• 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
P2 - BrainMass
P2 - BrainMass

Exercise session 5
Exercise session 5

... M C = 2. Assume that the demand function for the product is de…ned as follows: p = 100 0:5 (q1 + q2 ) : If …rm 2 sets a quantity of q2 = 100, what’s the best response quantity for …rm 1. Solution: Residual demand curve facing …rm 1 is p = 100 0:5 (q1 + 100) = 50 0:5q1 : If the marginal cost of produ ...
chap007Answers
chap007Answers

... Briefly state the basic characteristics of pure competition. Strictly speaking, pure competition has probably never existed and probably never will. Then why study it? Pure competition has a very large number of firms; standardized products; no control over price: price takers; no obstacles to entry ...
Kuwait University - College of Business Administration (CBA)
Kuwait University - College of Business Administration (CBA)

Solutions to Problem Set 5
Solutions to Problem Set 5

AP Microeconomics Review
AP Microeconomics Review

... Economic Roles of the government. ...
AP_MICRO_EXAM_REVIEW_SHEET
AP_MICRO_EXAM_REVIEW_SHEET

... Economic Roles of the government. ...
Lecture 2 - Illinois State University
Lecture 2 - Illinois State University

... • New resource deposits are discovered => increasing reserves • Changing price and technology can make more or less of the known reserves economically viable ...
Review - Pareto E¢ ciency and Welfare Analysis Shih En Lu
Review - Pareto E¢ ciency and Welfare Analysis Shih En Lu

... di¤erently about what "fair" means. However, both are desirable an e¢ cient outcome may be "worse" than a slightly ine¢ cient, but much fairer outcome. ECON 302 (SFU) ...
chap 1 - SFU.ca
chap 1 - SFU.ca

File
File

Document
Document

... payments rises. Some of the extra tax revenue raised will have to be used to fund increased social security payments rather than the public project the extra tax revenues are intended to fund. 2. Some public projects will, by their nature, cause a shift of the labour supply curve, and this may tend ...
Chapter 6
Chapter 6

Chapter 2
Chapter 2

HW 4 - Part II  Cost and PC Markets-1
HW 4 - Part II Cost and PC Markets-1

Chapter 7: Consumer Behavior - jb
Chapter 7: Consumer Behavior - jb

... product demand. The Law of Diminishing Marginal Utility takes numeric and graphic form to illustrate why consumers respond as they do in markets. Material from Chapter 7 consistently appears in a multiple-choice question or two on the AP microeconomics exam and has appeared infrequently as part of a ...
Module 3 Glossary Term Definition Advertising A form of non
Module 3 Glossary Term Definition Advertising A form of non

... 1 – D: Land refers to the factors of production that are natural resources – water, wood, oil, etc. 2 – A: Capital resources are manmade tools (including buildings) created to make the business more efficient— financial, and physical. 3 – B: Entrepreneurial resources refer to the intelligence, imagi ...
Input Market
Input Market

Homework 3
Homework 3

... and corresponding prices, where qLH is the quantity allocated to an agent who declares L in period 1 and H in period 2. (a) Consider period t = 2. Fix the first period type, θ. Assume in period 2 that the lowtype’s (IR) constraint binds, the high type’s (IC) constraint binds and we can ignore the ot ...
Review Outline for Final Examination
Review Outline for Final Examination

Analyse and comment upon the pricing and output
Analyse and comment upon the pricing and output

Chapter 9
Chapter 9

... b. Price discrimination takes place when a monopolist is faced with buyers that are widely different; therefore, the buyers' elasticity of demand for the product will be ...
Economics 310 Handout 1 Professor Tom K
Economics 310 Handout 1 Professor Tom K

... An income-consumption curve is the combinations of products that are utility maximizing at different levels of income while holding all prices constant. Normal(superior) goods are goods where an increase in income would increase the demand for the goods. Inferior goods are goods where an increase in ...
ECON 101 KONG Midterm 2 CMP Review Session
ECON 101 KONG Midterm 2 CMP Review Session

... 1. Tax on consumers, demand curve shifts down by per unit tax 2. Tax on producers, supply curve shifts up by per unit tax Big idea: consumers and producers want to be able to recreate their original condition before taxes Taxes create a NEW equilibrium that is NOT efficient Tax Incidence: how much o ...
1 and 2, NRS 408.215
1 and 2, NRS 408.215

... (a) The roadway is scheduled for overlay or reconstruction within 2 years after the trenching is scheduled to begin; (b) The roadway is in such poor condition that a permanent patch of the pavement will not adversely affect the condition of the surface of the roadway; (c) The area is so congested wi ...
< 1 ... 95 96 97 98 99 100 101 102 103 ... 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