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In this assignment you will apply consumer choice theory and marginal analysis to business problems.
Consider each of the following products and services:
a pair of tickets to a sporting or cultural event that you enjoy
a can of common table salt
a college class
In a two-page essay:
Explain how your own current household budget, tastes and preferences, and future expectations determine how much of each of these products you purchase in a year. Describe the benefits (utility) you get from each product and service.
Suppose the price of the tickets were cut in half. How would your consumption of cultural or sporting goods change? Why?
Suppose your household budget was suddenly doubled because you received a 100% raise. How would your consumption of each of these goods and services change? Explain your answer in terms of utility and marginal analysis.
What is the law of diminishing marginal utility? How does this law affect the ability of table salt companies to stimulate demand for their product?
What is the percent value of the bond in the absence of inflation if the market interest rate is 8%? (b) What would happen to the value of the bond if the inflation rate over the next five years is expected to be 3%?
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Use demand and supply diagrams to elucidate what happened in anchovy,soybean, and cattle markets. Indicate which curves shifted in each instance and show the effects on the equilibrium price and quantity in each market.
Amacon is a bicycle manufacturer that produces approximately 5,000 bikes each month. In order to meet that demand, Amacon needs 10,000 rubber tires at its assembly plant on the last Thursday of each month. Please explain the answers to the followi..
Wages are specified as dollars per hour of work and L represents number of workers per day. Determine total demand for plumbers in New York.
Think about how each scenario would affect the price of khaki pants. draw a demand supply graph and label the axes with the price and quantity of khaki pants. Next, for each scenario, draw the appropriate demand supply curve. Compare the new demand ..
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q.the bolt-making industry currently consists of 20 producers all of whom operate with the identical short-run total
Using the list below, identify each item in the list. Employee training problems. Employee/company operating process and procedure problems
With fewer also fewer barriers to trade, countries are able to focus on producing those goods also services which they are best.
Restaurants have observed that large parties (eight or more) leave a lower average tip than smaller parties. Identify the effect, which also makes it more difficult to reach global environmental agreements, responsible for this phenomenon.
Between 2011 and 2012, the quantity of cars produced and sold decreased by 20%. During the same period, the price of cars increased by 5% and the cost of gasoline increased by 20%. We know that the cross elasticity of demand of gasoline is -0.3. Comp..
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