Advertisements
Advertisements
Question
The law of diminishing marginal utility can be explained with the help of schedule and diagram.
Solution
‘Other things remaining the same, when a person takes successive units of a commodity, the marginal utility diminishes constantly.’
APPEARS IN
RELATED QUESTIONS
Explain the law of diminishing marginal utility.
Explain the law of diminishing marginal utility with the help of a total utility schedule.
Explain the meaning of diminishing marginal rate of substitution with the help of an example.
Explain with reasons, whether you agree or disagree with the following statement
The law of 'diminishing marginal utility' is important in practice.
Explain the importance of the law of Diminishing Marginal Utility.
What is the behaviour of Total Variable Cost, as output increases?
Define or explain the following concept :
Marginal utility.
Assumption to the Law of diminishing Marginal util.
Exceptions to the Law of diminishing Marginal Util.
Answer with reason, whether you agree or disagree with the following statement.
The law of diminishing marginal utility depends upon assumptions.
Give reasons or explain the following statement:
In a rich country marginal propensity to consume is less.
State the following statement is True or False:
The law of diminishing marginal utility explains economic behaviour of a rational consumer.
State the following statement is True or False:
Negative MU denotes more satisfaction.
Answer in detail :
State and explain the law of Diminishing Marginal Utility. Explain its assumptions.
State with reason whether you agree or disagree:
Law of Diminishing Marginal utility is important in practice.
State with reason whether you agree or disagree:
There are no real exceptions to the law of Diminishing Marginal Utility.
State with reason whether you 'agree' or 'disagree' with the following statement.
Homogeneity of commodities is the only assumption of the law of diminishing marginal utility.
Answer the following question.
What is meant by "diminishing returns to a factor"? Discuss any two reasons for the operation of diminishing returns to a factor.
Answer the following question:
Explain the law of diminishing marginal utility using a hypothetical schedule.
Name the law which deals with the behaviour of marginal utility when the consumer consumes a commodity continuously at a given time. Explain this law with the help of a diagram.
