which rate is total utility increasing: a constant rate‚ a decreasing rate‚ or an increasing rate? How do you know? b. “A rational consumer will purchase only 1 unit of the product represented by these data since that amount maximizes marginal utility.” Do you agree? Explain why or why not. c. “It is possible that a rational consumer will not purchase any units of the product represented by these data.” Do you agree? Explain why or why not. Answer: Missing total utility data‚ top – bottom:
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Art can be expressed in many ways. Some people express it with the stroke of a brush or note of a song. Martha Graham‚ however‚ was one of those people who expressed art through dance. Martha was born on May 11‚ 1894. She was born into a wealthy family in Pittsburgh‚ or at the time‚ Allegheny‚ Pennsylvania. Her father’s name was George Graham and her mother’s name was Jane Beers Graham. Her father specialized with nervous disorders‚ which always made her curious on how the human body moves and how
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Discuss whether marginal utility theory is a realistic piece of economic analysis in explaining consumer demand. [13marks] Marginal utility is the extra satisfaction gained from the consumption of an additional unit of a good or service. It can be specified as the change in total utility divided by the change in quantity. The concepts of market demand and law of demand often utilized marginal utility as the backbone‚ the theoretical basis. An example would be the demand curve‚ which is usually
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PROBLEM 1 Max has the utility function U(x‚ y) = x(y + 1). The price of x is $2 and the price of y is $1. Income is $10. How much x does Max demand? How much y? If his income doubles and prices stay unchanged‚ will Max’s demand for both goods double? To set his MRS equal to the price ratio‚ Max sets (y+1)/x = 2. His budget constraint is 2x + y = 10. Solve these two equations to find that x=11/4 and y=9/2. If his income doubles and prices stay unchanged‚ his demand for both goods does not double
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Martha Graham Essay Throughout history‚ Modern Dance has been pioneered by inspirational choreographers such as Isadora Duncan and Martha Graham. Martha Graham in particular‚ revolutionised the dance industry with her numerous choreographed works. By experimenting with foreign movements and establishing the fundamental technique in Modern Dance‚ Martha Graham clearly expressed this dramatic dance style as a new form of life. Her style‚ created from raw emotion‚ challenges the technical barriers
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Mill’s defense of the principle of utility: 1. 2. 3. 4. Seeing something proves that it is visible Hence‚ desiring something proves that it is desireable. The only thing that each person ultimately desires is his or her own happiness. Hence‚ the only thing that is ultimately desirable is for a person is his or her own happiness. 5. Hence‚ each person should perform those actions that promote the greatest happiness. Ask yourself: (a) Visibility is a descriptive concept. Is something’s being desirable
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case‚ I believe that Martha should not pay Devon $7‚000 for the proprietary information. Even though Martha has been promised a pay raise‚ a promotion and a bonus by her managers to close the Silicon 6 deal‚ she must stay true to her consciences and not proceed with the meeting. In fact‚ I recommend that she resign as a member of the IAD division of Seleris and search for a job at a different consulting firm. As an outsider looking in on this situation‚ I believe that Martha has right to behave
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Sharkwater Report The documentary‚ Sharkwater was an eye-opening and was an amazing film to watch. It showed how if one is truly determined‚ he/she will gain success. A big example of that person is Rob Stewart‚ the producer of the film‚ which were also accompanied by Paul Watson and the Sea Shepherd. The documentary was mainly about sharks‚ along with the secrets behind killing them (shark-fin soup industry)‚ the corrupt governments‚ and the perseverance one will need to accomplish their big
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The theme for our exam project was Force. In the beginning‚ I wanted to look at force on the body‚ but my work developed through to looking at subjects posing for their portraits. Throughout the project‚ and in fact the entire course‚ my main subject matter has been people‚ particularly portraiture. Overall‚ I looked at 6 artists‚ all of whom were photographers. I think I did enough artist research‚ but it would have been best to diverge from the photographers and look at different media‚ such as
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In order for Martha and Andy to resolve their dilemma they have to first sit down and talk. The first step is to outline rules for the conversation such as the do’s and don’ts of the conversation. One example using words that will hurt the other person’s feelings. This will allow each other the opportunity to tell the truth about how their feeling. Martha will express to Andy how she feel about moving so far due his job opportunity. Andy will also do the same by telling the truth. By doing this they
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