When a consumer shifts purchases from product x to product y, the marginal utility of <u>X rises, and the </u><u>marginal utility</u><u> of Y falls.</u>
In economics, utility is the satisfaction or benefit obtained from consuming a product. The marginal utility of a good or service describes how much pleasure or satisfaction a consumer gains or loses by increasing or decreasing his consumption by one unit. There are three types of marginal utility. They are positive, negative, or zero marginal utilities.
Marginal utility is the pleasure obtained by the consumer for each additional unit he consumes. Calculate the utility over the first consumed product (threshold amount). For example, you can buy frozen donuts. In return, this will give you a certain level of benefit or satisfaction.
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Some of the factors that show that India has lots of promise to shine among the emerging market economies are;
- India's substantial manufacturing growth, business-friendly reforms, infrastructure development, and political stability make the country the most notable developing market for investors to invest in.
<h3>What are some of the factors that are preventing India from achieving its full potential?</h3>
India would not be able to grow its economy or develop sustainably until gender and economic disparity are reduced. According to a recent United Nations Development Fund assessment, India trails behind several of its South Asian neighbors on the human development index (HDI), mostly due to inequities.
<h3>Why was China able to achieve such economic growth more easily than India?</h3>
While economic reforms may account for some of the differences, China outpaced India because:
(1) the economy was privatized sooner;
(2) prices were released sooner;
(3) the labor market underwent much deeper reforms; and
(4) the economy was opened up to international trade and foreign direct investment (FDI) sooner.
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<span>As a result of their wider networks and ability to sabotage crops when it was most beneficial for them, the black farmers which emerged following the Civil War were able to make money sharecropping due to the ability to influence the workflow and yield that would arise.</span>
Based on his deductible and coinsurance cap, the amount that Barry will pay is <u>$4,560.</u>
<h3>Amount Barry will pay </h3>
Barry will have to pay the entire deductible of $1,200. The expenses that are left will then be shared between him and the insurer in a 20% - 80% ratio but he will not pay more than $5,000.
Total he will pay out of pocket is therefore:
= Deductible + ( 20% x (Medical expenses - deductible))
Solving gives:
= 1,200 + ( 20% x (18,000 - 1,200))
= $4,560
In conclusion, he will pay $4,560.
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