What is the law of diminishing utility? Please explain with a few examples.

Info in images

Tom likes to collect Batman and Superman comic books. The table below presents his total and marginal utilities for both types of comic books.   Instructions: Be sure to scroll down and answer all questions. Enter your answers as a whole number.   Batman Comics, Superman Comics, and Tom's Utility Batman Comic Books   Superman Comic Books Quantity Total Utility Marginal Utility   Quantity Total Utility Marginal Utility 0 0 —   0 0 — 1 40 40   1 58 58 2 68 28   2 92 34 3 88 20   3 106 14 4 94 6   4 110 4 5 94 0   5 112 2 6 84 –10   6 112 0 7 64 –20   7 104 –8   a. Assume the price of a Batman comic book is $1, and the price of a Superman comic book is $2. Fill in the values for the marginal utility per dollar for Batman and Superman comic books in the table below.   Batman Comics, Superman Comics, and Tom's Marginal Utility per Dollar Batman Comic Books   Superman Comic Books Quantity Marginal Utility per Dollar   Quantity Marginal Utility per Dollar 0 —…

Ari intends to purchase a new car and has narrowed it down to a Dodge Ram truck or a Toyota Camry. A Dodge Ram truck costs $55000 while a Toyota Camry costs $20000. The utility that Ari will get from Dodge Ram truck is 12500 while Toyota Camry will generate a utility of 2500. Note: A purchase generating utility tells us the marginal utility of the good. What is the Marginal Utility per Dollar for Dodge Ram truck? What is the Marginal Utility per Dollar for Toyota Camry? Will Ari be better off buying a Dodge Ram truck or a Toyota Camry? ODodge Ram truck OToyota Camry A

As organic vegetables increase in popularity, Marcy finds herself eating more and more organic kale. Use the table to answer the two questions. Units of organic kale consumed by Marcy Total utility of the units consumed Marginal utility of each additional unit consumed 1 10 – 2 18 8 3 – 6 4 28 4 5 30 – 6 28 −2 What is the total utility that Marcy obtains from consuming three units of organic kale? total utility:     What is Marcy's marginal utility for the fifth unit of organic kale? marginal utility:

Kenji enjoys buying shoes. The following table contains information on Kenji's utility from shoes each month. Fill in the two missing cells of the table. Total Utility (Utils) 0 35 Shoes (Pairs) ON 36 90 110 125 135 Marginal Utility (Utils per pair) 35 30 25 15 10

The value for X is

Question 2

Can Giffin goods also be normal goods?