Think about how you can check whether marginal benefit

Assignment Help Business Economics

Reference no: EM13853838

Start with your factors of production on page 34 and then briefly describe whether these resources were allocated efficiently. Think about how you can check whether marginal benefit equals marginal cost for each of your household’s activities. Are your household’s resources allocated fairly? Think about the two ideas of fairness and how they apply in your household.

You live in the national economy, your state economy, your regional economy, and your own household economy. The many decisions you must make affect efficiency and fairness at all these levels. Think about your household economy. Make a spreadsheet and on it identify all the factors of production that your household owns. Counts all the person-hours available and any capital. Show how these resources are allocated.

By what methods are your households scarce resources allocated? Identify those allocated by the market price; by command; by first-come, first served; and by equal shares. Are any resources allocated by majority vote?

Now the tough part: Are these resources allocated efficiently – is the value of your household’s resources maximized? Think about how you can check whether marginal benefit equals marginal cost for each of your household’s activities.

And now an even tougher question: Are your household’s resources allocated fairly? Think about the two idea’s of fairness and how they apply in your household.

Reference no: EM13853838

Questions Cloud

Two or more payment plans-write down the budget equation : With some services, e.g., checking accounts, phone service, or pay TV, consumers choose between two or more payment plans. One can either pay a high entry fee and get a low price per unit of the service or pay a low entry fee and a high price per uni..

Influence peoples decision-making regarding fuel efficiency : How might you use information about design concepts to help you make future decisions? For example, when reading studies reported in newspapers or magazines how will the nature of the study influence your decisions to either take action or change you..

Current employment challenges facing role of human resources : What has been the impact of the role of Human Resources with offshoring, mergers, the economy, and recession? What are other current employment challenges facing the role of Human Resources

Draw the ten shrimp ball isoquant curve : Consider a shrimp restaurant at Fisherman’s Wharf in San Fransisco. The chef at the restaurant chooses whether to use farm-raised or wild-caught shrimp to produce the main dish – shrimp balls. Draw the ten shrimp ball isoquant curve. Add to this gr..

Think about how you can check whether marginal benefit : hink about how you can check whether marginal benefit equals marginal cost for each of your household’s activities. Are your household’s resources allocated fairly? Think about the two ideas of fairness and how they apply in your household. By what m..

What the generational issues julia faces with each employee : What are the generational issues Julia faces with each employee? What cultural, historic, or societal issues may influence these generational issues

Total revenue and marginal revenue : Redstone Clayworks, Inc. is located in Sedona, Arizona and manufactures clay fire pits for patios. They are one of about two dozen firms around the world that manufacture and sell clay fire pits for retailers such as Home Depot, Lowe’s, Front Gate, a..

Market for polo shirts is a competitive market : Suppose that the market for polo shirts is a competitive market. The following graph shows the daily cost curves of a firm operating in this market.

Price protection plan : In its rivalry with Westinghouse, General Electric instituted a "price protection" plan. This plan stated that if GE lowered its price, it would rebate the price difference to its past customers. Show that this plan makes collusion between GE and Wes..

User Account

All Pages