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the price of a seasonal pass to six flags great adventure is not much more than a weekly pass. why is this a reasonable pricing policy.
Can you please define diminishing marginal utility and illustrate with two real-life examples - one for a business and one for an individual.
Write the equation for his budget line. What is the slope of the budget line and what does it mean. Draw the budget line. Use the X-axis for bagels and the Y-axis for wine.
Consider a risk averse agent. He faces a health risk of D. How many units of the contract will the agent buy if the price is q=k.
Given the price p of the good, the consumer buys or sells, doing whatever makes her ending utility as high as possible. As a function of the price p, what will this consumer do.
Would your conclusions in the question above change also apply to honest people if there was a non-zero probability of incorrectly being found guilty of a crime.
A consumer buys five new college textbooks during his first year at school at a cost of $80 each. Used books cost only $50 each. Is this consumer worse or better off after the price change.
Nash equilibrium the workers will have an incentive to put in the optimal effort obtained in part a). Is this sharing rule reasonable. How could this sharing rule be implemented.
If money is no object, how many fresh fruit toppings and processed toppings will Barbara purche to maximize utility. Which of the basic assumptions of preferences are violated by preferences shown in
Diagram a representative budget constraint and indifference curve that passes through bundle A given Annette's budget is exhausted at bundle A. What could she do to increase her level of satisfaction
Would you consider that Fred was making a utility-maximizing choice and if so why or why not? If not, what should he do and why.
what is the maximum number of cookies he would most likely eat. How would each of the following events effect a household reaction on spending.
If the price of A rises to $4 while other prices and Daniel's budget remain unchanged, how much of each will he purchase in equilibrium. Using the information.
Do you think the chances are better or worse for achieving and equilibrium outcome if the tow players know each other. Explain. Do you think it matters whether the two players have played the game
calculate how much one would be willing to spend to take away the risk, yet I always get different answers depending on how I do it.
what's the maximum probability of that last last thing happening that will induce the person to vote for action.
What role does economics play in our personal decisions. What role does economics play in the organizational decisions. How does the availability of substitutes affect purchasing decisions.
Why is the marginal cost of inputs more important than the average cost of inputs.
Who will buy which policy. Will the insurance company make a profit, break even or lose money.
why would you select that choice and what utility do you receive. What utility are you looking for id and when you use commercial aircraft for longer distances.
have no more money to spend. How might I have reallocated my spending so as to maximize my total satisfaction from pizza and coffee.
Discuss how, why (and whether) consumer demand for gasoline changes when the price of gasoline falls. As part of your answer, indicate what role the theory of diminishing marginal utility plays. &
If the worker has a weekly income of $600 and has 70 hours a week of Leisure, how many additional dollars of income would it take to make the worker work 10 more hours a week.
You go to an auction and set a maximum price of $100 you are willing to bid on an item. However, you are fortunate and purchase it for $50. Does the lower price alter the marginal utility you origin
Al enjoys watching old episodes of the sitcom Friends. He claims that old episodes are always funny, but he does admit that the more he sees an episode, the less funny it gets.