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Utility and Marginality

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The concept of utility and marginal utility can also be applied to income. Please read a summary of three political philosphies in Section 3: The Political Philosphy of Redistribution Income

Utilitarianism was founded by the English philosophers John Stuart Mill and Jeremy Bentham. Liberalism was developed by John Rawls (1971). Finally, Robert Nozick (1974) presented his support for libertarianism in his book, Anarchy, State and Utopia.

Write a 2-3 page paper that addresses the following questions:

1. Which political philosophy would you support? Why? How would you address the criticisms of your preferred philosophy? Be sure to support you answer with the appropriate references.

2. Bill earns five times as much as Sam. What would each political philosophy of utilitarianism, liberalism, and libertarianism likely suggest should be done in this situation? Explain.

3. Taxes are often used as a means of distributing income. What kind of tax system would you favor (regressive, flat, progressive)? Why? (for a review of these terms: click here)

4. Do you think government should have a role in redistributing income? If so, in what way ways? If not, why not?

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The concept of utility and marginal utility can also be applied to income. Please read a summary of three political philosphies in Section 3: The Political Philosphy of Redistribution Income

Utilitarianism was founded by the English philosophers John Stuart Mill and Jeremy Bentham. Liberalism was developed by John Rawls (1971). Finally, Robert Nozick (1974) presented his support for libertarianism in his book, Anarchy, State and Utopia.

Write a 2-3 page paper that addresses the following questions:

1. Which political philosophy would you support? Why? How would you address the criticisms of your preferred philosophy? Be sure to support you answer with the appropriate references.
The political philosophy that I would support is that of Utilitarianism by John Stuart Mill and Jeremy Bentham. In accordance to this philosophy, the moral worth of an action is determined solely by its utility in providing happiness or pleasure as summed among all conscious beings. I feel that his philosophy has the right tools to evaluate the moral worth of an action. It is easy to determine if an action will provide happiness to the largest number of persons.
One of the criticisms of utilitarianism is that it is not proved to be the right ethical system. However, the same argument can be applied to every other ethical system. Another criticism is that utilitarianism has placed tremendous importance on pleasure, and it places other desires on a secondary level. I would address this criticism by stating that increase of pleasure/utility is a method of evaluating the worth of actions and it seeks to increase pleasure (utility of ...

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Calculating for Utility and Marginality

Please help with the following questions.

1. Discuss two factors that would increase demand for labor. (Hint: Recall that the demand for factors of production or resources is called a derived demand)

2. If the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain.

3. (a)Take a look at the numerical example on page 76 of the online text http://www.inflateyourmind.com/pdfs/microeconomics.pdf What would be the marginal production at a level of 20 workers? Calculate. What can be said about the total production of cars as more workers are added?

b. Using you answer from (a) and using the information below:
1. Each worker costs the firm $4,000 per month.
2. Each acre of land costs the firm $1,000 per month.
3. Each machine costs the firm $600 per month.

-Each worker costs the firm $4,000 per month.
-Price of the output (car) is $20,000
Should the firm move from the 15th to the 20th worker? In other words, should the firm hire 20 workers. Why? (Hint: You need to calculate the cost of total workers and the marginal revenue product (MRP = price of output * marginal product of labor)).

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