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Substitution vs Income Effect & Diminishing Marginal Utility
1) Explain how a price change is affected by (a) the substitution effect, (b) the income effect.
2) If someone is very thirsty and drinks five glasses of water, explain how the principle of the diminishing marginal utility is related to drinking each glass of water.
3) Explain the relationship between the ratio of marginal utility and the price of each good consumed in consumer equilibrium.
The entire satisfaction consumer gets from consuming a good or service is________ utility, but the extra or additional satisfaction that a consumer gets from a good or service is ________ utility.
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
How do you think each of the following affected the world price of oil? (Use demand and supply analysis.)
An University President wants to reduce expenditures on fringe benefits
Compute the employment rate (i.e., number employed: population) in each year? How can employment rate may go up or down in the unemployment rate stays the same? How can employment rate go up if unemployment rate also goes up?
In other situations it would be reasonable for a purely competitive wheat farmer to raise his price per bushel because he could reduce his variable costs by selling less at a higher price. True or false, and why?
Illustrate what are the pros and cons of performing an engineering economic analysis
Consider the following Solow model of growth. Both population and work force grow at the rate of n=1% per year in a closed economy.
Suppose that the economy is short of its full-employment (potential) level of GDP, assumed to be $14,000 billion, by $500 billion.
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
In an article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production-Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encoura..
Illustrate recommendations would you make to Congress and the President for the management of fiscal policy.
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