Explain the Concept of Utility - Essay Writing - Economics Assignment Help

Assignment Task

QUESTION 1

1.1 Explain the concept of utility, and how it relates to consumer choice. 

1.2 Complete the following table showing the utility that Thato derives from consuming energy drinks
Number of energy drinks    Total utility (TU)      Marginal utility (MU)
1                                                      0                                ?
2                                                      7                                7
3                                                      ?                                5
4                                                     15                               ?
5                                                     15                               ?
6                                                      ?                               -1
7                                                     12                               ?

1.3 At which point is equilibrium reached, and how do we know this? 

1.4 Draw a production possibility frontier (PPF), showing a combination of two goods that a country could produce, an area of inefficiency, and another area that is unattainable.
 

QUESTION 2

2.1 Draw a circular flow diagram showing all participants in a closed economy, and briefly explain the flows of production, income and expenditure.

2.2 What is the difference between an open and a closed economy? Has South Africa ever been a closed economy?

2.3 Discuss any three characteristics of a traditional economic system.

QUESTION 3

Making use of graphs, show the difference between a change in quantity supplied and a change in the supply of a good. Explain what you have shown in the graph and give an example of what could cause the supply curve to shift.

QUESTION 4 

4.1 Discuss the difference between market and command economies. In your response, please make use of examples.

4.2 How are the three economic questions answered in a mixed economy?

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