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- Explain what you would rather maximize when looking at your utility, your marginal or total utility. If you were a manager of a restaurant, identify a fixed/variable costs of production. Analyze how would you be able to deal with these costs if you were t
Explain what you would rather maximize when looking at your utility, your marginal or total utility. If you were a manager of a restaurant, identify a fixed/variable costs of production. Analyze how would you be able to deal with these costs if you were the manager and the business is starting to slow down.
information that could help with this discussion essay:
1. TITLE: 2016 NFL TV Ratings Decline: Has Diminishing Marginal Utility Finally Set In?
prishe/2016/12/06/2016-nfl-tv- ratings-decline-has- diminishing-marginal-utility- finally-set-in/#5891ff6469de
INSTRUCTOR REVIEW: The recent decline in NFL TV ratings in 2016 is argued to represent an example of diminishing marginal utility in this article from Forbes.
2. TITLE: The New World Order – The Rise of Post-Liberalism and What It Means for 2017
aritha-wickramasinghe/the-new- world-order-the-r_b_13956412. html
INSTRUCTOR REVIEW: The diminishing marginal utility of peace is referenced in this article from the Huffington Post about the rise of post-liberalism in 2017.
3. TITLE: Has Apple become a boring company?
3158693/consumer-electronics/ has-apple-becoming-a-boring- company.html
INSTRUCTOR REVIEW: This opinion piece represents an example of diminishing marginal utility in its discussion of Apple as a “boring operations company” and displays the fact that individual utility is a multi-faceted notion.
4. TITLE: In Bhutan, Happiness Index as Gauge for Social Ills
01/17/world/asia/bhutan-gross- national-happiness-indicator-. html
INSTRUCTOR REVIEW: In this article from The New York Times, happiness, an idea often closely associated with utility, is examined through discussion of a happiness index.
5. TITLE: It’s Forward to the Middle Ages Time Again with the New Materialism
blog/its-forward-to-the- middle-ages-time-again-with- the-new-materialism
INSTRUCTOR REVIEW: In this short blog article from the Adam Smith Institute, utility maximizing behavior is pitted against materialism.
6. TITLE: What Is A Safety-First Retirement Plan?
wadepfau/2016/04/26/what-is-a- safety-first-retirement-plan/# 62d6dd406d09
INSTRUCTOR REVIEW: In this Forbes article, optimal retirement plans are discussed with specific attention given to the concepts of utility maximization and diminishing marginal utility.