The Law of Diminishing Marginal utility

 Prior to beginning work on this discussion, read Farah Mohammed’s article, Why Are Diamonds More Expensive Than Water? (Links to an external site.)Links to an external site., as well as Chapter 5 in your textbook, especially Sections 5.1 and 5.3, and respond to the following: Describe the relationship between total utility and marginal utility. Explain […]

The Law of Diminishing Marginal utility

Prior to beginning work on this discussion, read Farah Mohammed’s article, Why Are Diamonds More Expensive Than Water? (Links to an external site.)Links to an external site., as well as Chapter 5 in your textbook, especially Sections 5.1 and 5.3, and respond to the following: Describe the relationship between total utility and marginal utility. Explain […]

Analyse the utility of Constructivism in explaining Military change.

1. Defence budgets comprise a significant proportion of national wealth, while decision-making in defence has profound implications for the lives of citizens in the country concerned, as well as people at the receiving end of military operations. Military power also forms a central dimension of states’ power and influence in the international system. However, the […]

Discuss how utility functions can be determined in practice.

Question Two   A US local authority owns a tramway system; and the tram operators are under pressure to increase passenger numbers. They have to make a decision on whether to lower fares in an attempt to increase passenger numbers.   If they decide to reduce fares they will then have to decide whether to […]