Why, according to neoclassical economics theory, is the demand curve downward sloping? note:in answering this question, think about the role of price, in relation to the budget constraint, the income and substitution effects: and in relation to what happens, according to the theory, when an individual consumes more of a thing (marginal utility)
Stiglitz and Walsh interpret marginal utility as “willingness to pay”:what assumptions does this require about the character of human wants? in particular, what does this say about wants by an individual for different things(example sweatshirts and pizza)?
Part 2:
Compare the(neoclassical) idea of marginal utility (and utility) with the conceptual/historical distinction between use-value and exchange-value, and the corresponding distinction between the economy and the private sphere.
Note: the two parts of the essay topic ask you to go beyond what the textbook actually says, to think about underlying assumptions that it make about human beings and human life.
the point of this essay is to explain the theory in words, you do not need to use graphical or mathematical formulations, but if you do use a graph, be sure to explain all parts of it in words
try to work the parts into one essay
NO INTRODUCTION OR CONCLUSION, START RIGHT IN ON THE QUESTION!
MAKE EVERY WORD COUNT,DONT WAFFLE!!
NO QUOTATIONS USE YOUR OWN WORDS!!!!!
DON’T JUST ASSERT, EXPLAIN!!
