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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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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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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Martha J. Coston Martha Coston was born in Baltimore in the year of 1826. She was left with four children to take care of after the death of her husband. This happened when she was only 21. Even though her husband was now gone she was determined to make money so she could raise her precious children. She then came up with the idea to signal flare on her dead husband notebook. Although the plans didn’t work she was still determined to find a successful way to make signal flare work. After
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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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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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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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Study Exercise One Part One SWOT Analysis of adopting a new form of governance for Colorado Springs Utilities: Strengths (internal): • Politically insulates elected officials from unpopular‚ but necessary utility decisions • Reduces risk and legal liability to elected officials • Allows for greater subject matter expertise and focused attention on public utility issues by members of new utility board • Frees council members to focus their attention on other constituency issues • Allows for improved
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Utility Maximizing Rule The consumer’s money income should be allocated so that the last dollar spent on each product yields the same amount of extra (marginal) utility. How should the $10 income be allocated? UTILITY MAXIMIZING COMBINATION Algebraic Restatement of the Utility Maximization Rule MUx/Px = MUy/Py = MUz/Pz 8 utils$1=16 utils$2 MARGINAL UTILITY-PRICE RATIO: The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly
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