiling is maximum price mandated by the government at which a good can be sold in the market. It is usually below equilibrium price, set to bring necessity goods under affordable price bracket of poor people.

This artificially reduced price creates excess demand or shortage (less supply), because at the lower price - demand is more but supply is less.

For more , refer : brainly.com/question/14580944#

7 0
3 years ago
Exercise 19-13 Variable cost analysis for a special order LO A1 Grand Garden is a luxury hotel with 160 suites. Its regular suit
zysi [14]

Answer:

If the special offer earns a positive contribution margin, we should accept the special order.

Explanation:

Given that,

No. of suites in luxury hotel = 160

Regular suite rate = $210 per night per suite

Hotel’s cost per night = $135 per suite

Variable direct labor and materials cost = $36

Fixed cost = 99

Total cost per night per suite = $135

Contribution margin per night per suite:

= Room rate per night - Variable cost per night

= $94 - $36

= $58

Contribution margin from special offer:

= Contribution margin per night per suite × Number of nights × Number of suits

= $58 × 3 × 45

= $7,830

Management should accept the special offer.

When the company receives offer, the hotel is running at low season. occupancy rate is 55%

If the special offer earns a positive contribution margin, we should accept the special order.

Room rate is $94 for special order.

8 0
3 years ago
Mercury Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of
sattari [20]

Answer:I did the calculations and i believe i got it right.

Explanation:

Mercury sold 500 tickets at $40 a piece, okay, still with me, good. Yet, only 450 tickets were used during the month. What that mean is to minus 50 tickets. 50 multiplied by $40 is $2000. 500 multiplied by $40 equals to $20000. $20000 minus $2000 is equaled to $18000. They also had a Unearned Revenue account that had a credit balance of $5000. So, that means they should be in "debt." They should have $-15000. Add $2000, it is equaled to $-13000. So it should be $-13000. If wrong, i'm sorry.

8 0
3 years ago
U-Can-Own-It Corporation sells appliances to less educated consumers, inclnding Viv, on installment plans U-Can-Own-It files a s
kirill115 [55]

The court will most likely consider the parties' relative bargaining power.

<u>Option: C</u>

<u>Explanation:</u>

Bargaining power is the collective ability of groups to put control over one another in a circumstance. If all sides are in a dispute on an equivalent basis, then they would have equal bargaining power, such as in a reasonably free market, or between a monopoly and monopsony fairly balanced.

Purchaser bargaining power relates to the leverage customers may impose on businesses to get them to offer higher quality goods, improved customer satisfaction and lower costs. A powerful purchaser will make a market more profitable and diminish the seller's profit potential.

5 0
2 years ago
What is one of the first decisions an entrepreneur must make?
Darya [45]

What kind of business organization will best serve his or her interests.

All of the other decisions are very important, but unless you know what type of organization you want it will be hard to make other more important decisions about the business.

6 0
3 years ago
Read 2 more answers
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