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Give at least 2 exs of situations when you use utility

1. Give at least 2 exs of situations when you use utility to make decisions. For each ex give at least 2 parameters that would affect your decision. For ex, when purchasing a home you may have to decide between the one with the larger kitchen or the one with the larger closets. Or when purchasing an automobile, you must decide between the larger trunk or the one with four doors. You have to weigh the benefits from more storage space as compared to increased accessibility. Please use a different ex from homes and cars. Be creative. We make these kinds of choices everyday.

2. You did such a great job in the 4th grade class last week that you have been invited back to describe diminishing marginal utility. describe the concept in everyday language (not the textbook language) and give at least 2 exs that the class will understand.

 

Business Economics, Economics

  • Category:- Business Economics
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