. Use the concept of the marginal thinking to evaluate the following statement: “The optimal (best)...
. Use the concept of the marginal thinking to evaluate the following statement: “The optimal (best) levels of pollution, crime, and safety are greater than zero.”
Homework Answers
The optimal level is decided where the marginal benefit is equal to the marginal cost . If the optimal level is set to zero then the cost of eliminating these will become higher than benefit . Huge costs are incurred in eliminating pollution , crime etc fully . So marginal cost will exceed marginal benefit or the cost of last unit will be higher than benefit from eliminating the last unit of pollution ( say) . So the optimal is greater than zero .
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3. Optimal Consumption Decision in Utility Maximization
Model
1) Biwei’s marginal use value for chamomile tea consumption is
MU=-2Q+6, where Q is the box
quantity of chamomile tea consumed and takes only integer values.
Draw the marginal use value
curve and total use value curve for Q less than 5. If the price for
a box of chamomile tea is $4, how
many boxes will Biwei consume per week? If the price drops to $2,
how many boxes will Biwei...
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Model
1) Biwei’s marginal use value for chamomile tea consumption is
MU=-2Q+6, where Q is the box
quantity of chamomile tea consumed and takes only integer values.
Draw the marginal use value
curve and total use value curve for Q less than 5. If the price for
a box of chamomile tea is $4, how
many boxes will Biwei consume per week? If the price drops to $2,
how many boxes will Biwei...
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