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Why does the creation of a government program create a special interest group, which makes it difficult to reduce or eliminate it in the future?
Why are college students better informed about their own teachers' and schools' policies than about national education issues?
Why can we not say that two people who chose to buy the same quantity of a good at the same price have the same marginal utility?
If someone said, You would have to pay me to eat one more bite, what do we know about her marginal utility? What do we know about her total utility?
Why would you not continue to consume a good in the range where there was diminishing total utility?
Suppose it is All You Can Eat Night at your favorite restaurant. What happens to the marginal utility from successive helpings as consumption increases?
Suppose you currently spend your weekly income on movies and video games. how will you reallocate your fixed income between the two activities? Why?
Brandy spends her entire weekly budget of $20 on soda and pizza. What will happen to the marginal utility per dollar from pizza consumption?
How much marginal utility would you receive from a pizza that was delivered immediately after you finished a five-course Thanksgiving dinner?
Explain how the behavior assumed in the CPI conflicts with the way consumers actually respond to price changes.
What does this say about the likely marginal utility most people expect to get from the sixth pound of steak during that dinner?
How does the water-diamond paradox explain why there is such a poor correlation between the price of a good and the total utility a person receives from it?
Explain the book's distinction between newspaper racks, where the price allows you access to multiple papers.
What happens to the cost of growing strawberries on your own land if a housing developer offers you three times what you thought your land was worth?
As a farmer, you work for yourself using your own tractor, equipment, and farm structures. Why might it be difficult to calculate your profits from farming?
Evaluate this business strategy. Will employing relatives really keep profits from falling? Under what conditions is this a good strategy?
Draw a typically shaped total product curve and the marginal product curve derived from it, and indicate the ranges of increasing, diminishing, and negative.
What is the marginal product of the seventh worker? Under these conditions, would you ever choose to employ nine workers?
A one-day ticket to visit the Screaming Coasters theme park costs $36. What is the marginal cost of the second consecutive day?
As a movie exhibitor, you can choose between paying a flat fee of $5,000 to show a movie. Will your choice affect your fixed and variable costs? How?
What is likely to happen to your marginal costs when adding output requires working beyond an eight-hour day, if workers must be paid time-and-a-half wages?
If the elasticity of demand for Giants game tickets is estimated to be -1.6, what would you advise? If the elasticity of demand equals -0.4?
what would be the elasticity of demand if the quantity demanded changed from: a. $19 to $21? b. $27 to $33? c. $195 to $205?
Explain why using the midpoint formula for calculating the elasticity of demand gives the same result whether price increases or decreases.
Why is a more narrowly defined good (pizza) likely to have a greater elasticity of demand than a more broadly defined good (food)?