1. For cach of the following situations, decide whether Al has diminishing marginal utility. Explain. a....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. For cach of the following situations, decide whether Al has diminishing marginal utility. Explain. a. The more economics classes Al takes, the more he enjoys the subject. And the more classes he takes, the casier cach one gets, making him enjoy cach additional class cven more than the one before. b. Al likes loud music. In fact, according to him, “the louder, the better." Each time he tums the volume up a notch, he adds 5 utils to his total utility. c. Al enjoys watching reruns of the old sitcom Friemds. He claims that these episodes are always funy, but he does admit that the more he sees an episode, the less funny it gets. d. Al loves toasted marshmallows. The more he cats, however, the fuller he gets and the less he enjoys cach additional marshmallow. And there is a point at which he becomes satiated: beyond that point, more marshmallows actually make him feel worse rather than better. 1. For cach of the following situations, decide whether Al has diminishing marginal utility. Explain. a. The more economics classes Al takes, the more he enjoys the subject. And the more classes he takes, the casier cach one gets, making him enjoy cach additional class cven more than the one before. b. Al likes loud music. In fact, according to him, “the louder, the better." Each time he tums the volume up a notch, he adds 5 utils to his total utility. c. Al enjoys watching reruns of the old sitcom Friemds. He claims that these episodes are always funy, but he does admit that the more he sees an episode, the less funny it gets. d. Al loves toasted marshmallows. The more he cats, however, the fuller he gets and the less he enjoys cach additional marshmallow. And there is a point at which he becomes satiated: beyond that point, more marshmallows actually make him feel worse rather than better.
Expert Answer:
Answer rating: 100% (QA)
a Al does not have diminishing marginal utility in taking economics class ... View the full answer
Related Book For
Posted Date:
Students also viewed these economics questions
-
For each of the following situations decide whether proper controls relating to the segregation of duties have been implemented. If not, recommend any improvements that could be made. a. A catering...
-
For each of the following situations, decide whether Al has increasing, constant, or diminishing marginal utility. a. The more economics classes Al takes, the more he enjoys the subject. And the more...
-
In which of the following situations is specific performance available as a remedy? (a) Mary and Anne enter into a written agreement under which Mary agrees to sell and Anne agrees to buy for $100...
-
Describe the three ways a client can reference a name from a namespace in C++.
-
Whenever we have modeled political candidates who stand for election, we have assumed that they care only about winning and are perfectly content to change their position in whatever way maximizes...
-
After operating for several months, architect Gwen Markum completed the following transactions during the latter part of July: Jul 15 Borrowed $34,000 from the bank, signing a note payable. 22...
-
The codon change (Gly-12 to Val-12) in human H-ras that converts it to oncogenic H-ras has been associated with many types of cancers. For this reason, researchers would like to develop drugs to...
-
The totals line from Nix Company's payroll register for the week ended March 31, 20--, is as follows: Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax,...
-
Which data model provides a user with the best "program-data independence"? A. Hierarchial Model B. Network Model C. Relational Model D. Entity Relationship Model Why?
-
The Candy Co. of Lethbridge pays its workers twice each month. Data for the two pay periods on June are shown below: First half of June: Second half of June: Union dues must be remitted to the union...
-
An article from the New Yorker10 states that the strongest earthquake that can be caused by the San Andreas fault has a magnitude of 8.2 on the Richter scale. It also states that this is only 6% as...
-
Case study: THE BOTTLED WATER INDUSTRY Questions/ Tasks: 1) Analyse the general business environment and its strategic impact for companies in the Bottled Water Industry . 2) Evaluate the competitive...
-
A rectangular poster is 3 times as long as it is wide. A rectangular banner is 5 times as long as it is wide. Both the banner and the poster have perimeters of 24 inches. What are the lengths and...
-
7. Sam wants to save for his retirement. Starting one year from today, he plans to deposit A% of his annual salary each year into a retirement account. His salary currently is $B and will increase by...
-
You are 4 0 years old and wish to retire at age 6 5 . You expect to be able to average a 6 % annual rate on savings over your lifetime. You would like to save enough money to provide $ 8 , 0 0 0 per...
-
Describe the elements of a Strategic Plan and identify key performance measures for a Not-for-Profit social service operating in their state. The service type, Vision and Mission are presented below:...
-
You will complete this assignment based on the difference between the standard and itemized deductions and their appropriate application, the steps prescribed in the tax law to determine tax...
-
What recommendations would you make to Big Four firms to help them (1) avoid confrontations with governmental officials in an authoritarian society and (2) deal effectively with such confrontations...
-
Draw the appropriate curve in each of the following cases. Is it like or unlike the curves you have seen so far? Explain. a. The demand for cardiac bypass surgery, given that the government pays the...
-
There are six potential consumers of computer games, each willing to buy only one game. Consumer 1 is willing to pay $40 for a computer game, consumer 2 is willing to pay $35, consumer 3 is willing...
-
MidCap Growth and Energy are two portfolios constructed and managed by the Vanguard Group of mutual funds, comprised of stocks of middle-sized U.S. companies and stocks of U.S. energy companies. The...
-
Determine which approach to determine the asset allocation is most appropriate for lfheah. Justify your response. The following year, Ng and the IC review the portfolios performance. The IC has...
-
Determine the investment vehicle that would be most appropriate for lfheahs proposed alternative asset class. Justify your response. The lfheah Group is a US-based company with a relatively small...
-
Calculate the expected NAV of the fund at the end of the current year. Mbalenhle Calixto is a global institutional portfolio manager who prepares for an annual meeting with the investment committee...
Study smarter with the SolutionInn App