Please answer these questions:
1. Use the concept of diminishing marginal utility to explain why we would be more likely to see an
all you can eat pizza buffet rather than an all you can carry sunglass "buffet."
2. Explain the concept of utility. How do we measure utility?
3. What do economists mean by "consumer equilibrium?"
4. Supposed the price of bananas is $4 per pound and the price of peaches is $8 per pound. If a person
gets 40 units of added utility from eating the last pound of peaches he consumes, how many utils of
added utility would he have to get from eating the last pound of bananas in order to be in consumer
equilibrium?
5. Welfare programs- the family and the economy. (Discuss this please)
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