Free Essay

Speaker

In:

Submitted By mohammedsalia
Words 357
Pages 2
ECON 102

MARGINAL UTILITY

The cardinalist approach to consumer behaviour assumes that the utility (i.e. the satisfaction or benefit) obtained from consuming a unit of a good can be measured.

1. Define the following terms:
a) total utility
b) marginal utility.

2. Consider the following information regarding the utility Jack obtains from consuming cream cakes on a visit to a cafe.

|No. of cream cakes |Total utility |Marginal utility |
|0 |0 | |
| | > | |
|1 |40 | |
| | > | |
|2 |80 | |
| | > | |
|3 |110 | |
| | > | |
|4 |130 | |
| | > | |
|5 |140 | |
| | > | |
|6 |140 | |
| | > | |
|7 |130 | |

i) Fill in the marginal utility column and plot total utility and marginal utility on the same axes. (N.B. Plot marginal utility at the half-way point between the two observations from which it has been calculated).

ii) Why does the MU curve eventually slope downwards? Would this be the same for all MU curves for any good or individual?

iii) Why is total utility at a maximum when marginal utility is zero? Is this always the case?

3i) What is consumer surplus?

ii) Identify on the diagram below the area of consumer surplus if P = P*.
P

P*

Q

iii) A rational consumer who wishes to maximise utility from a single commodity should consume where MU = P. Explain why this is the case and hence show that the individual's MU curve is his demand curve.

iv) How is the market demand curve for a good derived?

4. Explain the problem with using money as a measure of utility.

5. Suppose 1 lb. of sausages cost ¼ the price of 1 lb. steak, but that the latter gives you 5 times the utility of the former. So

[pic]

i) Which will you buy initially, steak or sausages? Explain why.

ii) Explain why [pic] will fall.

iii) At what point will you stop buying the good identified in part i)? Explain why.

Thus in a world with any number of goods, the optimal combination of goods for a consumer is where:

[pic]

Paradox of Value: Refer to Sloman p108 to identify the paradox of value and answer the questions on this page to find out why the paradox occurs.
-----------------------
MU

Similar Documents

Free Essay

Speaker Evaluation/Jerome Reinholt

...Speaker evaluation by Jerome Reinholt. Speech: “How To Stay Calm When You Know You’ll Be Stressed” by Daniel Levitin (YouTube) 1. How does the speaker open speech? What works well in their introduction? The speaker opens the speech with a story about being locked out of his house in Canada when it’s forty degrees outside. What works well with his introduction is his humorous story about being locked out of his house and having to break his basement window to get inside his house. 2. How is the speech organized? Does it flow smoothly? The speech, in my opinion was not that organized and did not flow smoothly. It was a speech that started with the topic of basic home organization; then went into detailed health issues; and then ended with a mention of the speakers opening remark about how home organization will help the speaker in the future. 3. What are the main points and are they clear? The main points of the speech were….? I am still not sure of the main points. It was very unclear what the main points of this speech were. I honestly feel he was called upon to speak to fill in for someone else at the last minute. He gave a speech, but it was a rambling talk. He had zero visual aids even though several huge screens were available for possible power point presentations. 4. What facts, quotes, stats, or stories does the speaker includes? The speaker gave facts, quotes, stats, etc. such as: GlaxoSmithKlein estimates that 90 percent of drugs work in...

Words: 512 - Pages: 3

Premium Essay

How to Be a Great Public Speaker

...skills and then they call themselves a professional speaking coach. Yes, it's true that some of the best coaches, especially in sports, were not always the best players, but when it comes to learning speaking skills there is just no way you can train someone else unless you've been on stage quite a few times yourself. In fact, incompetent training has made fools of some big name speakers who bombed after taking the advice of some of the "book learned coaches." Most people that try to get into the speaking business lose money and disappear quickly. If you are one of the ones that do make money, congratulations, but there are many new ways to turn your knowledge into really big profits. $100,000.00 It's relatively easy to pull in $100,000.00 plus a year in the speaking business working from home (if you know exactly what to do and how to do it.) I'd like to help. You'll discover the most advanced and modern speaking tips, genius techniques (the audience will think you are one) and strategies used by top speakers around the world. I want you to find out how you can be one of those top speakers. This website will help you get all the tricks of the trade and show you the best working techniques for: • Getting paid speaking assignments. • Getting higher fees when you speak. • Doubling or tripling the value of each speaking engagement. • Using high tech but easy to use electronic time savers that cost only $1.00 per month. • Getting clients to...

Words: 9838 - Pages: 40

Premium Essay

How to Be Good Public Speaker-Essay

...statistic is accepted as fact, Seinfeld’s joke, while ridiculous sounding, would be technically correct. What is wrong with this scenario? Would people really rather be dead than speak in public? Why? Well I am here to tell you that speaking in public is nothing to be afraid of; I do it all the time. Like most things in life, the more you speak in public, the less nervous you become when you do it. Unfortunately, most people choose to avoid giving speeches so vehemently that they will never do it enough to become comfortable with it. So for all of those people out there who avoid speaking in public like, well, death, I am here to tell you how to breeze through any public speaking engagement and come out the other end as a hit public speaker, with as little stress as possible. Admit You are Nervous This is part of connecting with the audience. When you admit to your nervousness you expose your humanity on a personal level to the audience and they will empathize. They are just as afraid of public speaking as you are. When you admit to your nervousness, the elephant in the room has been directly addressed and neutralized. Admitting that you are nervous also relieves tension within yourself. It allows you to get that obvious impediment out of the way from the start. You could also segue into our next point from admitting you are nervous, which is... Tell a Joke This seems to be one of the oldest cliches out there, but in my experience it works. I absolutely advocate telling...

Words: 961 - Pages: 4

Free Essay

Aaron Hill

...How does Aaron Hill use memory to combine generalised moralising with personalised lament in the poem in list B? Use close reading to support your points. In the poem ‘Alone, in an Inn, at Southampton’, by Aaron Hill, the speaker recounts the memories he once shared with his wife whilst staying in a room at a guesthouse before her death. He is now writing as a widower in the same room twenty years later and he expresses his feelings of anguish by projecting specific memories of his wife on to objects within the room, before going on to make broad statements on morality and the vices of life. The poem could be said to be split into three parts, the first section being the speakers lament for his wife, the second section outlining his now changed philosophical outlook on life, and the third detailing his resolution which concludes the poem. This essay aims to show, through close reading, how the protagonist of the poem combines his personal memories and feelings of sorrow with his own general moralising about life’s hardships. The first section of the poem begins as a simple lament, as the speaker remembers his wife and the happiness she brought him and contrasts it with the emptiness and loneliness which he feels now in her absence: “Twenty lost years have stoln their hours away, Since, in this inn, ev’n in this room, I lay: How chang’d! what then was rapture, fire, and air, Seems now sad silence all, and blanc despair!” In the opening lines, Hill describes...

Words: 2168 - Pages: 9

Premium Essay

Explication of “You Thought I Was That Type” by Anna Akhmatova

...deal with stress, grief, loss, risk, and other difficulties. The reader is able to see that something throughout the marriage wasn’t good by interpreting line 12 "And by the fire and smoke of our nights", which shows they didn’t have peaceful nights. In line one “You thought I was that type”, the speaker is saying that someone took the wrong perception of her character by basing it off of things that wasn’t true ending up taking her for someone she really wasn’t. In line two “that you could forget me”, the speaker is saying that they couldn’t ever forget her since they made up their own view of what role she played in their life. In line three “and that I’d plead and weep and throw myself”, the speaker is saying that she tried to do everything she could think of to make herself be the one for this person but nothing would work so in result she was in sorrow. In line four, “under the hooves of a bay mare”, the speaker is saying that she would try to hide herself from all the pain she had the best way she could. In the next stanza the speaker goes on to explain what she needed and wanted to do in the situation throughout the poem. In line five, “or that I’d ask the sorcerers”, the speaker is saying that she didn’t know the answers to the questions she had so she would ask someone who is believed or claims to have magical...

Words: 679 - Pages: 3

Free Essay

The Fish

...written by Elizabeth Bishop about her own story when she catches a huge fish while she is in a rented boat. After she catches the fish, she holds it up half out of the water. The fish looks pretty ugly, tired, and old with “shapes like full-blown roses, stained and lost through age” (lines 14-15). Algae is growing on it, and she realizes that the fish has five fishing hooks with the lines still partially attached hanging from its jaw. The speaker start to think how tough this fish must be and how much the fish probably fought through his life to survive. She begins to respect the fish. The story takes a final turn when she lets the fish go. The Theme of the poem is that great lessons can be learned from simple situations in life like a normal day fishing in the ocean. At first the speaker says “I caught a tremendous fish” (1). That is a simple description, then the speaker gives some detail about the fish and how it looks “his brown skin hung like strips like ancient wall-paper”. At this point, the fish is nothing special. After that, the speaker begins to examine the fish more closely, and she imagines the inside of the fish “dramatic reds and blacks,”(30) and a “pink swim-bladder.”(32) The fact that she is using her imagination in connection with the fish implied that the fish has a meaning behind simply being caught. The narrator learned from the persistence and dedication that the fish has. The fish has been caught five time as his fishing hooks shows, and he has survived....

Words: 825 - Pages: 4

Free Essay

“the Ebb and Flow of Favour”: Narrative Structure in Dionne Brand’s “Job”

...exploited based on her gender is the essay’s central irony. Brand offers a narrative structure that allows the reader to empathize with the speaker—to experience an emotional response that reflects that of the speaker. She accomplishes this response by withholding information until a crucial moment, by varying sentence length and control to reflect emotions, and by repeating certain images throughout the essay. [Thesis statement] Brand opens her essay by outlining the series of events that lead her to seek employment at an office on Keele Street in Toronto. She recounts how she secures—by telephone—an interview for the following day; she then recounts her careful preparations for the interview and her arrival at the office on the day of the interview. Suddenly—and apparently inexplicably—she is told that the job no longer exists. Just as it dawns on the speaker that the reason she is unacceptable for the position is her race, it also dawns on the reader. Brand, with careful rhetorical manipulation of structure, mimics the speaker’s epiphany in the reader by withholding the information that the speaker is black. [Topic sentence] Indeed, the first mention of the speaker’s race comes after her rejection as she makes her escape and laughs “that laughter that Black people get, derisive and self-derisive” (74). Before the non-interview, the speaker sees herself as neutral in terms of race (interestingly, not in...

Words: 1250 - Pages: 5

Premium Essay

Juggler Richard Wilbur Analysis

...Everyday life can be boring and drab but every once in awhile someone will come along and share their talents with others for their amusement. In “Juggler”, Richard Wilbur’s imagery, syntax, and tone conveys the speaker’s amazement towards the juggler. This reveals the speaker’s appreciation of others. The authors use of imagery displays the speakers encapsulated feeling of the moment. Throughout the play there are many descriptions of loud cheers and faultless motions. “Wheel on his wheeling hands… grazing his finger ends.” This conveys the ease and fluidness of the jugglers actions. This ease astounds the speaker who states, “It takes a sky-blue juggler with five red balls to shake our gravity up.” This portrays how appreciative the speaker...

Words: 318 - Pages: 2

Free Essay

Reaction Paper

...seminar goes on. The prayer that was led by one of its member made the start of the seminar in good atmosphere. Even the singing of our national anthem was nice. The creativity of the group was shown with the way they arrange and decorated the rooms were the seminar was held. It was simple but very attractive to the eye of the audience. The only thing that I noticed that was quite not good was the seminar wasn’t smooth flowing. There are unwanted interruptions that cause the audience to wait. I commend the speakers for they did their best in leading the said seminar but I noticed that there were quite some time that they’ve forgotten the next thing to do that causes another delay to the continuity of the seminar. But if I will be asked if it was successful or not, for me it is definitely a successful one. The speaker has a good poise and I noticed that the audience really listened well unto what the speaker is saying. I also salute the group for having such a admirable speaker with her experience in the said field, she was able to discuss in a good way the experiences she had and the things we must consider before we decide to enter a certain field of nursing. I was amazed with how dedicated she was in her 17 years in the service. The seminar that the group conducted gave us the whole picture of what to expect if we enter military nursing. To end this, I commend the group for I know they have worked hard for this like how the other group did. TEAM= Together Everyone Achieves...

Words: 332 - Pages: 2

Free Essay

Regret and Loneliness in "What My Lips Have Kissed"

...My Lips Have Kissed” In the poem “What Lips My Lips Have Kissed” by Edna St. Vincent Millay, there is a theme of loneliness and regret. The speaker is a woman looking back with melancholy reflection to the days of her youth when her life was full of hope and the promise of love. She remembers she once had lovers but she cannot recall them individually. Now she is alone left with only regret: for the unremembered faces of her past, for the passing of her youth, and for the loneliness of her life now. The speaker regrets her inability to remember “What lips [her] lips have kissed” (Line 1). No special man or moment comes to her mind. Her memories of her former glory days haunt her. Although she cannot recall any of her lovers in particular, she hears them as she listens to the rain; unclear faces in her mind like “ghosts…that tap and sigh / Upon the glass” (ll. 3-4). Her heart aches for the “unremembered lads” that had once shared her bed. (l.7). She regrets her youth is now behind her. She compares herself to the seasons with her youth as “summer” (l.13) which is warm and green. Now she is in the time of “winter” (l.9), stark, bleak, and dreary. Those days when she was young and carefree she thought would last forever; but looking back, they seemed to have lasted only “a little while”(14). The speaker is alone: “In winter stands the lonely tree” (l.9). She cannot remember “What loves have come and gone” (l.12). She did not find that one special person...

Words: 452 - Pages: 2

Premium Essay

Harlem's Social Injustice

...Harlem’s social injustices There are many similar but different views on Claude McKay’s “If We Must Die.” Many have noticed that Claude wrote this poem in the form of a Shakespearean sonnet, using an iambic pentameter and ending it with a couplet as well as including imagery. The speaker is a sort of leader, calling out to others to overcome the “common foe” and live and die with meaning and bravery. The theme is honor, the speaker says “if we must die, O let us nobly die” (McKay 514), encouraging the audience to go forth and fight what is holding them back. Honor is earned, a privilege that is only obtained when effort is put towards it. The poem hints towards racial prejudice which had been a social issue during the time of the Harlem Renaissance....

Words: 876 - Pages: 4

Premium Essay

Speaker Observation

...APPENDIX: REPORT Dear Professor Miller, What follows is the report you requested on a possible speaker for the event that EU Business School will be hosting. After viewing various speakers’ presentations I have decided to analyze Noreena Hertz’s talk, “How to use Experts” in more depth. The purpose of this report is to demonstrate why Noreena Hertz is the right candidate to talk at the event. In my opinion Noreena Hertz is a very good speaker. This can be shown by analyzing her Ted Talk in light of the different parameters. Noreena is clear, complete and cordial. She makes use of good language and is articulate. Her message comes across very clearly. Even though she uses complex words she explains everything very well and keeps the audience interested. In fact, even without visual aids the message is conveyed in an interesting way. She makes good use of pauses which allows for the information to sink in. Throughout the talk she also uses tripling when giving examples, which explains the context well. Her use of repetition works well to enforce the idea of the problem that she is addressing. Although she only smiles occasionally her attitude is warm and inviting. Noreena has a slight natural crouch, however her stance is open and she leans forward to engage with the audience. Her tone of voice varies in different parts and she uses this well to stir emotion within the audience in order to get her points across. She makes good eye contact with the audience. In terms...

Words: 712 - Pages: 3

Free Essay

Hospitality Speaker

...Guest Speaker Paper The guest speaker, Dean, gave me a lot of knowledge and insight into the event management and convention center business. He is very successful and managed to make his way through the ranks all the way up to a manager position. The OCC, which he works for is one of the largest and most successful convention centers in the nation. The OCC is the second biggest convention center behind Chicago in the United States. The location of central Florida and these huge buildings help OCC be in high demand for events. The Sears Tower would be able to fit lying down inside of the west building. The North/South building is smaller and shaped more like a box but still is large enough to host several events at the same time. Orlando is considered a first tier city. A first tier city is a city that is able to accommodate 30,000 people or more for an event. Other examples of first tier cities are Chicago, Las Vegas, New Orleans, and Atlanta. The OCC is also a nonprofit business. It infuses the local economy with new money and expanding business. According to Dean they have only made a profit on two events the entire time he has worked there. The energy bill alone for a year is nine million dollars, with some of the high traffic months costing one million. Dean went through how he started out as a security guard to the position he is at currently. One of the things he stressed is you will mess up but make sure to learn from your mistakes. He also walked us through many...

Words: 382 - Pages: 2

Premium Essay

Speaker Evaluation

...Speaker Evaluation I attended “The Speak Up!!” event at the little theatre in Chabot College. It was on May 15, 2014 at 6:00pm. The Chabot College Forensics Team hosted this event. The stage where the speakers were performing was in the center of the theatre. There were rows of seats surrounding three sides of the stage. The audience was mostly a young crowd of Chabot students. The audience seemed to enjoy the speeches. The Duo Interpretation of Literature speech seemed to be the crowd’s favorite. There were a total of six speeches through out the event. My favorite speech was delivered by Franciska Karpovich. She delivered a Persuasive Speech about Gender Shaming. The speech focused on “Slut Shaming”. She spoke about the psychological effects of Slut Shaming. The purpose of her speech was to persuade her audience to boycott stores like Victoria Secret and Abercrombie and Fitch for over sexualizing young girls. She also suggested for schools to start teaching boys how to treat girls. Karpovich claims that girls are bullied for drinking too much and that they are embarrassed of their sexuality. She used current issues about boys taking advantage of girls while they were intoxicated as evidence to support her claims. She talked about people taking sexual assault as a joke because the victims are accused of provoking the boys. According to Korpavich, people think promiscuous girls are worthless. She blames the media for sexualizes girls and eventually leads to slut shaming. ...

Words: 500 - Pages: 2

Free Essay

Pd Coursework

...Westminster International University in Tashkent, Academic year 2013-14, Semester 1 Module name Personal Development CW weighting 40% Submission deadline TW12-13 Sem.One CW format (individual/group) Individual CW number and title CW 2 Oral presentation CW checks the learning outcomes 1- prepare documents about themselves, reflecting the personal development of a student (such as a portfolio, an action plan); 2- set goals for further improvement based on individual reflective learning; 4- communicate in writing and orally; 6- deliver a presentation Oral Presentation You will need to prepare an individual oral presentation. The Oral Presentation task will test your ability to communicate information in oral form supporting it with visual aids such as Power Point slides, posters, etc. The presentations will take place in TW 12-13 of semester one. Each presentation will last 5-6 minutes. It will consist of an introduction, the main body and a conclusion and will be followed by questions from the audience. You will be assessed on 1. quality of the content, 2. ability to structure the material, 3. interaction with the audience using body language and eye contact and dealing with questions appropriately 4. quality of visual aids. Prepare a presentation which is based on the topic “My personal learning from research on Mass Media in Uzbekistan” You need to follow the steps below: 1 Westminster International University in Tashkent, Academic year 2013-14, Semester...

Words: 1402 - Pages: 6