• Study Resource
  • Explore
    • Arts & Humanities
    • Business
    • Engineering & Technology
    • Foreign Language
    • History
    • Math
    • Science
    • Social Science

    Top subcategories

    • Advanced Math
    • Algebra
    • Basic Math
    • Calculus
    • Geometry
    • Linear Algebra
    • Pre-Algebra
    • Pre-Calculus
    • Statistics And Probability
    • Trigonometry
    • other →

    Top subcategories

    • Astronomy
    • Astrophysics
    • Biology
    • Chemistry
    • Earth Science
    • Environmental Science
    • Health Science
    • Physics
    • other →

    Top subcategories

    • Anthropology
    • Law
    • Political Science
    • Psychology
    • Sociology
    • other →

    Top subcategories

    • Accounting
    • Economics
    • Finance
    • Management
    • other →

    Top subcategories

    • Aerospace Engineering
    • Bioengineering
    • Chemical Engineering
    • Civil Engineering
    • Computer Science
    • Electrical Engineering
    • Industrial Engineering
    • Mechanical Engineering
    • Web Design
    • other →

    Top subcategories

    • Architecture
    • Communications
    • English
    • Gender Studies
    • Music
    • Performing Arts
    • Philosophy
    • Religious Studies
    • Writing
    • other →

    Top subcategories

    • Ancient History
    • European History
    • US History
    • World History
    • other →

    Top subcategories

    • Croatian
    • Czech
    • Finnish
    • Greek
    • Hindi
    • Japanese
    • Korean
    • Persian
    • Swedish
    • Turkish
    • other →
 
Profile Documents Logout
Upload
Answers to the Problems Charpter 1 1. a. Tunes remain scarce
Answers to the Problems Charpter 1 1. a. Tunes remain scarce

... When Wendell increases the time he plays tennis from 4 hours to 6 hours, his opportunity cost of the additional 2 hours of tennis is 5 percentage points. So his opportunity cost of an additional 1 hour is 2.5 percentage points. Plot this opportunity cost at 5 hours on the graph (the midpoint between ...
Chapter 1 Limits, Alternatives, and Choices
Chapter 1 Limits, Alternatives, and Choices

... 3. Determine the profit-maximizing price and output level for a monopolistic competitor in the short run when given cost and demand data. 4. Explain why a monopolistic competitor will realize only normal profit in the long run. 5. Identify the reasons for excess capacity in monopolistic competition ...
U 1
U 1

PH_Chapter_4_Econ-2009
PH_Chapter_4_Econ-2009

... of a good when its price decreases and less when its price increases. • The law of demand is the result of three separate behavior patterns that overlap, the substitution effect, the income effect, and diminishing marginal utility. • These three effects describe different ways that a consumer can ch ...
Chapter 3 Consumer Behaviour I — The
Chapter 3 Consumer Behaviour I — The

... = The maximum amount of Y = The actual amount of Y one one is willing to pay for an is required to pay for an additional unit of X additional unit of X in exchange ...
of Demand
of Demand

Power System Economics
Power System Economics

CHAPTER OVERVIEW
CHAPTER OVERVIEW

Foundations of Economics, 3e (Bade/Parkin)
Foundations of Economics, 3e (Bade/Parkin)

Taylor_micro_ch10 - pm
Taylor_micro_ch10 - pm

Monopoly Profit Maximization A Model of Monopoly The
Monopoly Profit Maximization A Model of Monopoly The

Chapters Four and Five
Chapters Four and Five

Chapter 18
Chapter 18

Monopoly Profit Maximization PPT
Monopoly Profit Maximization PPT

File
File

AP Micro 2-2 Shifters of Demand
AP Micro 2-2 Shifters of Demand

... 6. Explain how the law of diminishing marginal utility causes the law of demand 7. How do you determine the MARKET demand for a particular good? (from reading) 8. Name 10 fast food places ...
of Demand
of Demand

... 6. Explain how the law of diminishing marginal utility causes the law of demand 7. How do you determine the MARKET demand for a particular good? (from reading) 8. Name 10 fast food places ...
Debunking the theory of the firm—a chronology
Debunking the theory of the firm—a chronology

of Demand - History with Mr. Bayne
of Demand - History with Mr. Bayne

Supply
Supply

... • If producers think the price of their product will go up, they may withhold some of the supply, causing supply to decrease and the supply curve to shift to the left.  • On the other hand, producers may expect lower prices for their output in the future.  • In this situation, they may try to prod ...
HO3e_ch12 - University of San Diego Home Pages
HO3e_ch12 - University of San Diego Home Pages

of Demand
of Demand

... 1. Give an example of the law of diminishing marginal utility 2. Explain how the law of diminishing marginal utility causes the law of demand 3. How do you determine the MARKET demand for a particular good? (from reading) ...
Short-Run Costs and Prices
Short-Run Costs and Prices

Ambiguity and Public Good Provision in large
Ambiguity and Public Good Provision in large

of Demand
of Demand

< 1 ... 4 5 6 7 8 9 10 11 12 ... 143 >

Marginalism

Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. The theory has been used in order to explain the difference in wages among essential and non-essential services, such as why the wages of an air-conditioner repairman exceed those of a childcare worker.The theory arose in the mid-to-late nineteenth century in response to the normative practice of classical economics and growing socialist debates about social and economic activity. Marginalism was an attempt to raise the discipline of economics to the level of objectivity and universalism so that it would not be beholden to normative critiques. The theory has since come under attack for its inability to account for new empirical data.Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of marginal physical productivity in explanation of cost. The neoclassical tradition that emerged from British marginalism abandoned the concept of utility and gave marginal rates of substitution a more fundamental role in analysis. Marginalism is an integral part of mainstream economic theory.
  • studyres.com © 2025
  • DMCA
  • Privacy
  • Terms
  • Report