Economics Discussion Board

Unit 4 Discussion BoardDiscussion Topic: Diminishing Marginal UtilityPretend thatyou have just been surprised with a genuine email that says you have justbeen selected by your favorite pizza delivery company that every day forthe next month you will receive your favorite pizza for lunch and anotherof that same favorite pizza for dinner, delivered to your home and readyto eat.
Using theconcept of diminishing marginal utility, discuss how excited you will beon the first day of your winning.What aboutyour excitement on the 10th day?What aboutyour excitement on the 30th day?
Now, pretendthat your favorite national brand gasoline company informs you that you havewon as much as you want free gasoline, as much as you want, from any oftheir gas stations, anywhere in the country every day for a year.
Using theconcept of diminishing marginal utility, discuss how excited you will beon the first day of your winningWhat aboutyour excitement on the 10th day?What aboutyour excitement on the 30th day?
Again,considering the concept of utility, what makes these two scenariosdifferent?
Unit 5 Discussion BoardDiscussion Topic: Tailored ClothesAssume thatyou were ready to buy a custom tailored dress (or men’s suit) and you areprepared to pay up to $200 for it. Also assume that the tailor is preparedto sell that item of clothing for as little as $100. When you arrive atthe tailor shop, the posted price for the item is $150. Discuss how thisscenario relates to producer and consumer surplus and how such surpluses,if any, affect buying and manufacturing decisions.Discuss anyrecent purchases you have made and for which you feel that a similar rationaleseemed to be at work.