Explain the exemptions of the law of diminishing marginal utility
1: Desire for money-the more the money one gets the more the satisfied they are
2: Desire for knowledge-when one get more and more knowledge the desire for knowledge decreases
3: Personal hobby-one cannot get fired doing his/her hobby
4: Addiction-the more addicted you are to something the more you consume it
5: Fashionable things.
Kalis answered the question on March 23, 2018 at 15:08
- Define economies of scale(Solved)
Define economies of scale.
Date posted: March 23, 2018. Answers (1)
- (a) Define elasticity of demand? (b) State the types of demand?(Solved)
(a) Define elasticity of demand? (b) State the types of demand?
Date posted: March 23, 2018. Answers (1)
- Define consumer sovereignty? (Solved)
Define consumer sovereignty?
Date posted: March 23, 2018. Answers (1)
- Discuss the limitations of consumer sovereignty?(Solved)
Discuss the limitations of consumer sovereignty?
Date posted: March 23, 2018. Answers (1)
- Explain the types of equilibrium?(Solved)
Explain the types of equilibrium?
Date posted: March 23, 2018. Answers (1)
- Give the disadvantages of price control?(Solved)
Give the disadvantages of price control?
Date posted: March 23, 2018. Answers (1)
- Explain the types of price control?(Solved)
Explain the types of price control?
Date posted: March 23, 2018. Answers (1)
- Define price control(Solved)
Define price control.
Date posted: March 23, 2018. Answers (1)
- List six effects of price decontrol?(Solved)
List six effects of price decontrol?
Date posted: March 23, 2018. Answers (1)
- Give the roles the government plays in a mixed economic system?(Solved)
Give the roles the government plays in a mixed economic system?
Date posted: March 23, 2018. Answers (1)
- What is an economic system?(Solved)
What is an economic system?
Date posted: March 23, 2018. Answers (1)
- Compare and contrast ordinal and cardinal utility theory(Solved)
Compare and contrast ordinal and cardinal utility theory.
Date posted: March 21, 2018. Answers (1)
- The following information represents the National Income Model of an ‘Utopian’ economy. Y = C + I + G C = a + b(Y – T) T =...(Solved)
The following information represents the National Income Model of an ‘Utopian’ economy.
Y = C + I + G
C = a + b(Y – T)
T = d + tY
I = IO
G = GO
Where a > O; O < b < 1
d > O; O < t < 1
T = Taxes
I = Investment
G = Government Expenditure
(i) Explain the economic interpretation of the parameters a,b,d and t.
(ii) Find the equilibrium values of income, consumption and taxes.
Date posted: March 21, 2018. Answers (1)
- Differences between micro and macro economics(Solved)
Differences between micro and macro economics.
Date posted: March 21, 2018. Answers (1)
- Give the Importance and use of micro-economics(Solved)
Give the Importance and use of micro-economics
Date posted: March 20, 2018. Answers (1)
- (a) Citing practical examples, explain the differences between the following types of unemployment listed below and how each affects economic growth.
(i) Seasonal and casual unemployment. ...(Solved)
(a) Citing practical examples, explain the differences between the following types of unemployment listed below and how each affects economic growth.
(i) Seasonal and casual unemployment.
(ii) Disguised and unproductive unemployment.
(b) Outline policies which if implemented would alleviate the problem of unemployment.
Date posted: March 16, 2018. Answers (1)
- (a) Define the concept of “national income”.
(b) Briefly explain how national income is measured.
(c) Give reasons why it is difficult to compare the national income of...(Solved)
(a) Define the concept of “national income”.
(b) Briefly explain how national income is measured.
(c) Give reasons why it is difficult to compare the national income of one country with the national income of another country.
(d) Outline the factors that determine the level of national income of a country.
Date posted: March 16, 2018. Answers (1)
- (a) Distinguish between money, near money and money substitutes.
(b) Identify and explain the functions of...(Solved)
(a) Distinguish between money, near money and money substitutes.
(b) Identify and explain the functions of money. (6 marks)
(c) Explain the reasons for liquidity preference for money.
(d) Explain any four qualities of money.
Date posted: March 16, 2018. Answers (1)
- Give reasons why teachers study economics of education.(Solved)
Give reasons why teachers study economics of education.
Date posted: March 16, 2018. Answers (1)
- Give reasons why economists are interested in education.(Solved)
Give reasons why economists are interested in education.
Date posted: March 16, 2018. Answers (1)