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Has the utility of the item increased because of the lower price and why? As a result of the lower price, has your total utility increased and why?
When discussing the maximization of utility, regardless of whether you chose to work more hours or fewer
How is the $10 best allocated between A and B? How much utility will the marginal dollar yield?
Use the Lagrange method to determine how many hours this individual works per day to maximize the utility.
Are these preferences consistent with the law of diminishing marginal utility? Explain briefly.
Describe the household's budget line and its relationship to the indifference curve. What is the household's optimal consumption bundle?
State and explain the law of diminishing marginal utility. Then, take THREE goods that you have purchased recently and Explain how your utility has behaved.
Q1. Solve Kader's utility maximization problem.
sing the Diamond-Water Paradox as a guide, use two other goods to illustrate the concept and explain the roles played by total utility and margin utility.
In the workplace you will often see diminishing marginal utility, where the utility (satisfaction experienced per hour of work) experienced by workers
A. Is Bridget making the utility-maximizing choice? Why or why not?
You did such a great job in the 4th grade class last week that you have been invited back to explain diminishing marginal utility.
In the context of usual utility maximization problems involving two goods, prove that: a) All goods must have one net substitute.
Assume that an individual consumes two goods, X and Y. The total utility of each good is independent of the rate of consumption of the other good.
Select a human behavior and construct a "mini case study" that highlights the workings of marginal utility.
Calculate the change in consumption of goods x and y for a person with utility U(x,y)= 8(x)^0.6(y)^0.3 and income of $270 facing px = $2 and py = $3
Using excel, calculate the expected value of each project and identify the preferred project according to this criterion.
What is the relationship between quality, consumption and demand for health care services?
Critically appraise Walrasian general equilibrium theory. Distinguish clearly between Walras' Law and Say's Law.
At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know?
What does the fundamental assumption of marginal utility theory suggest about the connection between money and happiness?
Question: Based on your knowledge of contemporary economic theory, evaluate the five principles of mercantilism.
Write a 2-3 page white paper which will help employees understand the economic experience of Mexico since NAFTA.
Question: Briefly consider the ways in which governments might influence the market for new cars?
A characteristic of a purely competitive labor market would be: