7. Is there a difference between value in use and value in exchange? How does the distinction...

7. Is there a difference between value in use and value in exchange? How does the distinction between Total Utility and Marginal Utility help one answer this question? Might the Diamond-Water Paradox provide a helpful illustration?

8. Assume you are an economist charged with advising Santa Claus and Santa, concerned about consumer satisfaction, tells you that he wants you to find an efficient way for people to end up with gifts that better conform with their wishes. In advising Santa, what would you tell him? Explain.

9. Ordinal Utility (Indifference Curves & Budget Constraint Lines) has been said to have an inherent advantage over Cardinal Utility (which includes units of satisfaction) when it comes to application. Is there an inherent advantage and, if so, what is it? Explain.

Expert Solution

Rahul Sunny answered 1 year ago

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