What is the difference between total utility and marginal utility?
Please provide the best answer for the statement.
Marginal utility is the additional satisfaction received from consuming one more unit of a product. Total utility is the overall or total satisfaction received from consuming some particular amount of the product. Total utility can be determined by summing the marginal utility for each unit of a product that is consumed.
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Explain why charitable giving is Pareto superior move. Is there an economic explanation of why the supply of charity might be sub-optimal? Explain
What will be an ideal response?
An oligopolist's production decision affects:
A. the prices charged by each firm. B. its profits. C. the profits of other firms in the market. D. All of these statements are true.
Recall the Application about the impact inflation has on your potential future salary and the repayment of student loans to answer the following question(s).According to this Application, more years of work would be required to pay off a student loan if all prices (including your salary):
A. remained stable. B. increased by 20 percent. C. decreased by 10 percent. D. increased by 40 percent.
Since a large and a small wind turbine have the same installation, operating, and maintenance costs, but a large turbine has four times the generating capacity but costs less than three times as much as a small turbine, the wind power industry faces decreasing returns to scale.
Answer the following statement true (T) or false (F)