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Question: How to Buy Happiness. Cheap
On any day, the rich tend to be a bit happier than the poor, but increases in average living standards don't seem to make people happier. The average American's income is up 80% since 1972, but the percentage describing themselves as "very happy" (roughly a third) hasn't changed. As living standards increase, most of us respond by raising our own standards: Things that once seemed luxuries now are necessities and we work harder to buy stuff that satisfies us less and less.
According to the news clip:
a. How do widespread increases in living standards influence total utility?
b. How do total utility and marginal utility from consumption change over time?
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Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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