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After viewing the video clip from Cool Hand Luke, first consider how marginal benefits and marginal costs fit in to Luke’s decision, and how the concept of diminishing marginal utility is at work as Luke eats more and more eggs.
What is driving his marginal benefits to continue to exceed his marginal cost?
Consider how Luke’s decision would change if he had to actually pay for each egg he eats. How would this affect his choice to continue eating?
Consider the concept of marginal utility per dollar spent (i.e. MU/p) and how it affects the consumption decisions we make. Have you ever had a time where you actually bought your second choice rather than your first choice? That is, can you think of a time where it wasn't only about marginal utility for you, but about marginal utility per dollar spent? Explain.
If a firm is producing where MPx/Wx > MPy/Wy, where x and y are the two inputs to theproduction process, what can the firm do to reduce costs but maintain the same output? Explainyour answer both intuitively and graphically.
If the marginal cost of planting and harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest.
Wedding Dresses Stores that sell wedding dresses do not typically permit photos, and do not have tags in the dresses that would identify the manufacturer and style type. What is the purpose of these rules? Suggest one other way of accomplishing the s..
AutoTrader.com would like to estimate the number of years owners keep the cars that they purchased as a new vehicle. The following data shows the age of seven vehicles that were sold for the first time by their owners. Using this sample, the 90% conf..
Find the equilibrium level of GDP demanded in an economy in which investment is always $300, net exports are always -$50, the government budget is balanced with purchases and taxes both equal to $400, and the consumption function is described by the ..
Suppose the demand for Digital Video Recorders (DVRs) is given by Q = 250 - .25p + 4pc, where Q is the quantity of DVRs demanded (in 1000s), p is the price of a DVR, and pc is the price of cable television. How much does the quantity demanded for DVR..
q.suppose that every driver faces a 1 probability of an automobile accident every year. an accident will on average
q1. a luxury good is a good for which the income elasticity exceeds one. the demand for a luxury good is given by qd x
Examine the impact on a small country following an outward flow of immigrants that decreases its labor force. Assume that land is specific to agriculture and capital is specific to manufacturing, while labor is free to move between the two sectors. T..
Discuss how each of the 4 factors contributed to the elasticity of the good.
The purchase of a car requires a $ 24,587 loan to be repaid in monthly installments for four years at 12% annual real interest rate. If annual inflation rate is 4 %, find the exra amount to be paid in 20th month due to inflation.
Workers in industrial countries earn much higher wages than workers in developing countries because
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