CH16/17 Written Assignment
A smile is always contagious!
Please answer both of the following questions in detail:
1. Have a look at Table 16.1 in the textbook. After reading the examples in this table, think of a time when you experienced diminishing marginal utility?
2. Explain in detail how and why your marginal utility diminished upon continued consumption of the good/service.
3. What happened to your total utility and you continued to consume the product? At which point did you reach your maximum total utility?
4. Explain how diminishing marginal utility might affect the price of additional units of consumption of a product and try to provide a real-life example.
5. (Chapter 17) Provide two different real-life examples of irrational behavior that have not been previously discussed in the chapter.
6. Which category of irrational behavior could explain these actions? Explain in detail.
Written Assignment Instructions
Please type your document using a word processing software and submit to the Dropbox in Word format. Your written assignment must be at least one page (250+ words long) and should include detailed explanations and examples.You must explain all answers in detail in at least a paragraph for each answer (one-sentence answers will not get credit). Please use complete sentences. Take the time to truly reflect and explore each question, coming up with a well developed answer. Make sure to use professional grammar and punctuation in this college level course. Please avoid “text” or “twitter speak” when corresponding.
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