Provide an example of diminishing marginal utility. In this case, does marginal utility begin to diminish immedately or after several units?

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kartikeysingh7729Lv1

30 Jan 2023

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Patrina SchowalterLv2

23 Nov 2018

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Related questions

One principle of utility analysis is Diminishing Marginal Utility. Think about some things, goods, or services, you "consume"?

Does the principle of Diminishing Marginal Utility apply, or as you "consume" more of the good or service do you experience "increasing" marginal utility, or is Marginal Utility constant as you consume additional units?

Explain the good or service to your classmates and whether you experience Diminishing, Constant, or Increasing Marginal Utility. Discuss why you and your classmates experience this effect.

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5) Childcare workers often get paid fairly low wages, yet it is said that they have the most important job in the world." This paradox can be resolved by A) noting that marginal utility does not diminish for childcare. B) distinguishing between price and value. C) noting that childcare yields no utility since it is a service. D) distinguishing between marginal utility and total utility. E) none of the above.

20) Childcare workers often get paid fairly low wages, yet it is said that they have "the most importa job in the world." This paradox can be resolved by A) distinguishing between price and value. B) distinguishing between marginal utility and total utility. C) noting that marginal utility does not diminish for childcare. D) noting that childcare yields no utility since it is a service. E) none of the above.