Get premium membership and access questions with answers, video lessons as well as revision papers.
(a) Marginal rate of substitution - refers to the rate at which a consumer may prefer product Y over product X.
(b) Law of diminishing marginal utility - states that as a consumer increases the consumption of a product by an extra unit while keeping consumption of other products constant, the marginal utility derived from that product declines.
kevinnyabute answered the question on February 14, 2018 at 08:12
- Distinguish the difference between (a) Total utility (b) Marginal utility(Solved)
Distinguish the difference between (a) Total utility (b) Marginal utility
Date posted: February 14, 2018. Answers (1)
- Discuss methods of computing national national income of a country taking into account the necessary adjustments (Solved)
discuss methods of computing national national income of a country taking into account the necessary adjustments.
Date posted: February 10, 2018. Answers (1)
- Explain how information technology dampens the business cycle in Kenya (Solved)
Explain how information technology dampens the business cycle in Kenya
Date posted: February 10, 2018. Answers (1)
- Why is price discrimination important in high tech industries?(Solved)
Why is price discrimination important in high tech industries?
Date posted: February 10, 2018. Answers (1)
- What is bundling and what are its economic effects (Solved)
What is bundling and what are its economic effects
Date posted: February 10, 2018. Answers (1)
- Discuss the useful metrics used to estimate various maintenance tasks. (Solved)
Discuss the useful metrics used to estimate various maintenance tasks.
Date posted: February 10, 2018. Answers (1)
- Briefly explain how information technology enhances productivity in an economy(Solved)
Briefly explain how information technology enhances productivity in an economy
Date posted: February 10, 2018. Answers (1)
- What are the main factors that determine the choice of data processing model to be used by a firm(Solved)
What are the main factors that determine the choice of data processing model to be used by a firm
Date posted: February 10, 2018. Answers (1)
- General trends indicate that ICT will continue to be the driver of change in the future. Discuss the validity of this proposition. (Solved)
General trends indicate that ICT will continue to be the driver of change in the future. Discuss the validity of this proposition.
Date posted: February 10, 2018. Answers (1)
- Differentiate between transactions and batches as used in information systems (Solved)
Differentiate between transactions and batches as used in information systems
Date posted: February 10, 2018. Answers (1)
- Highlight the major challenges facing the Business Processing Outsourcing sector in Kenya (Solved)
Highlight the major challenges facing the Business Processing Outsourcing sector in Kenya
Date posted: February 10, 2018. Answers (1)
- Define the following terms:: Digital economy, Operating system, Firmware, Software entropy, Function point (Solved)
Define the following terms
Digital economy
Operating system
Firmware
Software entropy
Function point
Date posted: February 10, 2018. Answers (1)
- Discuss the meaning of abilities and skills(Solved)
Discuss the meaning of abilities and skills
Date posted: February 9, 2018. Answers (1)
- Strategic managers should be careful not be influenced by FAD in their decision making. Discuss this statement(Solved)
Strategic managers should be careful not be influenced by FAD in their decision making. Discuss this statement.
Date posted: February 8, 2018. Answers (1)
- Consider the following simple two period model: There are n customers, each of whom is willing to pay V per period to buy a nondurable...(Solved)
Consider the following simple two period model: There are n customers, each of whom is willing to pay V per period to buy a nondurable good. There are two producers that produce the good at a constant marginal cost of c. The producers are unable to commit to future prices. In order to switch consumption from one firm to another, a consumer must pay a switching cost s. Use this model to discuss the concepts of switching costs and lock in.
Date posted: February 7, 2018. Answers (1)
- Explain the factors that negatively impact the work of updating existing software applications. (Solved)
Explain the factors that negatively impact the work of updating existing software applications.
Date posted: February 7, 2018. Answers (1)
- IT contributes to economic growth. Discuss the various channels which this takes place supporting the fact that developed countries have invested heavily in IT. (Solved)
IT contributes to economic growth. Discuss the various channels which this takes place supporting the fact that developed countries have invested heavily in IT.
Date posted: February 7, 2018. Answers (1)
- Why do prices of agricultural commodities keep fluctuating?(Solved)
Why do prices of agricultural commodities keep fluctuating?
Date posted: February 6, 2018. Answers (1)
- State the problems of using national income as measure of standards of living of people(Solved)
State the problems of using national income as measure of standards of living of people.
Date posted: February 5, 2018. Answers (1)
- Discuss the Keynesian theory(Solved)
Discuss the Keynesian theory.
Date posted: February 5, 2018. Answers (1)