PETALING JAYA MAY 2014 semester TABLE OF CONTENT 1. Introduction 1.1. Microeconomics definition 2 1.2. Utility Theory 2 2. Description and Explanation of Cardinal and Ordinal Utility 2.1. Cardinal Utility Theory 3 2.2. Ordinal Utility Theory 5 3. Differences between Cardinal and Ordinal Utility Theories 3.1. Measurement Of Satisfaction 12 3.2. Numbers 12 3.3. Valuation of Satisfaction 13 3.4. Measuring Order
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The Accomplishment of Reaching the South Pole When preparing for the expedition‚ the clothes were a significant factor. Because of this‚ Amundsen and his crew decided to wear loose clothes because of all the sweating so that they would not freeze to death. Their clothes were made out of fur to keep them as warm as possible at temperatures down to -58 Fahrenheit (The Race to the Pole - Roald Amundsen and Robert Scott‚ nd). Amundsen claimed that they did not suffer from the cold because of their
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diminishing marginal utility? Explain? (4 marks) 2. The table below shows the quantity and total utility obtained from consumption of good X. Fill in the blanks for marginal utility. (4 marks) Quantity | Total Utility | Marginal Utility | 1 | 40 | | 2 | 75 | | 3 | 105 | | 4 | 130 | | 5 | 150 | | (b) If price per unit of X is RM25‚ calculate the quantity of X that will maximise the utility of this consumer? (4 marks) 3. How do you define utility? What are the approaches
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(i.e.‚ utility)‚ and as long as consumers are making decisions that achieve that goal‚ they are being rational. If someone who absolutely loves fast cars buys an expensive Porsche and consequently lives in a dump‚ wears worn-out clothes and eats poorly‚ he is being completely rational if that is what makes him most happy. Students sometimes think that economists view people as being self-centered and concerned only with themselves. This is not necessarily the case. A consumer’s utility can depend
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Lab Assignment #1 Use the chart below to rate the items from 1-5 (with 1 being the lowest and 5 being the highest) in terms of each type of utility. Then‚ write a brief explanation under each ranking. The first item has been done for you as an example. Form Utility Time Utility Place Utility Possession Utility Image Utility A cold bottle of water in an amusement park on a hot day 3 The bottle makes it easy to carry the water around the park. Therefore‚ its form is valuable. 5 Cold water is much
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At the beginning of the story‚ Walton is writing to his beloved sister. He talks about his big adventure to the North Pole. His dream is to see the sun going around and around‚ the campise spinning in circles‚ and to find a new passage. Walton explains to his sister of the loneliness he is feeling‚ but he is also very picky with who could be his friend. One day‚ Walton see a tall person on a slide pass by before find Victor. Victor‚ at first‚ looked like a savage. Though as he spoke to Walton turns
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correctly. In Mary Shelley’s “Frankenstein‚” Shelley portrays these two aspects of accomplishment as dangerous‚ destructive‚ and even fateful. Shelley begins her novel with an ambitious seafarer named Robert Walton. Walton is determined to reach the North Pole‚ where he may “tread a land never before imprinted by the foot of man” (6). During his journey‚ he writes constantly to his sister‚ Margaret Saville. Unfortunately‚ due to the laws of nature‚ sheets of impassable ice enclosing on their ship soon interrupt
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Aristotle states that utility friendships are the ones with the most complaints (1162b5). To me‚ this is one of the most important topics Aristotle has stated so far. I had a friendship in high school which I can now define as a utility friendship. We both used each other just for the fact that we could benefit off of one another. She gave me rides places and I gave her someone who she could vent to about all of her problems in life. When one of us could not help the other‚ one would complain because
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1. At a study session before a midterm exam you heard four of your friends chatting: Explain each statement‚ using utility analysis. a.“I think Joshua paid too much for his backpack.” --The speaker does not receive as many utils from shopping for backpacks as Joshua. b.“I gave Eddie $20. He really needed it more than I do.” --Money is not as important to this person‚ Eddie will get more utils out of each dollar then the person who gave him the money. c.“I didn’t go to the concert last night because
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explains that the problem “is that [the] totem pole is not part of the show and [it needs] to [be moved] someplace else” (King 2). Both these stories concentrate on how superiority conquers the morals of society leading to unequal situations. People are subject to authority even if it leads to their demise‚ simply‚ because it is a norm of society for the inferior to follow the superior. The dismissal of the narrator’s concern and the decision to move the totem pole illustrates how figures of authority tend
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