According to the law of diminishing marginal utility, which of the following is likely to be true?
a. Bruce enjoys his first slice of pizza more than his fifth
b. Steve enjoys his third slice of pizza more than his second.
c. Tony enjoys his second slice of pizza as much as his fifth.
d. Ethan enjoys two slices of pizza as much as one slice of pizza.
a
Economics
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Consider the distributed lag model Yt = ?0 + ?1Xt + ?2Xt-1 + ?3Xt-2 + … + ?r+1Xt-r + ut. The dynamic causal effect is
A) ?0 + ?1 B) ?1 + ?2+…+?r+1 C) ?0 + ?1+…+?r+1 D) ?1
Economics
Marginal utility: a. generally increases as more of a good is acquired
b. generally remains constant as more of a good is acquired. c. generally decreases as more of a good is acquired. d. begins to fall when total utility reaches its highest point.
Economics