Marginal utility

In the column Marginal Utility of gasoline/ Price of gasoline (Mug/Pg) was “+3” and that was the satisfaction rate she yielded of that gasoline unit. In chapter 2 Spearman looked at the bar menu and needed to know the various prices of each drink so he can make a choice that…

Yihao Wei Perspectives on Public Health and Economics in Obesity Introduction Economics is a board subject, which infers the act of creation, distribution and utilization of wealth, income, and commodities. Obesity, on the other hand, is the condition of having too much body fat. Obesity is a public health problem that has raised concern worldwide. This is because obesity and overweight are the major causes of diabetes, cardiovascular diseases, various cancers and other health problems . This,…

type of normal good (meaning demand increases with income) that has a lower change in demand as incomes rise or fall. This means that those with greater incomes do in fact purchase more food, but less as a proportion of total income. A stomach’s marginal utility of food decreases for every amount eaten after all. This data is important because as described in “Cheap Eats”, the relative cost of food has been falling for everyone with the exception of the…

Path dependency The theory of path dependency explains why decisions regarding technological developments are based on a chain of unintended events made in history (pfadperspektive 3). David introduced the theory with his article “Clio and the economic of qwerty” (year XXX) in which he describes how the layout of a typewriter keyboard was manifested through several different key events in its early stages of existing. With his article, he introduced a new perspective on technological…

Thermal energy strorage Thermal Energy Storage is the temporary storage of high or low temperature energy for later use, bridging the gap between requirement and energy use. The storage cycle might be daily, weekly or seasonal depending on the system design requirements, and whilst the output will always be thermal, the input may be thermal or electrical. Principle 1) Sensible Heat Storage Heating a liquid or solid, without changing the phase: This method is called sensible heat storage.…

The Great Escape: End of the Great Depression The end of World War I marked the beginning of a period defined by American optimism. A trio of Republican presidents from Harding to Hoover (1921-1933) re-established free market capitalism and brought endless waves of prosperity. Unemployment rate reached 3%, and Americans believed dreams would never end. However, the Great Depression in the 1930’s crushed these dreams, driving unemployment to a high 25%. But, Americans found hope in the election…

SERVICES - THE NEED FOR DIFFERENTIATION What are services and what exactly draws the line between product differentiation and service differentiation? How does one create demand for services and is there any heterogeneity involved? Guy Black (Black, 1951) has very well illustrated these points in his paper titled ‘Product Differentiation and demand for Marketing Services’. Going back to the definition that Marshall has given us – Services are the category of intangible things that are desired or…

The main idea of this book is to provide context and understanding to the question evident in the book’s title, why are some nations so rich and why are some nations so poor? Although the author does not claim to have an answer to the question, Landes does a phenomenal job in aggregating the works of countless scholars to provide a cohesive framework based on four key ideas. These major points consist of: the ideals of the society, Technological innovation, economic resources and environmental…

In “Famine, Affluence, and Morality,” Peter Singer discusses the moral obligation of humans to prevent bad things from happening. In particular, Singer focuses on the prevention of the famine in East Bengal during November 1971 where many people were dying from poverty. Singer argues that since global poverty may be inhibited through charitable donations, then individual people ought to be morally obligated to donate what Singer defines as their surplus of money to charities that will aid…

adds up and can make a massive difference. Obviously not everyone is going to be able to donate 5 pounds. Many people are struggling to even pay their bills and donating to charity will actually hurt more than help them. This is refered to as marginal utility (Pojman 721). There is a solution to this problem though. It say’s for everyone to donate five pounds, but that does not mean someone can’t donate…