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Elenna [48]
3 years ago
12

What is the difference between total utility and marginal​ utility? A. Marginal utility represents the consumer optimum while to

tal utility gives the total utility per dollar spent on the last unit. B. Total utility represents the consumer optimum while marginal utility gives the total utility per dollar spent on the last unit. C. Total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good. D. Marginal utility is subject to the law of diminishing marginal utility while total utility is not.
Business
2 answers:
Ierofanga [76]3 years ago
4 0

Answer:

Total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good.

Explanation:

As consumption increases, total utility increases but marginal utility would begin to diminish after a certain point is reached as a result of diminishing marginal utility.

The Law Of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit falls.

I hope my answer helps you

seraphim [82]3 years ago
4 0

Answer:

C) Total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good.

Explanation:

Total utility is the overall satisfaction a consumer derives from consuming a particular good or service. Each unit of good or service contains its own marginal utility. Total utility sums up the marginal utilities of such items. The elementary purpose of a consumer, is to derive the largest amount of utility with least expenses.

  In the law of diminishing marginal utility, it states that as more units of a single good or service are consumed, additional satisfaction known as marginal utility drops. The first good or service consumed has the highest marginal utility while the ones that follow it reduces rapidly.

  Marginal utility is the amount of satisfaction derived from consumption of additional units of a good or service. This is used to determine how much a consumer is willing to purchase. Satisfaction levels of a consumer are easily identified through marginal utility in order to influence the consumer's purchase decision. There are two cases involving marginal utility:- Positive marginal utility and Negative marginal utility. The positive marginal utility is said to happen when there is an increase I'm total utility through the consumption of an additional item while Negative marginal utility happens when total utility is decreased through the consumption of an additional item.

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Sufficient Dwelling Coverage? Colton Gentry of Lancaster, California, has owned his home for ten years. When he purchased it for
Shtirlitz [24]

Answer:

a. $17,978

b. $300,000

Explanation:

Conditions

  • The  cotton country of lancaster, california has owned his home for ten years
  • purchased it for $178,000, cotton bought a $160,000 homeowner's insurance policy
  • the replacement cost of the home is now $300,000

a.    hence,

the proportion of the house insured = \frac{InsuranceAmount}{PriceOfThe Home} \times 100%

                                                             = \frac{160000}{178000}\times 100

                                                             =   89.89%

Percentage amount covered by the policy

= proportion of the house insured = 89.89%

Amount covered by the policy in dollars

= $20,000 × 89.89%

= $17,978

b

Amount of insurance on the home that cotton should now carry to be fully reimbursed for a fire loss  = current value of the home

= $ 300,000

5 0
3 years ago
You own a portfolio that is 34 percent invested in Stock X, 22 percent invested in Stock Y, and 44 percent invested in Stock Z.
Sonja [21]

Answer:

13.86%

Explanation:

34% was invested into stock X with an expected return of 11%

22% was invested into stock Y with an expected return of 18%

44% was invested into stock Z with an expected return of 14%

The expected return on the portfolio can be calculated using the formula below

Expected return= Sum of ( weight of stock×return of stock)

= (0.34×11%)+(0.22×18%)+(0.44×14%)

= 3.74+3.96+6.16

= 13.86%

Hence the expected return on the portfolio is 13.86%

5 0
3 years ago
The most common type of family structure for u.s. children aged 6 to 11 is:
neonofarm [45]
Single parent household
8 0
3 years ago
Suppose Congress is considering raising the top federal marginal tax rate from 35% to 40%. Senator Jones believes the elasticity
KIM [24]

Answer:

Explanation:

Solution-

According to Senator Jones, the elasticity of taxable income is larger, which means that due to a certain percentage rise in taxes, the taxable income rises by a greater percentage. Also, according to Senator Smith, the elasticity of taxable income is small, which means that due to a certain percentage rise in taxes, the taxable income rises by a smaller percentage.

(I) Under Senator Jones assumptions, due to rise in taxes, the taxable income has risen considerably as compared to Senator Smith assumptions. Thus the estimates of additional revenue from the tax increase will be larger under Senator Jones assumptions, compared to Smith's assumptions.

(ii) Since under Senator Jones assumptions, elasticity of taxable income is large. So due to rise in taxes, there is a significant proportional rise in taxable income under Jone's assumptions compared to Senator Smith assumptions. Thus the costs of the tax increase is borne more under Senator Jones assumptions , compared to Smith's assumptions.

3 0
3 years ago
The supply of product X is perfectly inelastic if the price of X increases by _______ and, as a result of the price change, the
konstantin123 [22]

Answer:

c) 10%; stays the same. 

Explanation:

Elasticity of supply measures the degree of responsiveness of quantity supplied to changes in price.

Supply is perfectly inelastic if a change in price has no effect on quantity supplied. The quantity supplied remains unchanged despite changes in price.

I hope my answer helps you

7 0
3 years ago
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