AboutSheik Mohammad Sheik Fareed Expertise Any type of question that is related to macroeconomics.I can respond very quickly to your questions and if necessary I can give you pieces of evidence.
Experience Economics is my life. I have been studying it since three years and there are still a long way to go. I would like to show my talents to the world and promote better understanding of Economics and hence, encouraging individuals to opt for Economics.
Organizations I belong to an organization named after the great politician Mahatma Gandhi Institute. It is to be noted that i left the great Sir Abdool Razack Mohamed a great politician and philosopher in Mauritius.
Publications Not yet. A website is currently in construction
Education/Credentials I am very happy that I am eligible for higher studies in Economics. I want to spread the advantage of studying Economics in the world, particularly aiming at young individuals.
Awards and Honors 2005- 1st,2nd and 3rd term, rank first in Economics(Excellence Certificate)
2006-1st, 2nd and 3rd term, rank first in Economics, Accounting and Computer Studies
Question QUESTION: questions are
a) Differentiate between total and marginal utility?
b) Explain the law of diminishing marginal utility with the help of schedule and graph.
ANSWER: Dear Shani,
Totla utility refers to the total satisfaction derived from a good. The rattional consumer is a utility maximiser and as he consume more of a good the marginal utility derived(extra Satisfaction) decreases. This is the law of diminishing marginal utility.
An example is apple. A boy buys an apple at a low price 0.10$, at the first consumption, he derives total satisfaction from the apple. Then being rational , he buys more of it at same low price. However, this time it will not satisfy him as it had done previously. The extra marginal utilily declines graduall as he consume more of it, only apples!
It is difficult to draw a graph in the answer dialogue box. If you need more clarification, please send give request me further notes.
Your Expert
Sheik Mohammad
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QUESTION: thank you very much sir.
i want to ask about you the 2nd question which is
(1)Explain the law of diminishing marginal utility with the help of schedule and graph. can you explian or send me the solution of this question by an other way i mean to say that by your another mail address not by using this.
this question is much imporatant.
best regards.
Allah Hafiz.
Answer diminishing returns is also called diminishing marginal returns or the law of diminishing returns. According to this relationship, in a production system with fixed and variable inputs (say factory size and labor), beyond some point, each additional unit of variable input yields less and less additional output. This concept is also known as the law of diminishing returns or law of increasing opportunity cost. Although ostensibly a purely economic concept, diminishing marginal returns also implies a technological relationship. Diminishing marginal returns states that a firms short run marginal cost curve will eventually increase. It is possibly among the best-known economic "laws."
Please try to understand that it is difficult to draw a curve on this machine
