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Utility is a satisfaction that an individual derives from consuming or using a specific good or service. Total utility indicates the total amount of satisfaction or pleasure an individual derives from consuming some specific quantity of a good or service. Marginal utility refers to the additional satisfaction a consumer gets from an additional unit of a good or service she/he consumes during a given period of time.
The law of diminishing marginal utility states that as a consumer consumes more and more units of a specific good or service, the additional utility the consumer derives from the successive units keep on diminishing (declining) over time.
Diminishing marginal utility explains a lot about consumer behavior in the economy. Select a specific consumer behavior and construct a mini case study that highlights the workings of marginal utility and how it affects the consumption pattern.
Two identical company's save money from polluting. A company's marginal savings from emitting an amount are given by 10 - 2e. The two firms differ in their impact on ambient pollution concentrations.
What does the Taylor rule imply that policymakers should do to the fed funds rate under the following scenarios?
Suppose that an automobile costs $30,000 in the United States and 25,000 Euros in France. Further suppose that the exchange rate is .8 (one US dollar = .8 Euros).
Assume that the firms form a cartel to maximize total industry profits. Determine the optimum output as well as selling cost for each firm.
A bank borrows money from another bank on an overnight basis to meet reserve requirements. This money would be borrowed. determines the relative worth of money.
Economic and Ethical Issues of Pricing Assignment Description
If the market price of the product is 270, how much output should the firm produce in order to maximize profit. How much profit will this firm make.
If MC was $10 per unit, how much would the firm chose to produce? If FC was $200, how much does the firm earn in profits?
Illustrate what happens to the demand curve for turkey in the u.s. In November. What happens to the curve after the holiday. Why do these changes occur.
Categorize each transaction below according to whether it: (1) relies on financial markets (direct finance) or financial intermediaries (indirect finance), AND, (2) occurs in the primary or secondary market, AND, (3) is carried out in the money or ca..
If the Federal Reserve adopts a restrictive monetary policy that leads to relatively high interest ratesin United States, what happens to the demand and supply of foreign currency and the dollar's exchange value.
Suppose that the carnival and the circus have both come to town, and are both o?ering free admission. You have 6 free hours to kill. Draw the BUDGET LINE that shows your options for how you can spend the day.
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