Accountant, Microeconomics

Assignment Help:
In this assignment you will apply consumer choice theory and marginal analysis to business problems.
Consider each of the following products and services:
a pair of tickets to a sporting or cultural event that you enjoy
a can of common table salt
a college class
In a two-page essay:
Explain how your own current household budget, tastes and preferences, and future expectations determine how much of each of these products you purchase in a year. Describe the benefits (utility) you get from each product and service.
Suppose the price of the tickets were cut in half. How would your consumption of cultural or sporting goods change? Why?
Suppose your household budget was suddenly doubled because you received a 100% raise. How would your consumption of each of these goods and services change? Explain your answer in terms of utility and marginal analysis.
What is the law of diminishing marginal utility? How does this law affect the ability of table salt companies to stimulate demand for their product?

Related Discussions:- Accountant

Advantage in cricket or food writing, Following the tremendous success of t...

Following the tremendous success of the 'Matthew Hayden Cookbook', we are once more welcomed into the home-and, more importantly, the kitchen!- of Australia's gourmet cricketer for

Female-headed households, Female-headed households: The high incidence...

Female-headed households: The high incidence of unemployment among the educated in general and women in a particular reflects that the pace of creation of diversified employme

Types of taxes, Taxes: Compulsory government levies collected to pay for pu...

Taxes: Compulsory government levies collected to pay for public spending. There are numerous types of taxes (corporate, income, wealth, sales, environmentaland payroll taxes); each

Outline the main components of trade liberalization, Problem: "Mauritiu...

Problem: "Mauritius offers an interesting case study of successful trade liberalization and export-led development in Sub-Saharan Africa. This is a notable achievement given t

Production function, what are the properties of cob-douglas production func...

what are the properties of cob-douglas production function

Describing risk, Describing Risk * To measure risk we should know:  ...

Describing Risk * To measure risk we should know:  1) All the outcomes which are possible.  2) The probability that each outcome will occur. * Interpreting Probability

Parallel economy, PARALLEL ECONOMY: What is in popular parlance known ...

PARALLEL ECONOMY: What is in popular parlance known as black money, and is, misleadingly called the 'parallel' economy, (as it operates very much with and within the legal, fo

Export entrepreneurship and use appropriate technology, Export Entrepreneur...

Export Entrepreneurship: This need be developed by providing necessary facilities and making export an attractive and profitable business proposition. In this connection, it

Write Your Message!

Captcha
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!

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