First I would like you to discuss the law of diminishing marginal utility for co
ID: 1225290 • Letter: F
Question
First I would like you to discuss the law of diminishing marginal utility for consumers. Make sure you explain what marginal means. Second. Discuss the learning curve of a producer. Third: It seems that as the producer becomes more efficient at producing their product, the consumer tends to have less and less satisfaction from consuming one additional unit of the producer's is this true (think in terms of only one producer and consumer)? Explain your answer. Replies are only visible to those who have posted at least one reply.Explanation / Answer
1) law of diminishing marginal utility means as more and more commodity consumed,the mariginal utility comes to declines,marginal means the additional satisfaction a consumer inreases as one more unit consumed.
2) learning curve is a graphical presentation of the relationship between the cost and output over a defined period of time,which measures the production efficiency and to forecast cost.
3.) i m thinking as a producer, the production is a process to make the relation between the input and output, they make the full satisfaction to cosumer while consuming their product. It means the product is not according to the wants of the consumers that is the reason the consumer is not purchasing.
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