Explain no.3 pls, thank you!Note: input references. 1. What does the Law of Demand state?2. Explain the difference between a demand schedule and a demand curve. Would there be a reason touse one rather than the other?3. Explain the concept of marginal utility. Why is diminishing marginal utility important to the demandcurve?4. Define a change in quantity demanded, and describe what causes it.5. What is the difference between elastic demand and inelastic demand?

Demand is the number of customers who are able and willing to buy products at a range of prices over…

Answered: 3. Explain the concept of marginal…

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3. Explain the concept of marginal utility. Why is diminishing marginal utility important to the demand curve?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 7PA: Suppose that your demand schedule for pizza is as follows: a. Use the midpoint method to calculate...

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Question

Explain no.3 pls, thank you!

Note: input references.

1. What does the Law of Demand state?
2. Explain the difference between a demand schedule and a demand curve. Would there be a reason to
use one rather than the other?
3. Explain the concept of marginal utility. Why is diminishing marginal utility important to the demand
curve?
4. Define a change in quantity demanded, and describe what causes it.
5. What is the difference between elastic demand and inelastic demand?

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