Author Question: Use the concept of diminishing marginal utility to explain why we would be more likely to see an all ... (Read 53 times)

jilianpiloj

  • Hero Member
  • *****
  • Posts: 521
Use the concept of diminishing marginal utility to explain why we would be more likely to see an all you can eat pizza buffet rather than an all you can carry sunglass buffet.

Question 2

Which of the following is not a reason for compensating wage differentials?
 a. The risk involved in certain jobs
  b. An excess supply of workers in some industries
  c. A high probability of staying away from home
  d. To attract more laborers in risky professions
  e. Unpleasant working consditions



Beatricemm

  • Sr. Member
  • ****
  • Posts: 323
Answer to Question 1

As more food is consumed at one buffet sitting, the marginal utility declines substantially. At some point additional food could actually feature a negative marginal utility if the individual become sick from eating too much. However, the marginal utility of additional pairs of sunglasses does not decline a significantly and is unlikely to be negative since additional pairs will benefit the individual or could be given as gifts.

Answer to Question 2

b



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

For a complete list of videos, visit our video library