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Utility Essay Topics & Paper Examples

Final Reflection Assignment

Learning to me is allowing your brain to receive information and then applying in to your life experiences. I feel like face to face learning is better, however, online is more convenient. I prefer face to face because it offers a more personal relationship with your classmates and your professor. Although it is not practical for my life, I do wish I could attend classes in a regular environment. Online provides me that much needed space and opportunity to move at my own pace. Now that I have taken this class, I know that while I am receiving information I will be more aware of the information being delivered because I will now be more intentional with receiving the information….

Law of Diminishing Marginal Utility

In economics, utility is a measure of personal satisfaction or level of meeting a need that a good or service meets. For example the initial cup of coffee in the morning meets a large need and provides a large amount of satisfaction (utility). Another example is go under water and hold your breath, keep holding it until you think you will pass out. Then come up out of the water, that first breath is wonderful — tremendous utility. That is utility – the meeting of a need or being satisfied. Now Marginal Utility is the change in utility from one more good or service being consumed. So the amount of utility from the first cup of coffee or that first…

The quantity of pennies

(1) Draw an indifference curve map with the quantity of pennies are on the horizontal axis and the quantity of nickels are on the vertical axis. Given the shape of your indifference curve, how would you describe the typical relationship between these two “products”? The two goods are perfect substitutes for each other. 5pennies are equivalent to a nickel. (2) You and I are in consumer equilibrium. CDs cost 10 dollars each and cassette tapes only 2 dollars each. I consume CDs and cassettes. You consume only cassettes. What can you infer about my MRS (marginal rate of substitution) of CDs and tapes? What about your MRS. Since both individuals are in consumer equilibrium, for you, the MRS should equal…