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Economics - MICROECONOMICS , Essay

1. Write an essay on how consumers use the assumption of “Rational Self Interest.” (Make sure that you touch on each of the 3 components of this assumption that we discussed in class, including how rational self-interest is determined through the concept of utility and how incentives determine consumer decisions.) Please explain how Adam Smith’s Invisible Hand Theory uses the assumption of Rational Self-Interest to show how society benefits. Please explain the following concepts: a. ethical egoism b. altruism c. utilitarianism. 2. Define and explain the concept of demand, including the two elements that are necessary to the concept of demand. Develop the concept of price demand from the principle of diminishing marginal utility and scarcity, by relating the concept of value to price. 3. Explain the concept of elasticity and compare and contrast the concept of elasticity from the slope of a price demand curve. Discuss and explain the price elasticity, income elasticity and cross-price elasticity and show how firms use elasticity in making pricing decisions.
1. Write an essay on how consumers use the assumption of “Rational Self Interest.” (Make sure that you touch on each of the 3 components of this assumption that we discussed in class, including how rational self-interest is determined through the concept of utility and how incentives determine consumer decisions.
Assignment ID
368547
Discipline
Type
CREATED ON
18 January 2018
COMPLETED ON
19 January 2018
Price
$30
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18 January 2018
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18 January 2018
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18 January 2018
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18 January 2018
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19 January 2018
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19 January 2018
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