A concerned father wants to stop his young son smoking cigarettes. He decides to make his son smoke five full packets at once to convince him to stop.
1. Explain how the law of diminishing marginal utility will support the father’s plan and that his plan may actually work.
2. In your answer, explain all assumptions that you make and why they are important.
3. Do these assumptions apply to only the father’s plan or to the law of diminishing marginal utility in every situation?
1
Expert's answer
2018-04-26T10:01:08-0400
1. The law of diminishing marginal utility means, that every additional cigarette will have lower marginal utility, so the father’s plan may actually work, if marginal utility of 5 full packets is negative. 2. The important assumptions are that cigarettes have positive utility for son and that son is not addictive to consumption of cigarettes. 3. These assumptions apply not only to the father’s plan, but to the law of diminishing marginal utility in every situation.
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
Finding a professional expert in "partial differential equations" in the advanced level is difficult.
You can find this expert in "Assignmentexpert.com" with confidence.
Exceptional experts! I appreciate your help. God bless you!
Comments
Leave a comment