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1) Provide an example of a decision or choice that a college student may make which involves utility maximizing behavior and choices using Total Utility.
2) Provide another example that a college student may make which focuses on maximizing marginal utility. This relates to utility of consuming one additional unit of a good or service.
Consider a consumer that only purchases two goods to maximize his/her satisfaction. He/she originally maximized his/her satisfaction, and suddenly his/her income decreased. Assume that good 1 is inferior and good 2 is normal. What are the implication..
Illustrate what are the factors which involve the provide also demand of which good or service. How do you expect the demand also provide of which good or service to change in the next yr.
Back in the 1950's a piece of gum was 5 cents and today it is $1. Inflation has occured so that does that mean that people can afford to have less gum? Do they have less purchasing power? Explain please.
There are basically four types of market structure under which a business could operate. What are these market structures? Assume that you are the only producer of a product and have a patent that prevents market entry, what market structure do you b..
RAND study found that the income elasticity of demand for dental care is 0.15. Over the last one decade, income of the population has increased by 21%. Therefore, the income effect alone should a)Increase the demand for dental care by about 3% b)Incr..
You are the manager of a new firm that can choose between two technologies for producing output using only labor. Technology A can produce two units of output for each hour of labor input. Technology B can produce three units of output for each hour ..
Suppose the production function is Cobb-Douglas, y = x 1/2 1 x 3/2 2. What is the technical rate of substitution? Does this technology demonstrate increasing, decreasing or constant returns to scale?
The number of people employed in a city was 128,000. The adult population was 201, 000 and the labor force participation rate was 67%. Based on the figures listed above, what is (1) the unemployment rate, (2) labor force participation rate, (3) numbe..
We said that an uncrowned country club golf course has aspects of public good.
For an individual with $8,000 in annual drug expenses, how much would he/she pay out of pocket in Medicare Part D under the 2006 rules?
What are Green House Gases (GHGs)? What are the most common GHGs in energy production and consumption? Using the definition of Climate Sensitivity, discuss how GHGs impact Climate Sensitivity.
What are some examples of the financial crisis in Greece and the potential market problems because China's economy is fueled by construction of cities that remain unoccupied? We need to discern the financial condition of the world and look at dollars..
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