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Q. 1. What is the difference between marginal and total utility?
2. Can marginal utility be negative? Provide an example using your original thoughts and words.
3. Why is it not sufficient to just compare the marginal utility of two goods when maximizing utility?
4. Explain the income and substitution effects and use the concepts to describe what happens when the price of a product decreases.
5. Why would an ounce of gold be priced higher than an ounce of coffee beans though coffee is generally considered more essential than gold? Explain the paradox in terms of marginal and total utility.
Illustrate what were some of the marginal benefits that the city would derive as the result of keeping this project alive.
Illustrate what role did the policies of various governments play in influencing the international expansion strategies of both McDonald's and Wal-Mart.
Why doesn’t the U.S. simply restrict all goods coming in from China? Why can’t the U.S. just minimize the amount of imports coming in from all other countries?
Explain the solution to the firm's cost-minimization difficulty ever occur off the iso-quant representing the required level of output.
There is a loan for 5,00 dollars with interest of 8 % annually. There is another way to repay the 5,000 dollar by making 4 annual payments of 1,000. Then what would the 5th payment be?
Explain which fiscal and monetary policies might "activist" Keynesian economists recommend to help a depressed economy regain full employment.
Do you think it is a good idea for the Russian government to take the measure of encouraging foreign carmakers to build factories in Russia.
illustrate what dollar amount will the profit margin.
Despite this finding, the government mandates that new cars have air bags, rather than taxing their use. Is this policy a contradiction.
At his current consumption basket, his marginal utility for hot dogs is 5 and his marginal utility for sodas is 3.
Remaining group did not have jobs, except all said they would like one. 5 of this group had not looked actively for work for 3 months.
Explain why the firm will or will not experience diminishing marginal returns to labor in the short run if its production function is.
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