Microeconomics: Private and Public Choice (MindTap Course List)
15th Edition
ISBN: 9781285453569
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 1, Problem 7CQ
To determine
Marginal decision making of an individual.
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A restaurant offers an "all you can eat" lunch buffet for $10. Shawn has already eaten three servings, and is trying to decide whether to go back for a fourth. Describe how Shawn can use marginal analysis to make his decision.
what are Methods for increasing marginal utility more accurate or efficient?
What does a negative marginal utility means? Why does it happen?
Chapter 1 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
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- Think of an economic decision you made recently wherein the benefit outweighed the cost (or the cost outweighed the benefit).arrow_forwardWhat other factors affect the marginal utility?arrow_forwardHow does a consumer decide what combination of products to buy using the marginal utility concept? Explain. please don,t copy and paste from anywhere. Answer step by step and use graph if possiblearrow_forward
- Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?arrow_forwardAttempts Average / 1 6. Scarcity, opportunity cost, and marginal analysis Darnell is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Darnell has only 20 hours this week that he can devote to training. Each hour he spends swimming is an hour that he can't spend biking or running. Which basic principle of individual choice do the statements best illustrate? People face trade-offs. Darnell can use time most efficiently by spending the same amounts of time on swimming, biking, and running. People usually exploit opportunities to make themselves better off. Darnell has an incentive to spend more time on swimming than on biking or running. O O Oarrow_forwardChandra received a gift certificate that covers threesalsa dance lessons. After the first lesson, Chandradecided that she doesn’t like salsa, yet she stillplans to go the next lesson because it doesn’t costher anything. Evaluate Chandra’s logic.arrow_forward
- Why would a hotel stay open during a slow month when it seems like the revenue from so few customers could not possibly cover all the costs of operating a large hotel? Use microeconomic terms to explainarrow_forwardExplain what the utility maximizing choice means. Discuss how you could use marginal utility to make consumer choicesarrow_forwardIf 2 tacos and 3 drinks cost $12, and 3 tacos and 2 drinks cost $13, how much does a taco cost?arrow_forward
- What is choice on economicarrow_forwardWhich is a true statement about marginal benefit? It is the difference (or change) in cost of a different choice. To an individual, one good may have a larger marginal benefit than than another. The amount of benefit a person receives from a good or service remains constant.arrow_forwardplease explain the marginal utility and when exactly to use it ?arrow_forward
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