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| − | == Enter new questions here: == | + | == Questions on Week 4 Homework == |
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| | + | Hi Mr. Schlafly!! On question #3 of this week's homework you talk about an increase of 90% when the original number is 4 units of utility. Am I right to assume that the 90% increase is really 190% of the original number (4)? Thanks. [[User:kevin51292]] |
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| | + | :'''REPLY TO HOMEWORK QUESTION:''' No, Kevin, that's not correct. There is declining marginal utility. The first hour the benefit is 4 units, but the second hour the benefit must be less: 90% times 4.--[[User:Aschlafly|Aschlafly]] 12:41, 5 March 2007 (EST) |
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| | + | == Questions on Prior Weeks' Homework: == |
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| | Question two in [[Economics Lecture Two|assignment two]] says: "Suppose the price demand curve is P=$20-Q, where P is price and Q is quantity. Also suppose the price supply curve is P=$4+Q. At what price and quantity will the good be sold?" The [[Economics Lecture Two|lecture]] does not address how to work with these equations. Are we supposed to graph them using the price as the slope and Q as the y intercept? ~ [[User:SharonS|SharonS]] 17:55, 16 February 2007 (EST) | | Question two in [[Economics Lecture Two|assignment two]] says: "Suppose the price demand curve is P=$20-Q, where P is price and Q is quantity. Also suppose the price supply curve is P=$4+Q. At what price and quantity will the good be sold?" The [[Economics Lecture Two|lecture]] does not address how to work with these equations. Are we supposed to graph them using the price as the slope and Q as the y intercept? ~ [[User:SharonS|SharonS]] 17:55, 16 February 2007 (EST) |
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| | Kevin, assume that a common price (a "market price") is used for all sales.--[[User:Aschlafly|Aschlafly]] 16:38, 20 February 2007 (EST) | | Kevin, assume that a common price (a "market price") is used for all sales.--[[User:Aschlafly|Aschlafly]] 16:38, 20 February 2007 (EST) |
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| − | Hi Mr. Schlafly!! On question #3 of this week's homework you talk about an increase of 90% when the original number is 4 units of utility. Am I right to assume that the 90% increase is really 190% of the original number (4)? Thanks. [[User:kevin51292]]
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| − | :'''REPLY TO HOMEWORK QUESTION:''' No, Kevin, that's not correct. There is declining marginal utility. The first hour the benefit is 4 units, but the second hour the benefit must be less: 90% times 4.--[[User:Aschlafly|Aschlafly]] 12:41, 5 March 2007 (EST)
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| | == Prior discussion unrelated to homework == | | == Prior discussion unrelated to homework == |