of Diminishing Marginal Utility’ A law of economics stating that as a person increases consumption of a product - while keeping consumption of other products constant - there is a decline in the marginal utility that person derives from consuming each additional unit of that product. EXPLANATION This is the premise on which buffet-style restaurants operate. They entice you with "all you can eat‚" all the while knowing each additional plate of food provides less utility than the one before. And
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Marginal Utility According to this‚ a consumer is in equilibrium when he distributes his given money income among various goods in such a way that marginal utility derived from the last rupee spent on each good is the same. Assumptions The main assumptions of the law of equi-marginal utility are as under: (1) Independent utilities. The marginal utilities of different commodities are independent of each other and diminishes with more and more purchases. (2) Constant marginal utility of
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In economics‚ utility is a measure of personal satisfaction or level of meeting a need that a good or service meets. For example the initial cup of coffee in the morning meets a large need and provides a large amount of satisfaction (utility). Another example is go under water and hold your breath‚ keep holding it until you think you will pass out. Then come up out of the water‚ that first breath is wonderful -- tremendous utility. That is utility - the meeting of a need or being satisfied. Now
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Confucianism and filial virtue Confucianism is a complex philosophy invented by Confucius during the 5th century BCE‚ which includes social‚ moral‚ philosophical‚ political and religious thoughts that dominated the culture of East Asia. Confucianism does not advocate specific religious practices or rituals in its teachings but teaches the people to adopt ethics behaviors to live in harmony. The most important of its virtues is probably the filial virtue that characterizes‚ still nowadays
Free Confucianism Confucius Han Dynasty
BEHAVIOR AND UTILITY MAXIMIZATION Consumers are assumed to be rational. Given his money income and the market prices of various commodities‚ he plans the spending of his income so as to attain the highest possible satisfaction. It is possible to measure the amount or level of satisfaction that individuals get from consuming a commodity or a bundle of goods using the concept of utility. Two approaches to the concept of utility (Cardinalists and Ordinalists approach) describe how utility can be gauged
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Competitor Analysis United Utilities is a British Utility company which owns and operates the water network mainly in the North West of England. It serves around seven million people in England and is considered to be the largest water listed company in the UK. The reason our group considers United Utilities as a major competitor to Severn Trent PLC is the competitiveness of the utility companies in the UK. Although United Utilities does not compete with Severn Trent PLC directly as Severn Trent
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Courage is a virtue As a kid‚ I watched a lot of cartoons. Some were memorable and had an impact on my life‚ while some were not. One of the most memorable was a cartoon called ‘Courage the Cowardly Dog’. You can probably see from the title that this cartoon was very interesting. It has had a big impact on my philosophy as I have learnt life facts from watching it. I believe that I wouldn’t be the same person that I am today if I never came across it. I think it’s safe to say that as a kid‚ I did
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Virtue is a broad term used in ethics‚ it identifies with the moral character of a person where some other ethic theories focus on duties and roles or the consequences of an action. Virtue ethics has been broken down into three main theories: eudaimonism‚ agent-based theories‚ and the ethics of care. Eudaimonism is based on human flourishing or a person achieving their purpose well. An agent-based theory are based on what other people think are admirable traits in people that are thought to be common-sense
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The biosphere around us comprises of plants‚ animals and humans. Each has its own role and part to play. They contribute immensely to make it functional and viable for each other. It is indeed true that it would not be full circle if one part or whole would be missing. Man however has utilized his supreme intelligence to extract the best from plants and animals for his very existence and to lead a luxurious lifestyle. Man has domesticated animals since times immemorial. It is man who has used camels
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Virtue ethics‚ emphasising techniques promoting an agent’s character and instructing their conscience‚ has become a significant mode of discourse in modern medical ethics. Healthcare whistleblowers‚ whose complaints are reasonable‚ made in good faith‚ in the public interest‚ and not vexatious‚ we argue‚ are practising those obligations of professional conscience foundational to virtue based medical ethics. Yet‚ little extant virtue ethics scholarship seriously considers the theoretical foundations
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