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After viewing the video clip from Cool Hand Luke, first consider how marginal benefits and marginal costs fit in to Luke’s decision, and how the concept of diminishing marginal utility is at work as Luke eats more and more eggs.
What is driving his marginal benefits to continue to exceed his marginal cost?
Consider how Luke’s decision would change if he had to actually pay for each egg he eats. How would this affect his choice to continue eating?
Consider the concept of marginal utility per dollar spent (i.e. MU/p) and how it affects the consumption decisions we make. Have you ever had a time where you actually bought your second choice rather than your first choice? That is, can you think of a time where it wasn't only about marginal utility for you, but about marginal utility per dollar spent? Explain.
???According to Keynes, why might deflation create problems for an economy?
React to the topic by summarizing a significant chapter and/or readings and an application of that chapter material to the subject. Adam Smith and Thomas Malthus had entirely unmistakable perspectives about the eventual fate of capitalism. Condense e..
Bob makes hand-sewn sweaters, 250 of them per year, sold for $200 each. His annual costs are: fabric for $300, thread for $50, a sewing machine that is leased annually for $40, and needles that are leased annually for $5. T
Calculate the elasticity for each variable at that point and briefly comment on what information this gives you for each variable.
a. Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph. b. Show the range of labour where stages I, II and III of production occur. c. If workers can be hired for $40 per day and the avera..
What is the price of a perpetuity that has a coupon of $50 per year and a YTM of 2.5% ? If the YTM doubles, what would happen to its price? Assume you just deposited $1,000 into bank account. The current real IR is 2%, and inflation is expected to be..
Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Suppose K = 1,000; L = 200 w..
What does Mississippi’s declaration of secession suggest about how race was viewed in the South? Mississippi wanted gradual abolition in which blacks would eventually get rights. African Americans were seen as unequal and naturally suited for the Sou..
Which of the following most accurately states the function of middlemen?
The yield curve is the graph that shows relationship between interest rates on bonds and default risk on bonds with different rating. True/false explain
Assume that a nation’s marginal propensity to consume is 0.9, and that its potential GDP exceeds its actual real GDP by $5000. By how much should that nations government change taxes in order to completely close that GDP gap?
What is globalization (please define it both as a process and outcome) What factors can you identify in explaining why globalization occurred How do you assess its impact upon both rich countries and poor ones, in particular, the issue of inequality ..
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