GB 540 GB540 Unit 3 DQs (Kaplan University)
GB 540 Unit 3 DQs (Kaplan University)
Unit 3 Discussion Question 1 of 3
Using the Diamond-Water Paradox as a guide (refer to page 160 of the textbook) and two other goods of your choice, illustrate the paradox of value. Explain the roles total utility and marginal utility play to understand this paradox.
Unit 3 DQ 2 of 3
Utility is a satisfaction that an individual derives from consuming or using a specific good or service. Total utility indicates the total amount of satisfaction or pleasure an individual derives from consuming some specific quantity of a good or service. Marginal utility refers to the additional satisfaction a consumer gets from an additional unit of a good or service she/he consumes during a given period of time.
DQ 3 of 3
1. Pick a specific industry from one of the market structures and explain how it would function and maximize profit.
2. Which market structures do you think benefit consumers more than others? Explain by using examples.
3. Society is exposed to a number of advertisements on TV, in radio and in other places daily. Which market structures are the most dominant in the advertisement industry? Why?
Unit 3 Case Study Utility and Market Models Discussion