Discuss the use of assessment technique

Assignment Help Microeconomics
Reference no: EM131524574

Question: Assume that you are interested in purchasing a new model of a personal computer whose reliability has not yet been perfectly established. Measure reliability in terms of the number of days in the shop over the first three years that you own the machine. (Does this definition of reliability pass the clarity test?) Now assess your utility function for computer reliability over the range from 0 days (best) to 50 days (worst). Use the assessment technique with which you feel most comfortable, and use computer assessment aids if they are available.

Reference no: EM131524574

Questions Cloud

Where did the situation occur and what is the effect : Who is involved?; Where did the situation occur?; Most importantly, why does this matter and what is the effect
What are skills necessary to be an effective project manager : Describe the reasons why IT projects differ from projects in other disciplines. What are the skills necessary to be an effective project manager? Elaborate.
What can you say about their utility functions : Even without a formal assessment process, it often is possible to learn something about an individual's utility function just through the preferences revealed.
Detailing the evolution of chosen health policy : Create a 700- to 1,050-word timeline detailing the evolution of your chosen health policy. Include the following:
Discuss the use of assessment technique : Assume that you are interested in purchasing a new model of a personal computer whose reliability has not yet been perfectly established.
Determine the main challenges that you would encounter : determine the main challenges that you would encounter during the project closeout process, and provide your strategy to address the challenges in question.
Discuss utility function for automobile life span : You are in the market for a new car. An important characteristic is the life span of the car.
What the results tell you about how you really communicate : After taking the communication quiz, what did the results tell you about how you really communicate?
Personal moral philosophy of the employees : In these situations, a conflict develops between the personal moral philosophy of the employees and the organization's goals or culture.

Reviews

Write a Review

Microeconomics Questions & Answers

  Write the profits -maximizing price and output levels for

philip industries manufacture a certain product that can be sold directly to retail outlet or to the superior company

  Draw the demand and marginal revenue curves

Draw the AVC, ATC and MC curves assuming that marginal returns initially increase before Diminishing Marginal Returns - draw the demand and marginal revenue curves at a price level so that the firm is earning $0 economic profits

  Explain the meaning of law of diminishing marginal returns

Explain the meaning of the law of diminishing marginal returns. Use a diagram to illustrate your explanation. Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium

  Annotated bibliography as a part of the research process

We are using an annotated bibliography as a part of the research process, as a vehicle to help you collect and evaluate sources, as well as to think through the ways those sources might inform your report and class presentation.

  Is the supply of pizzas elastic or inelastic

Write the formula for the price elasticity of supply. If an increase of 10 percent in the price of frozen pizzas results in a 9 percent increase in the quantity of frozen pizzas supplied, what is the price elasticity of supply for frozen pizzas? ..

  Circular flow model of a simple economy

Identify whether each of the following events in this scenario occurs in the resource market or the product market - Determine whether each of the following would more likely be studied in microeconomics or macroeconomics.

  The actions of borrowers and lenders are coordinated in

The actions of borrowers and lenders are coordinated in. The proportion of additional income that households spend on consumption is known as the.

  Discuss the histories of ups fedex and dhl

Write and submit a two to three page paper that addresses the following: Discuss the histories of UPS, FedEx, and DHL.

  Determine the amount the customer is willing to pay

They seem to be aiming to please the customer by trying to find the marginal utility. The change in coupons offers an exact amount off. This could help determine the amount the customer is willing to pay.

  Foreign competition

Due to foreign competition, the market price of recling chairs has fallen to 110. In the short run,

  What are the conditions of an efficient resolution

Do you agree with the arguments in Chris Tilly's article and Edward Herman's "Brief History of Mergers and Antitrust Policy".  State their arguments and give reasons why you agree or disagree.

  After an extensive analysis of political currents

After an extensive analysis of political currents in Central and South America, you conclude that coffee prices will be lower in the future. The current futures price for coffee is $2.10 and each contract is for 37,500 pounds of coffee.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd