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1. (Law of Diminishing Marginal Utility) Some restaurants offer “all you can eat” meals. How is this practice related to diminishing marginal utility? What restrictions must the restaurant impose on the customer in order to make a profit? (Answers may vary)2. (Marginal Utility) Is it possible for marginal utility to be negative while total utility is positive? If yes, under what circumstances is it possible?3. (Role of Time in Demand) In many amusement parks, you pay an admission fee to the park but you do not need to pay for individual rides. How do people choose which rides to go on? (Answers may vary)4. What is the diamonds-water paradox, and how is it explained? Use the same reasoning to explain why bottled water costs so much more than tap water.5. Please read Jane Katz’s “The Joy of Consumption: We Are What We Buy,” in the Federal Reserve Bank of Boston’s Regional Review at https://www.bos.frb.org/economic/nerr/rr1997/winter/katz97_1.htm and briefly discuss/summarize the evidence that Katz cites about how the rising value of time has affected consumer spending patterns.6. Suppose that marginal utility of Good X = 100, the price of X is $10 per unit, and the price of Y is $5. Assuming that the consumer is in equilibrium and is consuming both X and Y, what must the marginal utility of Y be? (Hint: Please apply the formula: MUx/Px = MUy/Py)7. Medicare recipients pay a monthly premium for coverage, must meet an annual deductible, and have a copayment for doctor’s office visits. Few years ago, President George W. Bush introduced some coverage of prescription medications (prior to that, there was none). What impact would an increase in the monthly premium have on their consumer surplus or economic well being? What would be the impact of a reduction in copayments? (Answers may vary)8. What is consumer surplus? What happens to consumer surplus as the price level falls?
Write a 750- to 1050-word reflection detailing the changing landscape of the health care system. Some things to consider.
The marketing team for a restaurant wants to estimate the price elasticity of demand coefficient for its steak dinner. It priced its dinner at different price points in local restaurants to see how many would be sold at different prices.
What is the cross-price elasticity of demand for Delta flights with respect to the price of Southwest flights - what is the market level price elasticity of demand for air travel between Chicago and Dulles when both airlines charge $300.
Reflect on your personal general reading strategies for the second textbooks. Write a 250-word analysis (minimum) of your past habits. Consider the following in your reflection:
write a 1050- to 1400- word paper where you explain the following in the context of the simulation. one note these word
Suppose that interest parity does not hold exactly, but that the true relationship is R = R* + (Ee - E)/E + r. Evaluate the policy's output effects in this situation.
Suppose in an overlapping generations model, two goods are produced. The young can produce both goods while the old can produce none. a) Assuming that both goods depreciate completely at the end of each period and there is no money in the econ..
prepare a two- to three-page paper in apa style sixth edition format that describes explains addresses and answers the
Identify the impact on the balance sheet for that month if the following information is not used to adjust the accounts. 1. Supplies consumed during the month totalled $3,000. 2. Interest accrues on notes payable at the rate of $200 per month.
Identify and describe the effects of a change in money supply on the interest rate. Explain the money multiplier and the money creation process.
Under what conditions should a manager use each of the following rules/options for pricing decisions: (a) Maximax Rule; (b) Maximin Rule; (c) Minimax Regret Rule; and (d) Equal Probability Rule? Also address the potential pitfalls of using each rule.
in light of the economic struggles that many states are facing today every area of the criminal justice system is
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