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Give at least 2 examples of situations when you use utility
1. Give at least 2 examples of situations when you use utility to make decisions. For each example give at least 2 parameters that would affect your decision. For example, when purchasing a home you may have to decide between the one with the larger kitchen or the one with the larger closets. Or when purchasing an automobile, you must decide between the larger trunk or the one with four doors. You have to weigh the benefits from more storage space as compared to increased accessibility. Please use a different example from homes and cars. Be creative. We make these kinds of choices everyday.
2. You did such a great job in the 4th grade class last week that you have been invited back to explain diminishing marginal utility. Explain the concept in everyday language (not the textbook language) and give at least 2 examples that the class will understand.
The Wozniak Corporation, a maker of aircraft engines, determines that in 2008 the demand curve for its product is as follows-What is the price elasticity of demand if price equals $500?
Suppose the price of food increases from Px1to Px2. On a clearly labelled graph, illustrate the income and substitution effects of the price change on the consumption of food.
Maker an article or current event article which relates to government regulations or antitrust activities.
A tariff I ssimply a tax on imports. Use our model of the excise tax (with diagram) to expain why domistic firms request that tariff? Consider both the domestic and the foreign country in your answer
Illustrtae what is the current cost of a share of stock for a firm with $5 million in balance-sheet equity.
Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?
Explain how do these tools influence the money supply, and in turn, affect macroeconomic factors.
Illustrate what kinds of changes in underlying conditions can cause the supply and demand curves to shift
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
The average weekly earnings of bus drivers in a city are $950 with a standard deviation of $45. Assume that we select a random sample of 81 bus drivers.
Depends on the data above, describe why public health officials generally advocate the use of cigarette taxes to reduce teenage smoking.
Given the data of real disposable income and real consumption, draw consumption function, determine the slope-What is the marginal propensity to consume?
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