Related questions with answers

During the early development of many animals, cells differentiate into three germs layers. Name these layers and give an example of a body structure that develops from each layer.

Consider a long roll of wallpaper that repeats its pattern every yard. Four sheets of wallpaper must be cut from the roll. With reference to the beginning (point 0) of the wallpaper, the beginning and end of each sheet are located as shown in Table 78. Thus, sheet 1 begins 0.3 yd from the beginning of the roll (and 1.3 yd from the beginning of the roll) and sheet 1 ends 0.7 yd from the beginning of the roll (and 1.7 yd from the beginning of the roll). Assume we are at the beginning of the roll. In what order should the sheets be cut to minimize the total amount of wasted paper? Assume that a final cut is made to bring the roll back to the beginning of the pattern. TABLE 78:

\begin{matrix} \text{Sheet} & \text{Beginning (Yards)} & \text{End (Yards)}\\ \text{1} & \text{0.3} & \text{0.7}\\ \text{2} & \text{0.4} & \text{0.8}\\ \text{3} & \text{0.2} & \text{0.5}\\ \text{4} & \text{0.7} & \text{0.9}\\ \end{matrix}

Research an example of an item with decreasing supply and increasing demand that occurred in the United States within the last five years. What caused the supply of the item to decrease? When demand increased, what happened to the price of the item? What is the current status of the supply and demand of the item?

Question

How is the price we would be willing to pay for another unit of a good or service explained by the principle of marginal utility?

Solution

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It is important to define the concepts. In economics, utility refers to the satisfaction that a consumer can have when having or buying a product. Marginal, refers to the small change in a unit. Therefore, marginal utility is the satisfaction that a consumer will have with each additional unit of a product.