Answer:
Marginal utility is the change in total utility obtained by consuming one more unit of a good.
Explanation:
Marginal utility quantifies the added satisfaction that a consumer garners from consuming additional units of goods or services. The concept of marginal utility is used by economists to determine how much of an item consumers are willing to purchase.
Looking at the relationship between elasticity and total revenue, we can say that the option that is right to chose is
<em>e. None of the above</em>
Explanation:
Relationship between elasticity of the product revenue and the good price is so that there are a lot of variables to determine its effect on the total revenue of that said product.
This can be the demand supply change as well as the demand cost and the production cost of the production that must be taken into account before we begin to find a relation between their elasticity.
This makes them more vulnerable to change and thus leaves little chance to determine a relation,
Explanation:
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Answer:
4 apples
Explanation:
Given that
Point A = 50 apples and 40 pears
Point B = 46 apples and 41 pears
These points are located on the PPF at which various combinations of products are displayed by available resources and technologies.
So, the opportunity cost of moving from Point A to Point B would be 4 apples which is shown below:
= Point A apples - Point B apples
= 50 apples - 46 apples
= 4 apples
