How much would you be willing to pay for bottle of water

Assignment Help Microeconomics

Reference no: EM132871668 , Length: word count:150

Microeconomics

Utility
If you buy something, you are never ripped off, at least according to the way economists think. If you are willing to spend the money for something, then it has at least that much utility to you. Think about the following three situations:

In this very moment
A baseball game in a ballpark that does not allow outside food and drink

The end a three-mile hike in the desert when you forgot water

In each situation, how much would you be willing to pay for the first bottle of water? Would you buy a second bottle of water? If so, how much would you pay? Discuss how utility changes in different circumstances and with each additional unit you buy. Minimum 150 words

Reference no: EM132871668

Questions Cloud

Compute the break-even point in units for each process : The first process would have a variable cost of $10 per case produced and total fixed cost of $100,000. Compute the break-even point in units for each process

Describe ways has been a good citizen or a bad citizen : Find an MNC, and describe ways it has been a good citizen or a bad citizen. Don't use Nestle since it has already been discussed.

How and why transportation models work : How and why transportation models work. Be detailed and thorough in your post, using supporting evidence to back your response up

Analyze the story and identify the level of government : Analyze the story and identify the level of government, e.g. Federal, State or Local. Identify key issues that are being discussed.

How much would you be willing to pay for bottle of water : How much would you be willing to pay for the first bottle of water? Would you buy a second bottle of water? If so, how much would you pay?

Explain reasons employees join labor unions : -Issues and disagreements between management and employees lead to formation of labor unions. Over the decades, the role of labor unions has been interpreted in

Discuss a media representation of topic case study : Discuss a Media Representation of Your Topic Case Study Refer to the film you identified in Module 3 about the topic you have chosen for your Portfolio

Practices to manage the procurement and contract cycle : Your final paper consists of the best practices to manage the procurement and contract cycle.

Calculate the number of Grade I and Grade II : Common fixed costs (fixed costs not traceable to either cabinet) are $35,000. Calculate the number of Grade I and Grade II

User Account

All Pages