Last Healthcare statistics using Excel Project Example | Topics and Well Written Essays - 500 words

Last Healthcare using Excel - Statistics Project Example The law of diminishing marginal utility refers to the state that when an individual increases the consumption of a commodity and at the same time keeping the consumption of other products constant, there is a decrease in the in the marginal utility that the individual originates from consuming each extra unit of that commodity (Zubair & Habibah, 2011). The consumer surplus refers to the economic measure of a consumer satisfaction that is calculated by evaluating the difference between what the consumers are ready and able to pay for a good or service virtual to its market price (Zubair & Habibah, 2011). The case of a consumer surplus will probably occur when the consumer is ready and able to pay more for a given product or service than the current market price. The producer surplus refers to the economic measure of the difference between the value that a producer of a commodity receives and the least amount that the individual would be willing and able to accept for the commodity (Zubair & Habibah, 2011). Therefore, the surplus or difference is the benefit that the producer receives for selling the commodity in the market. When the number of producers increase in a market, the supply will automatically decline due to the excess suppliers who are will and able to supply goods and services. The price of supply will also fall. Advancement in technology will create a rise in supply because relevant information on where to supply next will be easy to know. An increase in technology leads to an increase in supply. This is a non-price