Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 6CQ
To determine
Difference between self-interest, selfish, and greedy nature of people.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
A restaurant offers an "all you can eat" lunch buffet for $10. Shawn has already eaten three servings, and is trying to decide whether to go back for a fourth. Describe how Shawn can use marginal analysis to make his decision.
what are Methods for increasing marginal utility more accurate or efficient?
Think of an economic
decision you made recently
wherein the benefit
outweighed the cost (or
the cost outweighed the
benefit).
Chapter 1 Solutions
Economics: Private and Public Choice (MindTap Course List)
Knowledge Booster
Similar questions
- What does a negative marginal utility means? Why does it happen?arrow_forwardWhat other factors affect the marginal utility?arrow_forwardHow does a consumer decide what combination of products to buy using the marginal utility concept? Explain. please don,t copy and paste from anywhere. Answer step by step and use graph if possiblearrow_forward
- Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?arrow_forwardAttempts Average / 1 6. Scarcity, opportunity cost, and marginal analysis Darnell is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Darnell has only 20 hours this week that he can devote to training. Each hour he spends swimming is an hour that he can't spend biking or running. Which basic principle of individual choice do the statements best illustrate? People face trade-offs. Darnell can use time most efficiently by spending the same amounts of time on swimming, biking, and running. People usually exploit opportunities to make themselves better off. Darnell has an incentive to spend more time on swimming than on biking or running. O O Oarrow_forwardChandra received a gift certificate that covers threesalsa dance lessons. After the first lesson, Chandradecided that she doesn’t like salsa, yet she stillplans to go the next lesson because it doesn’t costher anything. Evaluate Chandra’s logic.arrow_forward
- Why would a hotel stay open during a slow month when it seems like the revenue from so few customers could not possibly cover all the costs of operating a large hotel? Use microeconomic terms to explainarrow_forwardIf 2 tacos and 3 drinks cost $12, and 3 tacos and 2 drinks cost $13, how much does a taco cost?arrow_forwardExplain what the utility maximizing choice means. Discuss how you could use marginal utility to make consumer choicesarrow_forward
- What is choice on economicarrow_forwardWhich is a true statement about marginal benefit? It is the difference (or change) in cost of a different choice. To an individual, one good may have a larger marginal benefit than than another. The amount of benefit a person receives from a good or service remains constant.arrow_forwardplease explain the marginal utility and when exactly to use it ?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning