User Account

All Pages

What about your excitement on the tenth day

Assignment Help Microeconomics
Reference no: EM131525130

Assignment: Diminishing Marginal Utility

1. Pretend that you have just been surprised with a genuine email that says you have just been selected by your favorite pizza delivery company that every day for the next month you will receive your favorite pizza for lunch and another of that same favorite pizza for dinner, delivered to your home and ready to eat.

a. Using the concept of diminishing marginal utility, discuss how excited you will be on the first day of your winning.
b. What about your excitement on the 10th day?
c. What about your excitement on the 30th day?

2. Now, pretend that your favorite national brand gasoline company informs you that you have won as much as you want free gasoline, as much as you want, from any of their gas stations, anywhere in the country every day for a year.

a. Using the concept of diminishing marginal utility, discuss how excited you will be on the first day of your winning
b. What about your excitement on the 10th day?
c. What about your excitement on the 30th day?

3. Again, considering the concept of utility, what makes these two scenarios different?

Reference no: EM131525130

Questions Cloud

What does the cost of goods sold and gross profit mean : What does the cost of goods sold and gross profit mean? How much gross profit do I make on each hat? Why show both gross profit and net income?
What factors should company consider to invest in a project : Define each of the following terms: eal options; managerial options; strategic options; embedded option.
Prepare journal entries by park on its internal accounting : Prepare all journal entries by Park (parent company) on its internal accounting records (General Journal) for 2015 related to its investments in Miller company.
What is accomplice liability and criminal liability : What is accomplice liability and criminal liability? How does it relate to the case? What interested you about this case? Do not use the first person
What about your excitement on the tenth day : Using the concept of diminishing marginal utility, discuss how excited you will be on the first day of your winning. What about your excitement on the 10th day?
Should kim proceed with the project today : Kim Hotels is interested in developing a new hotel in Seoul. The company estimates that the hotel would require an initial investment of $20 million.
What was average real risk premium : What was the average real risk-free rate over this time period? What was the average real risk premium?
Analyze the requirements for search and arrest warrants : Write a 350- to 1,050- word summary in which you analyze the requirements for search and arrest warrants are based with regard to probable cause
Assess the reasons for employee turnover : How does a high employee turnover rate impact the operations in an organization? What data may be gathered and analyzed to assess the reasons for employee.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd