The negative relationship between the quantity of a good, service, or resource and the marginal utility obtained from each additional unit consumed in a given period of time describes diminishing marginal utility.
<h3>What is
diminishing marginal utility?</h3>
Marginal utility is the increase in utility as consumption is increased by one unit.
According to the law of diminishing marginal utility, as more of a product is consumed, utility increases at a diminishing rate. Economic theory suggest that consumption is maximised when marginal utility is equal to marginal revenue.
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Answer: d. The car is a normal goods for Jim
Explanation: if an individual's income goes up by a certain percentage or amount and, in response, the quantity demanded of good rises by rises in response to the income increase, such good can be considered a normal good. It is also defined as such good for which the income elasticity of demand is positive but less than one. This is the same scenario that has happened with Jim. His demand for better automobile increased as a result of an increase in his income.
Answer:
$735 billion
Explanation:
Calculation to determine the national saving
Using this formula
National saving =Gross domestic product-Consumption expenditure-Government expenditure
Let plug in the formula
National saving=$2,450 billion-$1,390 billion- $325 billion
National saving=$735 billion
Therefore the national saving is $735 billion
A person that develop plans as well as making recommendations so that software and system needs can be met in an organization is systems analyst.
- systems analyst can be regarded as a person that utilize his experience in analysis and design techniques to make recommendation in term of needs of the organization.
- This could be in Tech. industry such as in software and others.
Therefore, systems analyst is correct.
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