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Author Question: Use the concept of diminishing marginal utility to explain why we would be more likely to see an all ... (Read 59 times)

jilianpiloj

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on: Jun 30, 2018
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

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Reply #1 on: Jun 30, 2018
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


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