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jadesheep344Lv1
28 Sep 2019
1. Joe likes Tom Thumb's Tiny Burgers. For him, they satisfy an important want. The schedule below shows how much "want-satisfying" power they have:
Number of Burgers
Want-Satisfying Power
0
0
1
5
2
9
3
12
4
14
5
15
6
15
7
14
a) If Tom Thumb's Tiny Burgers are free, how many should Joe take? Hint: The difference between totals is always what?
b) Suppose that for every Burger Joe buys, he must give up something that has 2.5 units of want-satisfying power. How many should he buy?
2. Have you ever wondered why there is so much spam in your e-mail? What do you think the marginal cost curve for spam looks like from the point of view of the spammer? What does the marginal benefit curve look like to the spammer?
3. The average number of yards gained on a pass play in the NFL is greater than the average number of yards gained on a rushing play. Does this indicate that teams should use more passing and less running than they are currently using? Explain.
4. Aristotle argued that virtue was the middle way. For example, too little courage was bad (cowardice) as was too much courage (foolhardiness). Similarly, too little generosity was undesirable, but a person could also err by too much generosity. How would an economist recast Aristotle's theory of virtue in terms of marginal costs and benefits?
1. Joe likes Tom Thumb's Tiny Burgers. For him, they satisfy an important want. The schedule below shows how much "want-satisfying" power they have:
Number of Burgers
Want-Satisfying Power
0
0
1
5
2
9
3
12
4
14
5
15
6
15
7
14
a) If Tom Thumb's Tiny Burgers are free, how many should Joe take? Hint: The difference between totals is always what?
b) Suppose that for every Burger Joe buys, he must give up something that has 2.5 units of want-satisfying power. How many should he buy?
2. Have you ever wondered why there is so much spam in your e-mail? What do you think the marginal cost curve for spam looks like from the point of view of the spammer? What does the marginal benefit curve look like to the spammer?
3. The average number of yards gained on a pass play in the NFL is greater than the average number of yards gained on a rushing play. Does this indicate that teams should use more passing and less running than they are currently using? Explain.
4. Aristotle argued that virtue was the middle way. For example, too little courage was bad (cowardice) as was too much courage (foolhardiness). Similarly, too little generosity was undesirable, but a person could also err by too much generosity. How would an economist recast Aristotle's theory of virtue in terms of marginal costs and benefits?
Number of Burgers
Want-Satisfying Power
0
0
1
5
2
9
3
12
4
14
5
15
6
15
7
14
a) If Tom Thumb's Tiny Burgers are free, how many should Joe take? Hint: The difference between totals is always what?
b) Suppose that for every Burger Joe buys, he must give up something that has 2.5 units of want-satisfying power. How many should he buy?
2. Have you ever wondered why there is so much spam in your e-mail? What do you think the marginal cost curve for spam looks like from the point of view of the spammer? What does the marginal benefit curve look like to the spammer?
3. The average number of yards gained on a pass play in the NFL is greater than the average number of yards gained on a rushing play. Does this indicate that teams should use more passing and less running than they are currently using? Explain.
4. Aristotle argued that virtue was the middle way. For example, too little courage was bad (cowardice) as was too much courage (foolhardiness). Similarly, too little generosity was undesirable, but a person could also err by too much generosity. How would an economist recast Aristotle's theory of virtue in terms of marginal costs and benefits?
Retselisitsoe PokothoaneLv10
28 Sep 2019
