Marginal utility

What surprised me the most about this reading was that poorer families are having to pay more than the rich to get services such as water and utilities provided to them. This surprised me because the way I would have thought about the issue is having the rich pay more in order to alleviate some of the burden put on in the marginal areas of Latin America. In the chapter “Keeping a Roof over One 's Head: Improving Access to Safe and Decent Shelters” by Anna Wellenstein & Marianne Fay it gave the…

Jensen and Meckling develop theory in different stages 1. Introduction 2. Analysis the agency cost 3. Question regarding the organization & examiner the role of united liability 4. Provide basic concept agency cost 5. Brief summary and conclusions. Introduction. This article has been written by Jensen and Meckling in October 1976. This study inspects the property rights, agency and financial progress a theory of the ownership structure of the firm. The authors highlight on new matter which…

Rational and Deterrence Theory When I was little my mom never let me have dessert until I finished my dinner. I recall a time my mother walked out of the kitchen, I thought about the consequences and what would happen if my mom found out; “would she spank me, or put me in time out,” ran through my head. But because of the fact that she was in a different part of the house I took my chance, and I took a bite of my dessert anyways. It was clear that if my mom had never left the room to begin with…

Poverty, a burden carried by countless human from all over the globe. What comes along with poverty comparable to a curse are the famines, sickness, conflicts, and corruption, nonetheless, this does not mean masses in poverty must suffer all these ordeals. Poverty is a relative term. To be under the poverty line in a developed nation would be vastly different from in an underdeveloped nation. Let us use Canada as an example, in comparison to a third world country; Kenya, Africa. Though the term…

Our group identified an article that relates to the real-world application “Understanding consumer and firms decisions”, this article is http://www.washingtonpost.com/business/capitalbusiness/local-hotels-struggle-with-low-demand-high-supply/2014/08/03/a2f9d72c-181b-11e4-85b6-c1451e622637_story.html. During 2014, the demand for the local hotels in the Washington DC area fell while the supply was still high. This is due to the government issuing cutbacks to the officials travel to the DC area.…

Individual’s Control in the Types of Society Individuals themselves rarely prove to, singularly, have a large effect on society alone, yet when compiled together as a collective they shape all walks of life. Posing the question of, how powerful an individual unit is in the grand scheme of a product is difficult when trying to find out the realistic power of just one. In the essays “The Myth of the Ant Queen” and “Biographies of Hegemony,” written by Steven Johnson and Karen Ho respectfully, the…

In Peter Singer’s argument, the reader is forced to analyze the morality of their day-to-day lives. Singer’s ethical argument challenges ordinary consumers to change their unnoticeable immoral routines of disregarding charitable donations. He argues there is no moral difference between a man letting a child drown so his shoes are not ruined and someone buying luxury items instead of donating that money to a relief agency. In this paper, I will clarify any relevant terminology, elucidate Singers…

economics, this is known as ‘maximizing utility’ One more economic principle that comes into play, as consumers make decisions is the opportunity cost. When a person decides something , he also calculates the complete cost of ignoring the next best option. For example, if I use my frequent flier point to make a trip to Nepal, I will not be able to redeem the points for money. This missed money is called an opportunity cost. The diminishing marginal utility, which is another economic input,…

a further development and variant of prospect theory. The difference between this version and the original version of prospect theory is that weighting is applied to the cumulative probability distribution function, as in rank-dependent expected utility theory but not applied to the probabilities of individual outcomes The Cumulative Functional A risky prospect f is a function that maps states of the world sS into consequences xX. Outcomes of prospects are arranged in increasing order,…

process of production. It would lead to a fall in available resources in the future. Second, charge taxes or penalties on pollution such as carbon emission. Levying taxes on businesses which produce pollution above an assigned limit will increase marginal cost in production. And this will promote product cycle. Third, quota is another useful way to control pollution. It is set by the government that stating the amount of emissions that each firm could produce. Quota also can be bought from less…