Analysis Of To A Daughter Leaving Home By Linda Pastan

Analysis Of To A Daughter Leaving Home By Linda Pastan
The author Linda Pastan, imagines a parent running breathlessly to regain her strength from the ending connection she once shared with her daughter
in her poem, "To a Daughter Leaving Home." It's a mother's biggest fear when it comes to their child or children leaving home while going their own
ways when the time is right. This poem is based on childhood, fatherhood, and even motherhood.
Linda Pastan made this poem include various forms of figurative language to hide the literal message that it's trying to portray. Figurative language is
using figures of speech to make the text be more powerful, persuasive, and meaningful. Figures of speech such as, similes and metaphors, go beyond
the literal meanings to give the readers a new way of looking at the text. It can come in multiple ways with different literacy and rhetorical devices
such as: alliteration, imageries, onomatopoeias, and etc. With the usage of the literary devices Pastan has used, it introduced the relationship between the
mother and the daughter. It shows the memories of how the mother helped her daughter grow from a little girl to a young adult getting ready to go her
own way in life.
Linda Pastan's poem, To a Daughter Leaving Home, is represented as a metaphor because it's comparing the bike ride to the relationship between the
mother and daughter. The author describes the mother going along side her eight year old daughter as she rides her bicycle (Pastan 915). The
daughter "wobbled away" (Pastan 915). This happens to be an example of imagery because it gives a visual description of how the daughter was
riding her bike. As she rides the bike further along, the mother gets surprised by the way the daughter seemed to be in control of the bike as she goes
down a "curved path of the park" (Pastan 915).
Besides giving a visual description Linda uses symbolism to symbolize life. The phrase a "curved path" represents life by it being joyous,
unpredictable, and dangerous. Life doesn't go in a straight line, just a curved one. Pastan's use of onomatopoeias in the poem allows the reader to hear
what is going on in the poem. For example, she used the words "thud" and "crash" to make the reader visualize the way the daughter rides the bike
(Pastan
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Indifference Curves : Indifference Curve
Indifference curves:
The indifference curve represents the consumer's preferences that gives him the same amount of satisfaction. The union of the points in the graph
outlines a curve along which the level of utility or satisfaction is constant. For example, in the graph down here, there is the good "bread" on the
vertical axis and the good "meat" on the horizontal one. The two points B and C are related to different combinations of the goods, called "bundles",
and both of them have the same level of satisfaction in the utility function U(B)=U(C). Because these 2 points give the same level of satisfaction to the
consumer, he is "indifferent" choosing B or C, this why is called indifference curve. A graph has infinite indifference curve, the point F, for example,
belongs to another indifference curves with higher level of satisfaction, point E instead, to a lower one. The principles of the indifference curves
state that the curves have downward sloping, because the more people spend in a good the lower will be the expense on the other one. The curves
cannot cross, so a bundle cannot be a part of 2 or more curves otherwise will breach the Axioms of preference. And last, they are convex, because of the
diminishing marginal utility.
Oligopoly:
Is a market where only few firms participate because of the high barriers at the entry. Each firm can influence the price, and affect rival's firms, and
every firm can act

101 Economics
CONSUMER THEORY: THE NEOCLASSICAL MODEL AND ITS OPPOSITE EVOLUTIONARY ALTERNATIVE by Valentino Piana (2003)
From http://www.economicswebinstitute.org/essays/consumertheory.htm
The standard textbook model of consumer is an outstanding example of the neoclassical paradigm in economics [1]: a h y p e r–rational agent
maximises something by choosing an "optimal" bundle of things. Here, the hyper–rational consumer maximises utility (i. e. an overall generic measure
of well–being) by exhausting a given budget. He has a pre–defined income to spend on – for simplicity 's sake – two goods, called X and Y,
respectively. He could spend his entire income buying only X, thus purchasing a quantity of X equal to income divided by the ... Show more content on
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Choices are sequential.
Information available to
Neoclassical approach T h e c o n s u m e r h a s f u l l Limited information. consumer information about all existing products, their use and their effects
on his welfare (utility). Degree of difficulty o f Zero. The choice is always C h o i c e c a n b e easy, the choice easy, with all pros and cons moderate or
extremely already evaluated and difficult, d e p e n d i n g o n compressed in a monotonic the situation. measure (utility). I m p o r t a n c e
advertising o f None. The consumer has its own tastes and they can 't be changed. T h e l i m i t e d information of the consumer can be extended by
advertising. Depending on the decision–m a k i n g s t y l e , advertising can have an important influence beyond the mere information. Importance of the
opinion of others None. The consumer stands T h e c o n s u m e r c a n alone in her/his preferences. explicitly ask others or at least have contact
with the opinion of others, who are stratified according to the relationship to the consumer (e.g. friends, teachers,...). None. The consumer can
receive i n s t r u c t i o n t o appropriately use the product and enjoy it better. The label can show third party certification of q u a l i t y , e . g .
environmental friendliness b y ECOLABEL.

Definition Of General Education Requirement
General Education Requirement Economists must make basic assumptions to model consumer's behavior in many cases, especially when looking at
the quantity of beer that individual households will demand. There are a few components that economists have to consider when makings these
assumptions the consumer has clear preferences, there is a budget constraint, prices, and rational behavior. Economists have to consider these variables
because every household is different and these considerations affect the demand for an individual household. To obtain a more accurate demand curve,
economists will hold these variables constant throughout their research.
The first component to examine that economists hold constant is that consumers have clear ... Show more content on Helpwriting.net ...
The next component is prices. Markets control prices for the most part, consumers have no control of how prices change. The final component that
economist hold constant is rational behavior. While examining rational behavior economists assume that consumers are neoclassical. When someone is
neoclassical they're strong willed, asses the future, good at making calculations and egger to do so.
A shift in the demand curve is in result of a change in the determinants of demands for an individual household. These determinants include: change in
buyer's taste, change in a number of buyers, change in income, change in the prices of related goods, and change in consumer's expectations. However,
those determinants will not affect the demand curve like change in quantity demanded will. The most important determinants in a quantity demand is
an increase or decrease in price which will cause a shift along the demand curve. Consumers have to consider the marginal utility, or satisfaction they
receive from consuming and extra beer. Determinants of demand all have an impact on the quantity demand by a household. The impact on quantity
demanded generally relates back to the change in price. However, that not always being the case on determinant is change in preferences. If you use
the hypothesis more men than women in a household will consume more beer. The marginal utility would increase as more men are in the household as

Leisure And Leisure Time Vs. Leisure Time
We do not only gain utility from our consumption. We also gain utility from leisure. Leisure time is the time you spend outside of work. In the
similar way of maximizing utility from our purchases, we decide the number of hours of work that will yield us the highest utility, in other words,
that makes us the happiest. People make money by giving up some leisure time. The more leisure hours you sacrifice to go to work, the more
income you earn. Leisure time or activities are contrasted, implicitly or directly, with worktime or productive activities. (Moore and Hedges, 1971)
Leisure time could be used for vacation, resting, playing golf or other activities that we enjoy doing. Thus, economists see leisure as a normal good
that provides us with satisfaction. On the other hand, income generates purchasing power so we can purchase goods and services we desire. In other
words, income gives us satisfaction in an indirect way. As both income and leisure yieldutility, everyone has their own indifference curve between
income and leisure, depending on personal preferences.
An indifference curve is constituted by a set of combinations of income and leisure hours that yield the same level of utility. Indifference curves are
downward sloping and convex to the origin. They are parallel to each other– they do not intersect. The distance between an indifference curve and the
origin indicates the utility level of the individual, as it gets longer, the satisfaction of the individual becomes

Consumer Theory and Horizontal Axis
Chapter 2 1. A consumer prefers more to less of every good. Her income rises, and the price of one of the goods falls while other prices stay constant.
These changes must have made her better of. TRUE 2. A decrease in income pivots the budget line around the bundle initially consumed. FALSE 3.
If all prices are doubled and money income is left the same, the budget set does not change because relative prices don 't change. FALSE 4. If all prices
double and income triples, then the budget line will become steeper. FALSE 5. If good 1 is measured on the horizontal axis and good 2 is measured on
the vertical axis, and if the price of good 1 is p1 and the price of good 2 is p2; then the slope of the budget line is пїЅпїЅp2=p1.... Show more content on
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6. Edmund must pay $6 each for punk rock video casettes, V . If Edmund is paid $24 per sack for accepting garbage, G; and if his relatives send him
an allowance of $168, then his budget line is described by the equation: (c) 6V пїЅпїЅ 24G = 168. 7. Edmund must pay $6 each for punk rock video
casettes, V . If Edmund is paid $24 per sack for accepting garbage, G; and if his relatives send him an allowance of $192, then his budget line is
described by the equation: (c) 6V пїЅпїЅ 24G = 192. 8. Eduardo spends his entire income on 12 sacks of acorns and 2 crates of butternuts. The price of
acorns is 2 dollars per sack and his income is 34 dollars. He can just afford a commodity bundle with A sacks of acorns and B crates of butternuts which
satisffies the budget equation: (b) 4A+ 10B = 68. 9. Harry thrives on two goods, paperback novels and bananas. The cost of paperback novels is 4
dollars each and the cost of bananas is 3 dollars per bunch.If Harry spent all of his income on bananas, he could afford 12 bunches of bananas per
week. How many paperback novels could he buy if he spent all of his income on paperback novels?(c) 9 10. Heidi thrives on two goods: bananas and
apples. The cost of bananas is 30 marks each and the cost of apples is 15 marks each. If her income is 210 marks, how many bananas can she buy if
she spends all of her income on bananas? (b) 7 11. If she spends all of her income on lemons and tangerines, Isabella can just afford 30

Synthesis Of Results Of Eq 5d Utilities Across Different...
Synthesis of results
We conducted meta–analyses of EQ–5D utilities across different GOLD levels, based on an inverse–variance approach. The pooled estimates for
EQ–5D measurements of mild, moderate, severe, and very severe COPD are 0.821 (95% CI: 0.814–0.828), 0.760 (95% CI: 0.756–0.765), 0.727 (95%
CI: 0.722–0.732), and 0.681 (95% CI: 0.675–0.686). Results based on visual analogue scale demonstrated a similar trend. There was insufficient data
for meta–analysis on the utilities across different disease severity levels according to time trade off and standard gamble.
Discrete choice
In addition to utility of outcomes ranging from 0 to 1, we also included other reports on the importance of outcomes. Willingness to pay is another
indication of utility by monetary values. Researchers also used forced choice techniques, discrete choice exercise/conjoint analysis, or probability trade
off to elicit the outcome importance information. Additionally, some studies were based on research self–developed scales or questionnaires. In total,
we identified 74 reports to suggest outcome importance information other than utility of outcomes ranging from 0 to 1.
Forced choice and Preference trials
Of all the 74 reports, 39 of them used a "forced choice" question. By forced choice, we mean the researcher provided a set of options to ask the
participants to choose from, or to indicate they would accept or reject one option. Of all these 39 studies, 35 studies were on treatment itself or

The Decision Of Our Final Residential Location Choice Model
Before the decision of our final residential location choice model, we tested how preferences of residential location are different among age and
income groups. Stratifying the sample of households by age and income is helpful to identify some of the heterogeneity in housing preferences
among different market segments as well as investigate whether differences of location preferences exist between different groups. All the household
location choice models performed reasonably well as shown in table 1, 2, and 3. The empirical results show that different age groups have different
residential location preferences. As shown in Table 1, the access to employment is statistically significant and positive in Groups 1 and 3 but
insignificant in Group 2. This result implies that job opportunity is an important factor in the household residential location choice decision, especially
for the young and old household groups. On the other hand, households in Group 2 do not tend to prefer the location where job opportunity is
relatively good, although it is not statistically significant. Rather, land price is positive and significant in Group 2, which means they are likely to
choose the location where land price is high. This may be because most households in Group 2 consider their children's education in their residential
location decision. In specific, good education environment including public and private schools is a very important factor in Korea. However, we do
not include the

Hw1 Solution Essay
Econ3101 – Section 006 Intermediate Microeconomics
Xavier Vinyals–Mirabent Due: Wednesday, February 1st, 2012.
Solutions to Homework 1.
1
1. A consumer has preferences for two goods. Her preferences satisfy Axioms 1 through 4 as discussed in class. A v D v
10
E v 5 C v
B v
0 0 5 (a) Plot and label the following bundles: A (2,10) B (6,2) C (0,4) D (8,10) E (4,6) (b) Assume A is indiп¬
Ђerent to B (A в€
ј B). On a single line,
list all the bundles in descending order of preference using ( ) to denote strict preference and (в€
ј) to denote indiп¬Ђerence between adjacent pairs. In
other words, use the form: A B C D E Answer: D E Aв€
јB C, or D E Bв€
јA C. 10
2
2. Consider an economic agent who has preferences that are represented ... Show more content on Helpwriting.net ...
Figure 1: Jeremy Bentham 100
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75

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ВЁВЁ ВЁВЁ d ВЁВЁ ВЁВЁ ВЁ d ВЁ ВЁ ВЁ ВЁВЁ d ВЁ ВЁВЁ d ВЁ ВЁ ВЁ ВЁ ВЁВЁ ВЁ ВЁВЁ ВЁВЁ ВЁВЁ ВЁ ВЁ ВЁВЁ
0
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100
Figure 2: John Stuart Mill 100 r r r 75
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0
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100 8
6. I've been told I have odd tastes. I thought about this and realized that: If I have more Y than X, then I always trade 5 Y for one X. If I have more X
than Y, then every time I give up one Y, I require 5 X to remain indiп¬
Ђerent after the exchange.
(a) Plot and label the following bundles and then graph my indiп¬Ђerence curves through each of these points. A = (10,50) B = (50,50) C = (65,5) (b)
Please tell me the value of my: Marginal Rate of Substitution at point A =5 Marginal Rate of Substitution at point C =1/5
100 h hh h h h h hh h h hh h hh h hh h hh h hh h hh h hh h hh h hh h h hr A B r hВ–В– В–В–В– hh В–В–В– В–В–В– hh В–В–В– В– hh hh hh hh hh
hh hh hВ– В– hВ–В– В–В–В– В–В–В– В–В–В– В–В–В– В–В–В– В–В–В– В–В–В– В–В–В– В–В–В– C r В–В–В– В–В–В– В–В–В– В–В–В– В–
В– В–
75
50
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0
0
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100
9
7. Britney S. has a divided mind. Her preferences change drastically according to how much X and

The Theories Of Economic Economics
Imagine a peaceful world where nobody argued about anything and everyone was at peace. That would be nice, but not possible in reality. There is at
least two sides to every story, or in this case two sides to every subject. Economists' have different views on the world, and they cannot agree on a single
viewpoint. There is the popular, mainstream economists, known as the neoclassical economist and there are the heterodox economists' which covers
the nonmainstream views. Although the mainstream economics is the one taught in school, its assumptions are there to achieve a certain outcome. The
heterodox economist's assumptions are based on the fact to eliminate extraneous factors. I believe that heterodox economics will start to be considered
more in the world of academics and may take the place of the current mainstream economics.
The theories of consumption have different viewpoints. Neoclassical consumer theory is the explanation of how consumers allocate incomes to the
purchase of different goods and services. In other words, it is how individuals make choices given their income and the price of goods and services.
This is how the neoclassical economist is able to understand tastes and how income influences the demand curve. This view is the one that all major
textbooks use and the type of economics that students' are taught. In the viewpoint of the neoclassical economist, consumers are rational decision
makers. The consumer behavior is best understood by

Elie Wiesel Contribution
The 20th century was a time of brutal wars and eradication of joy. On April 12, 1999, Elie Wiesel stepped up to the podium, reflecting the violent times
as they were months before entering a new century. Wiesel knew very well that the uncountable tragedies had to change, and each individual must
exercise his or her own contributions in the face of justice and humanity. His devastating experiences and tragic realizations produced a voice that
carried around the world, revealing the fundamental structure of humanity. Elie Wiesel was a Jewish American born in Romania. His principles were
influenced by being raised in a heavily religious and liberal family. In the 1940s, his own country forced his family to flee to the ghettos, and not long
after, Wiesel, "a young Jewish boy from a small town," was captured by Nazis, waking up to the perilous realization of "eternal infamy"(Wiesel). In
April 1945, after enduring through starvation and punishment, he was finally liberated.
As he recovered, Wiesel studied in France as a journalist for Israeli and French publications. His colleague inspired him to publish his experience during
the Holocaust which became known as the world–famous Night. Wiesel continued to write several books in New York. Along with his publications, he
advocated equality, taught Judaism, and established a foundation to combat indifference (Biography.com). He was later awarded the Nobel Peace Prize
and appointed as the chair of President's Commision on the

The Theoretical Framework Of The Agricultural Household Model
Theoretical Framework
The theoretical model adopted for this study is the agricultural household model. In this model we assume a unitary farm household model where a
farm operator maximises his or her utility over a set of consumption and leisure for all family members. The utility of the farm operator is subject to
the time and budget constraints of the household. Following Becker (1965), we consider the labour allocation decision from a farm operator's
perspective only, and assume that the farm operator maximises his utility function, (U), which is a function of consumption (q), leisure time (l), human
capital (H), and household characteristics (k). The farm operator in the model allocates his or her time endowment (T) to three (3) main activities: farm
work(T_f), nonfarm or off–farm production or market work(T_of) , and home time or leisure activities(l). Since the optimal hours of market work
might be zero in a given year, but not less than zero, a non–negativity constraints is placed on farm work and nonfarm work of each household member:
T_ofв‰Ґ0, T_fв‰Ґ0. The farm operator therefore maximises utility have leisure activities(l) and consumption (q), which is expressed as follows: ...
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Maximise U=f(q,l;H,k), (1)
Subject to
T=l+T_of+T_f,Oв‰Ґ0, (2) qP_c=W_of T_of+гЂ–(PгЂ—_f Y_f (T_f,X_f,H,R)–I_f X_f)+V

Indifferent Between Two Goods? What Were They?
1.Name a time you were indifferent between two goods. What were they? What made you indifferent between them? I can recall a time when I was
indifferent to an Android phone and an iPhone. My purpose for a phone drove my indifference between the two brands. I am not a hi–tech complicated
type of person. My phone usage is for calling, texting, and internet use. At that time, I purchased the Android phone based on price and satisfying my
phone needs. 2.Name a time there was a change (higher or lower) in your budget for two goods. What were they? How did the change affect your
consumption choices? Using the same example of the Android and the iPhone, as time passed, I found that the iPhone had added features that I
preferred over the Android.

Line Clipping Is The Process Of Removing Lines
LINE CLIPPING ALGORITHMS Line clipping is the process of removing lines/portions of lines that are outside of an area of interest. There are two
main algorithms of line clipping namely: 1)Copen– Sutherland 2)Liang Barsky Copen – Sutherland This algorithm is used to detect and dispense with
two trivial cases and in order to clip a line we are required to consider only the end points. When the endpoints of a specific line lie inside the
window then it can be said to be trivially accepted and clipping is not required. Clipping occurs when both endpoints of a line lie entirely to one side
of the window thus indicating that the line entirely lies outside of the window hence trivial rejection and the line needs to be clipped. Inside–Outside
Window Codes The Copen – Sutherland algorithm sets up a half space code for the endpoints so as to determine whether the endpoints are inside or
outside the window. An infinite line is defined by every edge of the window which divides the entire space into two half–spaces (the inside half space
and the outside half space) Fig 1.1 During the trivial acceptance and rejection tests the edges of the window are extended so as to divide the
window planes into 9 regions. The end points of the respective line are then assigned the code of the region in which it lies. 1)Given a line with
endpoint L1 =(x1, y1) and L2 = (x2, y2), we compute the 4–bit codes for the endpoints: If both codes are 0000 the line maybe said to completely lie

How will a Change in the Interest Rate Change the Future...
People tend to try and predict what their future needs will be in order for them to be able to satisfy their current and future wants. The two–period
model of intertemporal choice tries to interpret based on the current time period (e.g. this month) and a prediction of the future time period (e.g. next
month) what consumers will be able to spend, borrow or save according to their levels of income and interest rates. In this assignment however we
are mostly concerned on the changes of interest rate and specifically the impact an increase in the level of interest rates would have to consumers who
are either savers or borrowers in the first period and how would that affect their consumption levels. Generally it is well known in economics... Show
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As we can detect income exceeds consumption in the first period (C1 > E1) meaning that these are converted to saving, which enhanced by an interest
rate can contribute to increase future consumption despite any minor volatilities of the future wageDiagram B represent the situation of a net borrower.
Here on the other hand the indifference curve represents someone with strong preference for current consumption, which as we can detect exceeds
current income (C4 > E2). This leads us to believe that the purchaser is borrowing funds from the future, which are applied by an interest rate in order
to be able to spend more today than his/her income.
Another, major factor in this assignment now that we have cleared its prerequisites is the increase of interest rates and the response from a net
borrower or a net saver to its changes. An increase in the interest rate (as seen from diagrams I and II below) would affect the budget line by
increasing its slope or in other words rotating it clockwise, however still passing through the endowment point. Moreover, when the interest rate is
increasing, today's consumption is considered more expensive since interest rates in general are identified as the price of today's consumption,
'forcing' in a sense the customer to substitute away from their current habits. This movement as shown in diagram I is from point B to point D and in
diagram II from B' to D' is identified

Examples Of Hindsight Bias
"Availability Heuristic" which is how people judge the probabilities of future events based on how easy those events are to imagine or to retrieve from
memory lead to further biases like "hindsight bias". Hindsight Bias imply that since events that actually happened are easier to imagine than the events
that are counterfactual therefore people attach a higher probability they previously attached to events that later happened. Hindsight bias leads to
"second guessing" or Monday–morning quarterbacking and can partly be responsible for lawsuits against stockbrokers who lost money for their
clients. Another bias called "curse of knowledge", i.e. people who know a lot find it hard to imagine how little others know. According Jean Piaget,
Development... Show more content on Helpwriting.net ...
Strong and testable assumptions of standard preference theory like "reference independence",which imply that preferences are not affected by the
individual's transient asset position. Standard preference theory also assumes that preferences are invariant with respect to superficial variations in the
way that options are described and elicited preferences do not depend on the precise way in which preferences are measured as long as the method
used is "incentive compatible" in the sense that incentives are provided to people to reveal their true preferences.
Tversky and Kahneman(1981) tested "framing effects" in what is now widely known "Asian disease" problem in which people are informed about a
disease that threatens 600 citizens and asked to choose two undesirable options. In "positive frame", people are given a choice between saving 200 lives
for sure(A) or a one third chance of saving all 600 with a two third chance of saving no one(B). In "negative frame", people are given a choice between
400people dying for sure(C), or two–third chance of 600 dying and a one–third chance of no one dying(D). A,C and B,D are equivalent in terms of
lives lost or at risk, most people choose A over B but D over

Summary Of Out Out By Robert Frost
The poem "Out Out" portrays a story of describes a farm accident that unexpectedly and irrationally costs a young boy his life. The narrator of the poem
sets the scene, seemingly from an outsider's perspective, reporting the incident with objectivity and restraint. Yet, as the narrative advances, underlying
emotions and tensions surface as the persona builds to the poem's conclusion: the seemingly senseless, abrupt ending of the boy's life, followed by his
family's subsequent return to their daily routines. The poem is told directly to the audience through a third–person narrative, presumably told by the
author or some bystander. The speaker is trustworthy as there is so much detail and imagery employed, it is hard to believe that the account was
false. In addition, there would be no plausible reason for the speaker to diverge from the truth when speaking about the morbid story of a young boy.
Frost possesses a very indifferent tone throughout the poem. The poet does not empathize or mourn for the boy when he cuts his hand. He presents the
action as commonplace. It is described with a tone of indifference as a "meeting" rather than a maiming and the boy is said to be "old enough" though
a "child at heart" [lines 18, 23–24]. At a glance, the poem looks quite long possessing 34 lines, but it is not since it is primarily composed of relatively
short lines consisting of 7–10 words in each line. This free form, short line structure allows the reader to somewhat isolate and

Lesson Reflection
1.Briefly describe what you planned to do and explain if you changed anything along the way (flexibility is key!!)
What I planned to do was to explain to the students that points, lines, line segments, rays, and planes are everywhere. They are the building blocks of
geometry. Then, I went through my PowerPoint and explained what each of the figures are. I explained that a point has no dimensions and is a
location on a plane. It is also represented by a dot. I went on and did the same thing for a line, parallel lines, perpendicular lines, intersecting lines, line
segment, ray, and a plane. Throughout the lesson I went through the worksheet and showed the students how to draw, name/read, and write each one of
them. After that we did the line song. I should them what each one was using my arms. Finally, I play the gameSimon says. During the game, I kept
saying Simon says, but then I did not to see if the students were listening. A couple of students were not, but then got the hang of it then. I changed my
lesson a little bit by going out of order. I did the PowerPoint first, then did the worksheet, played a game, and then the coffee stirrers.
2.How do you feel the students responded to your activity(ies)? Tell me about some of their responses.
I feel that the students responded pretty good to the activities. With the worksheet, I hand some of the students tell me what each one was or how it is
to be read, written, drawn. Some of the students said that a line segment is a

Economics
Introduction
The willingness of consumers to purchase a product or service is the fundamental source of profit for any business. Understanding consumer behavior
is the first step in making profitable pricing, advertising, product design and production decisions. In order to make marketing decisions, managers
need to know how consumers choose the bundle of goods and services they actually purchase from all possible bundles that they could purchase.
Managers should be aware of the consumer–choice process when estimating the demand for the firms' products, forecasting future demand, and making
advertising decisions.
Consumer Preferences
From all the goods or services available to them, buyers choose a combination of items we call a ... Show more content on Helpwriting.net ...
It measures the number of units of Y that must be given up per unit of X added so as to maintain a constant level ofutility.
MRS = О”Y/О”X
Figure 1. A typicalindifference curve
The consumer is indifferent between combinations A (4food and 45clothing) and B (6food and 30 clothing). Thus the rate at which the consumer is
willing to substitute is
MRS = О”Y/О”X = 45 – 30 / 4 – 6 = – 7.5
The MRS is 7.5, meaning that the consumer is willing to give up 7.5 units of clothing for each unit of food added.
4.Indifference curves are the further from the origin, the greater level of utility associated with the curve. Combinations of goods on higher indifference
curves are preferred to combinations on lower curves.
5.Indifference curves are everywhere dense. Theoretically, any number of such indifference curves could be generated by slicing the utility surface at
different altitudes so that the floor of the surface might appear "dense" with concentric indifference curves. The collection of representative

indifference curves may be referred to as an indifference curve map.
Budget line
Consumers normally have limited incomes and goods are not free. Their problem is how to spend the limited income in a way that gives the
maximum possible utility. A budget line is the locus of all combinations or bundles of goods that can be purchased at given prices if the

The Consumption Of Two Goods
consumption of two goods
In economics a consumer is described as a rational individual who wishes to maximise their utility by making rational choices. These choices appear
when a consumer is exposed to two goods, where a given amount of one good substitutes the use of another one. To calculate how a consumer can
achieve the optimal allocation of the two goods, an indifference curve is used and the analysis of an indifference curve can be combined with the budget
constraint. For the consumer, some combinations are better than others for maximising utility, and the best combination is the optimal combination.
Consumers have preferences about the goods they consume. Therefore, when faced with a choice of goods, the consumer must decide ... Show more
content on Helpwriting.net ...
Consumers wish to have a higher number of goods than less. If the consumer added another book to his bundle, he would have to sacrifice some water,
in order to hold utility constant. One can calculate how many glasses of water the consumer is willing to sacrifice for another book without changing
his total utility through the marginal rate of substitution. According to (BEGG et al., Economics, 11th edition, McGraw–Hill Education, 2014 ), the
marginal rate of substitution between two goods measures the quantity of a good the consumer must sacrifice to increase the quantity of the other
good by one unit without changing total utility. For example, if the consumer has 10 books and no water and he reads 9 of these books, he won't
enjoy the last one as much. Furthermore, by drinking no water the consumer will be very dehydrated and won't enjoy reading at all, and so the
utility of this particular bundle would be extremely low. On the flip side, if the consumer drank a large amount of water and read few books. As a
result, he would be reluctant to sacrifice his books for even more water. By and large, a consumer's preferences exhibit the diminishing marginal rate of
substitution, which means that when a consumer owns lot of one good, they will give up a comparatively large amount of it to get another good of
which they have little. We use indifference curves to portray our hypotheses

Is The Rational Actor Hypothesis Used Throughout The...
We can usefully predict the behaviour of others in group contexts by assuming that they are acting rationally. This is the rational actor hypothesis used
throughout the social sciences. To usefully apply this idea we need a definition of rationality; the one we will analyze is that people maximize some
utility in deciding on an action. To understand what is meant by utility consider the following concept. A payoff is a reward in a game that has a
definite expected worth (e.g. money) that is known to both players of a game. A utility is then something which causes payoff maximization, the
maximization of such payoffs by players, given the information available to them plus the assumption that other players are playing to maximize their
payoffs. A key assumption of the model is that maximizing a utility leads to a fixed set of preferences, in order for any sort of uniqueness to be present
in predictions. This idea of rationality through payoff maximization rests on the Von Neumann–Morgenstern utility theorem. This theorem says that
given four axioms (defined in the Glossary): completeness, transitivity, continuity, and independence, there always exists a utility function which a
player in a game maximizes when making a decision. My contention in this paper is that utility maximization and therefore the rational actor
hypothesis is too broad of an idea to be of practical use.
While the axioms of payoff rationality clearly imply consistency of behaviour, since transitivity and

Bundling
1. Evaluate the consequences of offering a single ticket for the concert series either in addition to, or in place of, offering the tickets for each concert
separately. The primary aim here should be to maximize profit. Below table gives the Willingness–to–pay of Concert Patrons: Case 1: Only Bundling
Bundle at $50– This is the maximum that the last two categories of patrons are ready to pay. Hence, the revenue we get is $200. Bundle at $60– Only
the top two categories of patrons are ready to pay this amount for both the concerts together. The revenue we get is $120. So by bundling, the
maximum we can get is $200. Case 2: Not bundling Both concert tickets individually $20 – In this case we are not capturing Tchaikovsky... Show more
The profit when the products are bundled at $80 is $54400; bundled at $100 or sold individually at $50 each is 50000. In case we sell the products
individually, the maximum profit that can be gained is 50000. We therefore conclude that, bundling the products will lead to the higher amount of
profit. 3. Suppose the firm were to give anyone buying product A a coupon entitling the holder to a certain amount (say $10) off the price of product B.
Would the firm benefit from such a promotion scheme? Give an intuitive explanation for your answer. The case informs us that the consumers will buy
both the products and that the willingness–to–pay for each of the product is independent across the products but the maximum a consumer will pay for
both the products combined is $100. Since a discount coupon is being given, this implies that the products are not bundled. As per our analysis in
Qs.#2, we found that the maximum profit that can be earned by selling the products separately is 50000 and the consumer equilibrium occurs at a
price of $50 for each of the product. So considering this, if we increase the price of B to $60 and give a $10 discount coupon, the effective price of B
comes to $50. Below figure 3.1 depicts the scenario where a discount coupon of $10 is provided. In this instance, a gift of $10, would result in an
increase of the

Essay about Mersault's Control Over his Actions in The...
Dialogue is simple throughout part one of The Stranger. Camus does not provide direct explanations for Meursaults actions and response to events.
Instead the reader can find an unusual emphasis on the setting and physical aspects of events and characters in part one. Meursault has complete
control and conscious awareness of his indifference towards social situations. It is Meursaults underlying radical attitude towards authority and social
norms that provide for his dissent behavior. In order to prove that Meursault is free to act as he does, his inability to grieve over the death of his
mother should not be accepted. Meursault attempts to justify his indifference by offering a detailed description of the setting from the "crackling of...
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In his relationship with Marie, Meursault remains indifferent to both love and marriage. His indifference should not however be accepted as an innate,
uncontrollable response, rather a radical refuse of both social and religious affairs which authority impresses upon society. This indirect refusal to
authority is also a present in Meursaults relationship with his boss. Meursault is offered a job in Paris and to his bosses' surprise is indifferent to the
situation stating that while "it was all the same"(41) that his life was content and "people never change their lives" in fact, "one life was as good as
another"(41). Later however discussing the opportunity with Marie instead of displaying indifference describes Paris as "dirty"(42) with "lots of
pigeons and dark courtyards"(42) and where "everybody's pale"(42). Thus, despite his unemotional reaction to the boss, later displays resentment
towards the situation. Meursaults relationship with Raymond is also down played in Meursaults narration. Helping Raymond write a knowingly
manipulative letter because "he didn't have any reason not to please him"(32) seems contradictory to his previously apathetic attitude that he "didn't
mind being his pal"(33). When Marie suggest that Meursault call the police he responds that he does not like police, thereby displaying an emotional

Econ339 Asmt No.2 Essay
Economics 339, A01, CRN 12913 Assignment 2 Dr. L. Welling November 16, 2012 Assignments are due at the beginning of class on the due date.
Remember to use at least ВЅ page for each diagram. 1. (25 marks) Juanita derives utility from both leisure (L) and food (G). She has 18 hours per day
which she can divide between leisure and preparing meals (H). Her ability to prepare meals is described by the function G=g(H;X), and displays
positive but diminishing marginal productivity of H. a) (4 marks) In a diagram with leisure on the horizontal axis, sketch Juanita's consumption set
(her feasible combinations of food and leisure). b) (2 marks) What is the economic interpretation of the slope of the feasible set? Ans: slope gives the
(negative of... Show more content on Helpwriting.net ...
Then the amount of market work is equal to total time (18) minus homework minus leisure. (see diagram) Juanita's partner has just won the lottery, and
Juanita's share of this is $20/day. In the notation we have used in class, this means that for Juanita non–market income, V, has gone from a value of zero
to a value of $20. e) (10 marks) In a new diagram, show how this will affect her time allocation. Explain. Ans: This transfer from her partner will cause
the boundary of Juanita's budget set to shift up vertically – see diagram. It will not change the slope of the budget line (or ppf) at any horizontal
coordinate. In my diagram in (d), Juanita spent some time in the market as well as in home production and leisure. The transfer will generate a pure
income effect on her chosen bundle. If leisure and food are both normal goods – as we usually assume – then her Due: November 26, 2012 Total
marks: 50
Food
Household production function
leisure Time in home production 4.5 18 leisure
Points for a): 2 for labels on axes, 1 for "18", 1 for picture of diminishing MP Points for c) 2 for IC tangent to frontier at horizontal coordinate of 4.5 2
for labeling time allocation
Food
36

15 Switch from home to market production Market work leisure
Home work
4.
18
Leisure
Marks for d): 1 for IC tangent to new BL; 1 for correct boundary of feasible set; 1 for point at

Why Do We Spend Money On Pay Monthly Mobile Contracts? Essay
The old saying goes "talk is cheap" but if this is the case why do we spend so much money on pay monthly mobile contracts. In recent years there
has been an increasing trend in people using data on their phone rather than using them to do as they were intended for; to make phone calls. This
paper will analyse just why people are willing to spend money on having a greater amount of talk minutes instead of going with cheaper contracts
which include more data and how these preferences are changing over time. In order to achieve this paper will only focus on sim only contracts from
two providers Three and EE. With attention only paid to contracts which do not include a handset in the month price. Introduction According to
statistics from Ofcom the number of mobile phone contracts in the UK stands at around 91.5m with around half of these being sim only contracts
(Ofcom UK, 2016). With this amount of contracts active in the UK then it only makes sense for the mobile network sector to be very competitive.
Indeed, there are currently 4 mobile networks in the UK which own their own infrastructure. (Ofcom UK, 2016). In order to analyse why consumers
chose the network they chose, we shall look at two different end of the cost spectrum by comparing the UK's largest mobile network EE but arguably
more expensive network to a newer and cheaper network, Three. The average annual cost spend by consumers on their phone contract is currently
ВЈ469.

Efficiency Gain of International Trade Essay
In evaluating the efficiency gain of international trade, we are concerned about the entire country or community, and thus encounter a more
complicated situation with several individuals making up the entire country. Answer these questions (provide graphs if you want):
What is meant by the community indifference curve?
The community indifference curve shows the various combinations of two commodities which yield the same level of satisfaction or utility to a
community or nation. It is intended to represent the preferences of a country as a whole and is a convenient tool for deriving quantities of trade in a
two–good model. The slope of a curve at any point gives the marginal rate of substitution or the amount of a commodity which a ... Show more content
on Helpwriting.net ...
The shape of the production possibility frontier (PPF) of a country depends on: (1) its factor endowments and (2) the production functions of the various
commodities. The plausible shapes of the production possibility frontier include:
Linear
Suppose there are constant returns to scale in both industries and only one factor, then the production possibility frontier is a straight line. If the
opportunity cost is constant as production of different goods is changing, then a linear PPF is produced.
Concave (towards origin)
Suppose there is diseconomies of scale or decreasing returns to scale. Under full utilization of resources, the production possibility frontier is concave
towards the origin. This shape is basically due to the differences in optimal factor intensities between industries. If a country faces increasing
opportunity costs or marginal rate of transformation (MRT) in producing more units of a commodity, then this is shown by a PPF that is concave. The
country will produce where the MRT is equal to the equilibrium relative commodity price.
Convex (towards origin)
Suppose there is economies of scale or increasing returns to scale. Under full utilization of resources, the production possibility frontier is convex

towards the origin. If there is increasing returns to scale in either or both industries and there is one factor of production then the production set is
non–convex.

Income Effect And Its Effect On Income
Income effect is when the income changes and it results in the change of the quantity demanded. In this situation we observe a rise in disposable
income that will consequently increase the purchasing power of the households that means individuals can purchase more than before. This
means that an increase in income results in increase of the demand if the good is a normal good like food & beverages. Normal good is a good for
which the demand is increasing when the consumer's income is rising and vice versa. Moreover, a change in income prompts the consumer to
choose a new optimal bundle. The income effect of a rise in price can be negative or positive, depending on whether the good X is. Policy 1 does not
have any substitution effect, it is a pure income effect. Graphs are illustrated in Appendix A17 Figures 4,5,6. The x1 and x2 values for policy 1 in
comparison with no policy are nearly same that distinctly proves the fact that the net effectiveness of this policy is 0. Policy 2 is a taxation of the price
of good x1 that is food & beverages. As far as we know that any debts on the price will increase the price, therefore the price for good 1 rises from
ВЈ35.00 to ВЈ40.25. So when the price was taxed and the new price was introduced, we faced a shrinking rotating budget constraint line from BC* to
BCI. Slutsky was the first economist who explored the total effect arisen from the price change of a good, hence the process of separating the total
effect into the substitution

Explain what is implied by the assumption that...
Explain what is implied by the assumption that decision–makers are rational? How is the assumption of rationality used in the economic analysis of
individual behaviour? In many academic disciplines much is spoken about rationality and rational choices. Economists generally refer to 'rational'
choices and that individuals in economic theory are rational. By rational we mean people choose options which they perceive to be the best, given
the circumstances they are in. In terms of making rational choices some of the conceivable options for example of going to work would be: В·
Actually going to work. В· Staying at home В· Going out shopping В· Buying a house В· Fly to the moon etc. But with these choices we face... Show
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However the consequences of making a choice that may seem rational is not always taken into consideration as in many cases the choice taken may
be actually irrational. For example, somebody deciding or not they should buy a sandwich with limited money, will certainly consider the immediate
satisfaction of their hunger, but it is dependant on the individual how much importance they would give to the fact that they wouldn't be able to get
the bus back home later that night and would catch a cold from walking back, resulting in days off work and subsequent loss of income. It could be
said therefore that anyone who bought the sandwich would be considered 'irrational'. The assumption that one is always in possession of all their
rational senses is a dangerous one to make. It can hardly be assumed that the decision of anyone already very drunk on a night out to buy another
alcoholic beverage to be rational .They know that it will result in them being violently sick and lead to them regretting the purchase in the morning,
yet this does occur as their intoxicated state has robbed them of the power of 'rational' thought. The same can be said of other conditions such as stress
and being in love. In terms of decision–makers, rational decision making operates where "a decider in an environment must choose among alternative
courses of action, each leading to a different expected environmental outcome, where some outcomes are

Buying A Fantastic Brand Cleaner
Yahya Bello Extra Credit 2 Page 133 Econ 1020 Professor Leach 1.Consumers who buy fantastic brand cleaner instead of Pathmark premium
All–purpose cleaner behavior would be considered as bounded rationality because they tend to make their choices that serve their objectives, but
they have limited ability to acquire and process information. Consumers that buy fantastic brand cleaner can also be considered as bounded
rationality because they believe in the rule of thumbs that says the higher the price of goods the higher quality of the goods will be. Since the
price of Fantastik brand cleaner is higher than that of Pathmark, they apply the rule of thumbs before making a choice between the two brands.
2.Based on my own prior experience as a shopper, I can definitely agree that the rule of thumb is rarely valid with a genuine evidence from my
personal experience as a shopper e.g. there was a time I bought a pair of jeans from one of my favorite stores at a very low price without
considering the quality of the jeans and a friend of mine also bought the same pair of jeans from a different store at a higher price believing in the
rule of thumb( the higher the price the higher the quality of the item). Unfortunately, my friend's pair of jeans completely fades out and the zip also
worn out while mine that I got from a very low price without applying the rule of thumbs still looks good and well kept. The situation suggests that all
item with a higher price are of good quality,

Project On Land Value Tax
This semester I have been doing research about property tax. I extend my own synthetic research in the summer of 2016 and the experiment work by
Dr. Duke and Tianhang Gao in October, 2016. Since I was participating in the experiment of land value tax, I have had basic knowledge about the
nature and functionality of land value tax. Therefore, my initial goal for this independent study is to use Matlab to build a simulated environment in
which property owners make decisions about land improvement under different property tax regimes, land value tax and uniform property tax. The
simulation test is similar with the experiment designed and conducted in previous; however, the main difference between this simulation and the
previous experiment is ... Show more content on Helpwriting.net ...
The price of both improvement choice and other consumption is 1 temporarily in order to make the simulation easy to understand. The government
would collect up to the tax cap, TaxCap = $700,000 dollars, as tax revenue, and the exceed amount of tax collected, which is tax return, TaxR, would
be distributed to all households evenly as a part of household income(1). TaxRit = ОЈ Taxit – TaxCap
The tax collected from households prior to redistribution is based a tax revenue function consisting of the current year's land value, LVit, land tax rate,
TaoLL, current year's improvement value, IVit and improvement tax rate, TaoIV(2).
(2) Taxit = LVit * TaoLL + IVit * TaoIV
We assume that every household tend to maximize their money utility, MUit. Therefore, households would like to find the first order condition of their
own money utility function and choose the optimal units of improvement(3).
(3) MUit = (Incomeit * rt – xit * pxt)О± * xit(1–О±) + Пѓ * IVit–1 s.t. pxt * xit + pyt * yit = Iit – Taxit–1 + TaxRit–1
Monte Carlo and heterogeneity
The second part of my study is

Normality In The Book 'The Stranger' By Albert Camus
The Stranger
Topic 3
By: Charard Brown In a world such as ours today social norms are everywhere we go. What we wear to how we pronounce words or even the color
of our skin can greatly influence how society can and will treat an individual. Showing how the ridicule transition of life can reiterate the focal point
of your existence leaving you in a blank state of mind. An example of this is greatly evident in the book "The Stranger" by Albert Camus. In Camus
story the main character is an outcast in society and is punished greatly for it, the main catalyst for this difference is his indifference to the world around
him. In an odd way his lack of feeling towards things can make you feel more for him as his story unfolds, a story of social norms and beliefs that
show how they can hold one back from living their life. Showing how Society exists according to the inflexible code of values that its citizens are held
up to, viewing those unable to sustain them as abnormalities, obliquely condemning them to a life of wretched exile.
One of the biggest and most recognizable example of the main character Meursault acting out of the norms is his indifference towards his own mother.
In fact this topic is so easily recognizable that it's displayed very early in the book with the quote; "Maman died today. Or yesterday maybe, I don't
know. I got a telegram from the home: "Mother deceased. Funeral tomorrow. Faithfully yours." That doesn't mean anything. Maybe it

Varian Solution
Chapter 1
NAME
The Market
Introduction. The problems in this chapter examine some variations on the apartment market described in the text. In most of the problems we work
with the true demand curve constructed from the reservation prices of the consumers rather than the "smoothed" demand curve that we used in the text.
Remember that the reservation price of a consumer is that price where he is just indiп¬Ђerent between renting or not renting the apartment. At any
price below the reservation price the consumer will demand one apartment, at any price above the reservation price the consumer will demand zero
apartments, and exactly at the reservation price the consumer will be indiп¬Ђerent between having zero or one apartment. You should... Show more
Further suppose that people A, B, C, D, and E manage to get an apartment, while F, G, and H are frozen out.
4
THE MARKET
(Ch. 1)
(a) If subletting is legal–or, at least, practiced–who will sublet to whom in equilibrium? (Assume that people who sublet can evade the city rentcontrol
restrictions.)
E, who is willing to pay only F,
$10 for an apartment would sublet to who is willing to pay $18.
(b) What will be the maximum amount that can be charged for the sublet payment?

$18. A,
(c) If you have rent control with unlimited subletting allowed, which of the consumers described above will end up in the 5 apartments?
B, C, D, F.
(d) How does this compare to the market outcome?
It's the
same.
1.5 (2) In the text we argued that a tax on landlords would not get passed along to the renters. What would happen if instead the tax was imposed
on renters? (a) To answer this question, consider the group of people in Problem 1.1. What is the maximum that they would be willing to pay to the
landlord if they each had to pay a $5 tax on apartments to the city? Fill in the box below with these reservation prices. Person Reservation Price A B C
D E F G H
35
20
25
30
5
13
10
0
(b) Using this information determine the maximum equilibrium price if there are 5 apartments to be rented.
$13.

(c) Of course, the total price a renter pays consists of his or her rent plus the tax. This

Imposition of a Carbon Tax in China
Answer 2 Part 1: Summarize: Now a days, there is a war of economic war in which every country played their economic part to want to be a leader or
powerful, in this situation many industries is established and several advancements are held, but no one realized the result of world–wide pollution that
affects the natural environment of the world. In Australia, the debate is that the most of the economist or tax experts want the carbon tax to all the
industries so that those industries who doesn't care the environment move to those countries where such taxes are not imposed (such as China). China
has a very strong economic power in the world, but china encouraged the entire industrialist to establish their industries in their country. Most of the
people consider that after imposition of carbon tax, there is no affect on the world–wide pollution, but in china both factors are involved is that the
Chinese consumer want the goods that producer produce for them or they want the clean air environment after sacrificing the product, in this situation
the behavior of consumer is based on the budget that either their budget allows them to scarifies those product with comparison of clean air. So, the
Chinese people are indifference in this situation where they want one product with no clean air or clean air with any products. Also by the relocation
of industries to china, they also affect the income of the Chinese people so there preferences belong to those two products. Chinese

Lack Of Marginal Utility Theory
Suppliers might have to do a market research in order to forecast the consumer behaviour. To do this efficiently, firms might use marginal utility theory,
namely principle of diminishing marginal utility together with indifference analysis.
Utility is the satisfaction that people earn from the consumption of a certain quantity of a product (Mankiw and Taylor, 2014). Marginalutility is the
additional satisfaction that customer gains from consuming one extra unit within a given period of time. However, the more of a product a person
consumes, the less additional utility they are able to gain from that extra unit. Understanding this situation, economists come up with indifference
analysis. Indifference analysis shows how consumer chooses the combination between two goods but still obtains the same satisfaction and indifference
curve is the graph which illustrates that combination. It means, at any points on indifference curve, the consumer is indifferent about how to combine
the two goods. Diagrammatically, if a person chooses 6 units of good Y with 2 units of good X, his utility will not be different from choosing 4 units
of Y with 3 units of X, as long as those points are still on the curve.
Most indifference curves have a convex shape and the reason is this. The lower units of good Y, the bigger quantity of good X in order to satisfy the
loss of good Y. Nevertheless, the amount of giving up one of these two good cannot be the same. In other words, if the one of the

Before The Decision Of Our Final Residential Location Choice
Before the decision of our final residential location choice model, we tested how the preferences of residential location are different among age and
income groups. Stratifying the sample of households by age and income is helpful to identify the heterogeneity in housing preferences among
different market segments as well as investigate whether differences in location preferences exist between different groups. All the household
location choice models performed reasonably well as shown in Table 1~3. The empirical results show that different age groups have different
residential location preferences. As shown in Table 1, the access to employment is statistically significant and positive in Groups 1 (age 30 or less)
and 3 (age over 51), but... Show more content on Helpwriting.net ...
As shown in Table 1, mixed land use has a positive effect on the residential location choice only in Group 1 but negative in other groups, indicating
that young people prefer the location where the diversity index of land is high. This is because such location provides more diverse opportunities of
jobs, recreation, and shops to the young. High residential density has a significant and negative effect on residential location choice in all groups, and
the average building age also has a significant and negative effect on household residential location decision in Groups 1 and 2 but not in group 3,
which implies that younger people prefer new building. Namely, while older people tend to live in their old housing continuously, young people prefer
newly constructed housing.
[Table 1] Estimation results categorized by the age of the household head
As shown in Table 2, different income groups also have differentpreference in choosing their residential locations. The estimation results show that the
access to employment has a positive effect on residential location choice of the low–income group, but it is not statistically significant in the
high–income group. This implies that access to employment opportunities can be regarded as a more significant factor for the low–income households
than the high–income households. While the estimation result of the land price is positive in the high–income

Bus 207 Assignment 3 Essay
Bus 207: Set #03
Reading:
Appendix to Ch. 4: A Calculus Approach to Individual Behavior
Lecture Notes
Hand in the following questions only as part of Assignment 3: Qs 1, 2, 5, 8, 9, 10, 11.
Q1.A firm has decided through regression analysis that its sales (S) are a function of the amount of advertising (measured in units) in two different
media, television (x) and magazines (y): S(x, y) = 100 – x2 + 30x – y2 + 40y (a)Find the level of TV and magazine advertising units that maximizes
the firm's sales. (b)Suppose that the advertising budget is restricted to 31 units. Determine the level of advertising (in units) that maximizes sales
subject to this budget constraint.
(c)Give an economic interpretation for the ... Show more content on Helpwriting.net ...
He devotes 40 hours every week to golf (G) and curling (C) from which he derives enjoyment according to the utility function: U(G,C) = G0.5C0.5
It takes Seignior Cruz 4 hours to play a round of golf and 1 hour to play a game of curling.
(a) How many rounds of golf and games of curling will Seignior Cruz play in a week?
(b) Give an economic interpretation for the value of the Lagrangian Multiplier.
(c)By approximately how much will Seignior Cruz's utility change if, starting immediately, his wife insists that he spends one hour less on athletic
activities every week? (We are making the bold assumption here that playing golf or curling is athletic!) Q8.An individual lives in a world where there
are only two goods, X and Y. His utility function per period is given by: U = 25x– 0.5x2 + 50y – y2
The price of x is $4 and the price of y is $8.
(a) Determine the utility–maximizing combination of x and y if his income is $300. What is his marginal utility of money equal to?
(b) Determine the utility–maximizing combination of x and y if his income increases by $60. What can you say about his total utility of money at this
higher income level?
(c) Determine the utility–maximizing combination of x and y if his income decreases by $60. What is his marginal utility of money equal to at this
lower income level?
(d) Using the three different income levels from (a), (b), and (c) above, sketch his

The Labour Supply Model Of Child Benefits
Introduction It is believe that child benefits are quite important for parents to cope with the cost of rearing their children. The Cambridge Dictionary
(2015) has defined child benefit as 'money received regularly by families from the government to help pay for costs of taking care of children'. In the
United Kingdom, the government has changed the child benefits policy in 2013. Child benefits are no longer available to every household. Individuals
who earn above ВЈ50,000 a year will lose some of their benefit, and entirely withdrawn for individuals earning beyond ВЈ60,000 each year. This rule
leads to a considerable effect to the people in the UK. It has diminished the entitlement of approximately 1.2 million households (BBC, 2015). In this
essay, I will describe this policy as well as the labour supply model, then by using the standard labour supply model, investigate how this shift in child
benefits will influence labour supply decisions for a single mother with two children who is capable of finding work at ВЈ30 per hour. The policy
Since the UK's government hopes to reduce the deficit, it has altered the child benefit system on 7th January 2013. It will be a mean–tested rather than
being a universal welfare paid to all households irrespective of the amount they earn. Specifically, families which include someone earning more than
ВЈ50,000 a year will no longer to claim the full payment. It will not be entitled to any child benefit if households in which someone earn

Buying A Fantastic Brand Cleaner
Yahya Bello Extra Credit 2 Page 133 Econ 1020 Professor Leach 1.Consumers who buy fantastic brand cleaner instead of Pathmark premium
All–purpose cleaner behavior would be considered as bounded rationality because they tend to make their choices that serve their objectives, but they
have limited ability to acquire and process information. Consumers that buy fantastic brand cleaner can also be considered as bounded rationality
because they believe in the rule of thumbs that says the higher the price of goods the higher quality of the goods will be. Since the price of Fantastik
brand cleaner is higher than that of Pathmark, they apply the rule of thumbs before making a choice between the two brands. 2.Based on my own prior
... Show more content on Helpwriting.net ...
The answer will be B that stays Goods that people buy frequently and can easily be inspected, such as clothing. This was because consumer who
followed the assumption of bounded ratio will intend to make a choice that best serve their objectives without making thorough research , they
only have limited ability to acquire and process information and they tend to apply the rule of thumb in purchasing any kinds of goods. 4.The rule
of thumb that say(the higher the price of an item the higher the quality of the particular item), this rule simply indicates that items tagged with a
higher price will be of a good quality compared to those of a lower price that will be considered as a lower quality. The rule of thumb is more
reasonable in a situation where a particular item cost high in the market scale and consumers concluded such item to be of great quality without any
full research on the particular item. E.g. A cloth made with original material will tend to be of great quality and that will be tagged with a higher
price for consumers to apply the rule of thumb and get such good from the market. The rule of thumb is not always reasonable in a situation whereby
a particular goods will have a lower price but the quality will be of the higher one and such will distract people who always apply the rule of thumb on
all the items they purchased from the market. E.g. some candy cost only 0.99 cent and taste better with greater flavor then other expensive candy that
taste

Law of Diminishing Marginal Utility
LAW OF DIMINISHING MARGINAL UTILITY:
The law of diminishing marginal utility describes a familiar and fundamental tendency of humanbehavior. The law of diminishing marginal utility states
that:
"As a consumer consumes more and more units of a specific commodity, the utility from the successiveunits goes on diminishing".
Mr. H. Gossen, a German economist, was first to explain this law in 1854. Alfred Marshal later onrestated this law in the following words:
"The additional benefit which a person derives from an increase of his stock of a thing diminishes withevery increase in the stock that already has".
LAW IS BASED UPON THREE FACTS: * The law of diminishing marginalutility is based upon three facts. First, total wants of a ... Show more
Suppose, a man is very thirsty. He goes tothe market and buys one glass of sweet water. The glass of water gives him immense pleasure or we say
Handouts by: Sachin Pourush * 2. the first glass of water has great utility for him. If he takes second glass of water after that, the utility willbe less
than that of the first one. It is because the edge of his thirst has been blunted to a great extent. Ifhe drinks third glass of water, the utility of the third
glass will be less than that of second and so on.The utility goes on diminishing with the consumption of every successive glass water till it drops
down tozero. This is the point of satiety. It is the position of consumer's equilibrium or maximum satisfaction. If theconsumer is forced further to take
a glass of water, it leads to disutility causing total utility to decline. Themarginal utility will become negative. A rational consumer will stop taking
water at the point at whichmarginal utility becomes negative even if the good is free. In short, the more we have of a thing, ceterisparibus, the less
we want still more of that, or to be more precise."In given span of time, the more of a specific product a consumer obtains, the less anxious he is to
getmore units of that product" or we can say that as more units of a good are consumed, additional units willprovide less additional satisfaction than
previous units. The following table and graph will make the law ofdiminishing marginal

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