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Establishments even though the portions are quite small

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1. What makes someone willing to pay significantly more when dining out at fancy establishments even though the portions are quite small? The answer will not be as simple as people pay for the service and a nice environment. The question asks "why" they are willing to pay for that. When answering this question, please refer to and include the concept of marginal and total utility learned in this module. Make sure that you understand how the total and marginal utility determines the willingness to pay.

2. McDonald's example here is a lot like water in the diamond-water paradox. Please discuss this point on how you understand this statement. Again, please refer to the concept of marginal and total utility we learned in this module to answer this question.

3. Come up with at least two examples of the diamond-water paradox ( two pairs of products). Note that luxury goods do not automatically mean "diamond" and cheap (inferior) goods do not automatically mean "water."

Reference no: EM133302263

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