This document summarizes the law of diminishing marginal utility. It states that as consumption of a good increases incrementally, the satisfaction or utility derived from each additional unit decreases. The law is explained using examples like consuming hamburgers or antibiotics. Diminishing marginal utility forms the basis for concepts like progressive taxation and variety in goods produced. Exceptions include rare collections, money and addictive substances which people continue consuming in increasing amounts despite diminishing marginal utility. The law was first stated by H. Gossen and later restated by Alfred Marshall and has wide applications in economics, production, and household expenditure.
Equilibrium of Firm Under Perfect CompetitionPiyush Kumar
The ppt incorporates lots of animations for clear explanation on graphs and curves, it's better to download it first and then surely you will be cherished with it
Equilibrium of Firm Under Perfect CompetitionPiyush Kumar
The ppt incorporates lots of animations for clear explanation on graphs and curves, it's better to download it first and then surely you will be cherished with it
Economics, Law of Demand, Determinants of Demand, increase and Decrease in Demand, Extension and Contraction in Demand, Exception of Demand, Assumptions of Demand
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Tonmoy Halder
Shopna Akter
Bipul Chandra
Mamunur Rahaman
Siam Hossain
Jibon Rahman
A PowerPoint Presentation about Indifference Curve of Economics. Everyone should know about Indifference Curve. So watch it, download it and make your own from it.
An indifference curve shows combinations of goods and services between which a consumer is indifferent
In other words, each combination on an indifference curve gives the consumer the same total satisfaction
An indifference curve is normally drawn as convex to the origin
This reflects the assumption of the law of diminishing marginal satisfaction / marginal utility
I.e. as we consume extra units of something, the extra utility falls, total utility rises at a diminishing rate
Combinations of products on an indifference curve further from the origin are assumed to give greater total utility
Budget line is a graphical representation of all possible combinations of two goods which can be purchased with given income and prices, such that the cost of each of these combinations is equal to the money income of the consumer.
The presentation is to simply explain one of the most fundamental, interesting and important economic theory - The Law of Diminishing Marginal Utility.
Economics, Law of Demand, Determinants of Demand, increase and Decrease in Demand, Extension and Contraction in Demand, Exception of Demand, Assumptions of Demand
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Tonmoy Halder
Shopna Akter
Bipul Chandra
Mamunur Rahaman
Siam Hossain
Jibon Rahman
A PowerPoint Presentation about Indifference Curve of Economics. Everyone should know about Indifference Curve. So watch it, download it and make your own from it.
An indifference curve shows combinations of goods and services between which a consumer is indifferent
In other words, each combination on an indifference curve gives the consumer the same total satisfaction
An indifference curve is normally drawn as convex to the origin
This reflects the assumption of the law of diminishing marginal satisfaction / marginal utility
I.e. as we consume extra units of something, the extra utility falls, total utility rises at a diminishing rate
Combinations of products on an indifference curve further from the origin are assumed to give greater total utility
Budget line is a graphical representation of all possible combinations of two goods which can be purchased with given income and prices, such that the cost of each of these combinations is equal to the money income of the consumer.
The presentation is to simply explain one of the most fundamental, interesting and important economic theory - The Law of Diminishing Marginal Utility.
It is a stream of social sciences and commerce.
It is a study of production, consumption, distribution and regulation of flow of goods and services in an economy.
It has a direct relation with money.
It studies the economic aspect of goods and services provided in the economy.
It is a wider concept and hence affects the overall conditions of the economy.
It has two major segments: micro and macro. It is derived from Greek word ‘Mikros’.
It creates efficiency and smoothens up the process of final consumption of goods and services.
It tries to understand the problems that occur while producing, distributing and consuming a product.
It deepens our understanding.
Consumption is a broader term and it is the essence of economics. Economists generally consider consumption to be the final purpose of economic activity, hence consumption per person is a central measure of an economy’s productive success.
Consumption in economics means utilization of a product or a commodity and to derive benefits from the same. The utility of a product will help us in satisfying our needs and hence it is consumption.
Consumption can be defined in different ways, but is usually best described as the final purchase of goods and services by individuals. The purchase of a new pair of shoes, a burger at the fast food restaurant, or the service of getting your house cleaned are all examples of consumption.
It is a state of maximum satisfaction from a consumption.
A producer will obtain the stage of equilibrium when he will get maximum profit from his production.
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
Equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case refers to a condition where a market price is established through competition.
This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes and the quantity is called "competitive quantity" or market clearing quantity.
Consumption & its characteristics
needs and wants & their relation , differences
concepts of economics
opportunity cost
laws of supply and demand
laws of increasing and diminishing & constant returns
standard of living
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
2. Introduction
What is utility ?
The want satisfying power of a
commodity is termed as utility .
Economics basically deal with
the problem of scarcity .Thus
the resources are to be
allocated efficiently . So utility
means how an individual &
economies aim to gain optimal
satisfaction in dealing with
scarcity
Example :when a
person is hungry ,
the only thing he
thinks about is
food . Thus the
food has that
satisfying power
and the
satisfaction that
one gets from
eating the food is
termed as utility
3. Types
Total utility –The aggregate sum of
satisfaction and benefit that an
individual gains from consuming a
given amount of goods and services
Marginal utility –It is the additional
satisfaction or amount of utility
gained from the consumption of extra
unit of the commodity
4. Law of
Diminishing
Marginal Utility
This law states that “as a consumer
consumes more and more units of a
specific commodity , the satisfaction
derived from each successive unit goes on
decreasing
Also known as Gossen’s first law
Mr. H. Gossen
5. Assumptions
1.The utility is measurable in cardinal form
2.A rational consumer aims at the maximization of his
utility.
3.Standard unit of measurement is constant.
4.The commodity is consumed continuously.
5. Proper units of good are consumed by the consumer.
6.Units are homogenous in nature
7.The taste of the consumer remains same .
8.Income of the consumer remains constant.
9.Commodity is divisible
10.Fashion remains same
6. Explanation
The law can be explained with the help of an easy example :
Suppose a person consuming hamburger/meal is 1 unit, the utility
derived from it is 10 utils
Further on increasing the consumption to 3 or 4 units the total
utility keeps on increasing but the marginal utility is decreasing
Marginal utility finally falls to zero at the consumption of 6th unit
Finally it becomes negative
8. Examples
• If a person goes on consuming antibiotics it will not kill pathogens at a
point of time , and might even become harmful to the body.
• To quench the thirst a person drinks water but beyond a point ,
consumption of more water might make the person vomit, hence this will
lead to diminishing marginal utility.
• It takes a certain amount of food energy to sustain a population, yet
beyond a point more calories cannot be consumed and are simply
discarded.
9. Application
They have
variety of
dishes to
satisfy the
needs of
their
customers
Whenever the
price of a
good exceeds
the marginal
utility the
expenditure is
controlled at
that time
This law
serves the
basis for
progressive
taxation
The
producers
keep on
making new
products
keeping in
view this law
Restaurants Govt. taxes
Production
process
Household
Expenditure
10. a) Liquor consumption –the more a
person drinks liquor the more he has
the urge to drink
b)Rare collection –a person who is in the
habit of collecting rare things goes on
collecting them even if he already have
plenty of them a good example can be
of diamonds
c) Money –the more a person has , the
more he wants
Exceptions
11. Conclusion
To recapitulate , law of diminishing
marginal utility forms the basis of
various other laws and the law has
a wide application in daily life . This
law initially given by Mr. H. Gossen
was further restated by Alfred
Marshall “The additional benefit
which a person derives from an
increase of his stock of thing
diminishes with every increase in
the stock that he already has “ Alfred Marshall