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Chapter 1 problems - Assignment Example

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The question lie under the context of micro economics whereby, according to Arnold 2010, a rational consumer is the one who maximizes his utility subject to his income constraint commonly known as his budget line. A rational consumer has to make wise decisions on what to do with…
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Chapter 1 problems

Download file to see previous pages... However, my utility of attending the game will be higher as compared to that of Joe because I had already paid more to get the best seat. Additionally, if we were to draw an indifference curve, I will be at a higher indifference curve than Joe (Frank & Bernanke, 2013). Therefore, my likelihood of attending the game at Syracuse will also be higher than that of Joe. This is because even if I will be late for the game because of the snowstorm I am assured of the best seat unlike Joe who did not even have a ticket to attend the game.
The effects of change in price on quantity of garbage collected may be best explained by taking into consideration the law of demand and supply. This law states that when all other factors are held constant (ceteris Paribas) an increase in price may cause a decrease in quantity demanded (Arnold, 2010). On the contrary, a decrease in price may cause an increase in quantity demanded (Arnold, 2010). Therefore, in this case, the garbage was initially collected at $ 6 irrespective of the quantity causing the resident to supply even more cans of garbage. On the other hand, the change in price tag may have two significant effects on quantity of garbage collected. First the quantity of garbage collected will remain the same per average house hold. This is because for each can of garbage to be collected, residents of my city will be paying $2 per can which sum up to $6 for cans per average household. This means that the price per 3 cans will still be the same as the initial fixed price (Arnold, 2010). The second effect is that, individual house hold may decide to supply less cans of garbage to minimize cost (Arnold, 2010).This is because consumers are rational which means that they always try to minimize cost and maximize their utility subject to their income constraint (Arnold, ...Download file to see next pagesRead More
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