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Diminishing Marginal Utility : Workplace

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In the workplace you will often see diminishing marginal utility, where the utility (satisfaction experienced per hour of work) experienced by workers drops as they perform their jobs over time. As a manager, what are some practical things you could do to raise utility for employees that also benefit the firm? In your answer use a company you currently work for or one you worked for in the past.

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There are several steps that the manager of the unit I work for now can take to raise utility for the employees. The manager can assign the entire production line to one supervisor; this will increase utility (satisfaction experienced) by the supervisor. Also, the manager should make sure that the production line keeps on working all the time. When there is idle time not only do workers and ...

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1. What other real-world examples of changes in "consumer's tastes" do you have to share? How have these changes affected (increased or decreased) demand?

2. Do you have other real-world examples of diminishing marginal utility? Do you have any real-world examples related to purchases you have make or to items sold by your employers?

3. What real-world examples do you have of the substitution and/or income effects?

4. What questions or comments do you have on the determinant of the price elasticity of demand referred to as time? Given the definition of this determinant, are the goods/services that are produced by your workplace elastic or inelastic given the time consumers have to find substitutes for those goods/services?

5. What questions or comments do you have on the determinant of the price elasticity of demand referred to as luxuries versus necessities? Are the goods/services produced by your workplace considered luxuries or necessities? How would the luxury versus necessity determinant affect the price elasticity of demand for a good or service?

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