User Account

All Pages

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

Payroll tax, Q. What do you meant by Payroll Tax? Payroll Tax:A tax whi...

Q. What do you meant by Payroll Tax? Payroll Tax:A tax which is levied on current employment or payrolls (collected either as a fixed amount per employee or as a percentage of

Expected utility - consumer choice involving risk, Expected Utility: T...

Expected Utility: Theory Assume that a utility index exists which conforms to the five axioms. The expected utility for the two-outcome lottery L = (P, A, B) is given by,

Market equilibrium, Assume that milk operates in a perfectly competitive ma...

Assume that milk operates in a perfectly competitive market, use a well labeled demand and supply model to explain how market equilibrium price of milk is being determined.

Indirect Utility Function., M.Phil. Admission Test, 2017 Economics Model Qu...

M.Phil. Admission Test, 2017 Economics Model Question Group A Domain Knowledge in Economics Correct answer is as marked in black. Micro Economics 1. Consider a utility function U =

Market Demand, Ask quesThe market demand for brand X has been estimated as ...

Ask quesThe market demand for brand X has been estimated as Qx = 1,500 - 3Px - 0.05I - 2.5Py + 7.5Pz where Px is the price of brand X, I is per-capita income, Py is the price of

Explain function of central bank, Q. Explain Function of Central Bank? ...

Q. Explain Function of Central Bank? Central Bank: A public financial institution, generally established at the national level and controlled by a national government that sets

Explain about the term cost function, Explain about the term cost function....

Explain about the term cost function. Cost Functions This function measures the minimum cost of producing a specified level of output for some fixed factor prices. Likewise

#title.quensirent theory., quesinrent

quesinrent

Total revenue and total cost curves., maximum profits will occur at the out...

maximum profits will occur at the output level

Explain the relationship between money supply and inflation, Problem 1: ...

Problem 1: a. Describe the term ‘inflation' and explain the relationship between money supply and inflation. b. Describe the conditions and processes that are associated wi

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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