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Diminishing marginal utility in real life: Creative example
Diminishing marginal utility explains a lot about human behavior. For example, it helps illuminate why diets fail, romances fade, too much exercise harms us, and many other things. Select a human behavior and construct a "mini case study" that highlights the workings of marginal utility.
"If every employer hired its best qualified applicants for a job at every opportunity, the phenomenon of black poverty (as distinct from poverty) could be wiped out in ten years." Do you agree/disagree? Comment.
Observe the characteristics which influenced the buying behavior of each person interviewed. Based on the people interviewed
Elucidate the six costs associated with inflation and evaluate which if any of the costs are important for the average consumer.
US cigarette makers face enormous punitive damage penalties after losing a series of class action lawsuits-What action do you suppose the cigarette companies took to avoid bankruptcy?
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
Explain how would you decide also what was the best level of emission reduction. Why do you think your approach would be better than others.
Elucidate as carefully as you can why borrowers would be willing to pay a higher rate of interest.
Which of the following is true for perfect competition, monopolistic competition, and monopoly?
If your worker stated that they would match your contributions up to 50 percent, and how much would you contribute.
Diffentiate among short-run and long-run and consider the role of expectations.
Suppose a monopolist with cost function C (Q) = 3Q selling to 2 segments of consumers where Q is total output produced by the monopolist in both markets. If the monopolist can use a single two-part tariff, compute the two part tariff that will maxim..
Suppose that there are N firms in a competitive industry-Calculate the number of firms that will be in the industry in the long run and what will be the profit of each? Explain.
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