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1. Explain the principle of scarcity?
2. Explain the principle of choice?
3. Explain the concept of diminishing returns?
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- 1. Explain the principle of choice? 2. Explain the concept of diminishing returns?8. What is economic?Economics studies choices that arise from one fact. What is that fact? A. Our resources are unable to satisfy all our wants. B. Some families are too big. OC. Businesses produce too many varieties of most goods.
- What is meant by the term “utility” and how does the idea relate to purposeful behavior?2. In the following examples, state how you would use the principle of marginal analysis (and idea of diminishing marginal utility) to make a decision. Make sure to include at least one marginal cost and one marginal benefit. Use at least two sentences in your response. | a. Deciding how many Krispy Kreme doughnuts to eat in one sitting. b. Deciding how many AP classes for the 2021-2022 school year.Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
- What is the definition of marginal utility? A. The average utility from consuming a good or service multiplied by the number of units of that good or service consumed. B. Utility measured in utils. C. The utility from consuming a good or service divided by the number of units of that good or service consumed. D. The change in utility from consuming an additional unit of a good or service. E. The enjoyment or satisfaction people receive from consuming goods and services.A) What is substitution effect? And how it effects purchase decision of consumer? in detail B)What is intertemporal choice? And how it is elaborated in economics? in detailMost choices involve A. utility → B. marginal analysis C. consumption O D' the budget constraint or comparing the benefits and costs of doing a little bit more or a little bit less of something.
- 1. Suppose you earn $1500 per week and you consume only two types of goods per week- sandwiches and orange juice, which you purchase at a mini mart. Each sandwich cost $150 and an orange juice is $75 per cup. a) Construct a table showing the alternative combinations of the two products that are available. b)Plot the data in your table on a budget line. What is the slope of the budget line? What is the opportunity cost of one more cup of orange juice? And what is opportunity cost of one more sandwich? Do these opportunity cost rise, fall or remain constant as you purchase an additional unit of the product? c)Suppose the price of a cup of orange juice increased to $150. Construct a new table showing alternative combinations of sandwiches and orange juice. Construct the new budget line.25. What does a negative marginal utility means? Why does it happen? Explain.what are the units of a good? what are the units of b good? what are the units of c good? the total utility of consuming five units of the b good is what utils? the total utility of consuming three units of the a good is what utils?
