Premium Essay

Household Chpices

In: Business and Management

Submitted By augu101
Words 292
Pages 2
Augustina Asiafor
3/17/14

Household’s Choices

Individuals have a household budget line that constantly changes based on the price and income of the budget. Marginal utility causes that definite change. Utility is the benefit from consuming a good or service. In order to have affordable budget, it is important to find the option that makes the greatest total utility. This then maximizes the utility, which makes the individual receive the most out of the good or service. He/she then achieves consumer equilibrium. Also the individual must equalize the marginal utility per dollar for all goods which equals the marginal utility from a good divided by its price. Previous chapters we learned that as the price of a movie falls then the demand curve slopes downwards. This this marginal utility per dollar rises
When the price of a good falls the quantity demanded of that good increases—the demand curve slopes downward.
For example, if the price of a movie falls, we know that MUM/PM rises, so before the consumer changes the quantities bought, MUM/PM > MUS/PS.
To restore consumer equilibrium (maximum total utility), the consumer increases the movies seen to drive down the MUM and restore MUM/PM = MUS/PS.
Total utility increases over time as the individual consumes more, however as we learned from the earlier chapters, marginal utility decreases because there less satisfaction obtained from the good. These can be used in preferences and indifferences curves. An individual prefers any point above the indifference curve to any point on the curve because there more marginal utility. A diminishing marginal rate of substitution means the individual will be willing to give up less of one good to get one more unit of the other good.
,…...

Similar Documents

Premium Essay

Household Income and Phiscal Policy

...NAME: FUH GEORGE CHEO CLASS: MBA PROJECT MANAGEMENT THE EFFECT OF MONETARY POLICY ON HOUSEHOLD CONSUPTION IN CAMEROON ABSTRACT The study investigates the effect of monetary policy on household consumption in Cameroon between 1980 and 2010. The objective of the the study is to find out the relationship between monetary policy on household consumption in Cameroon and to recommend policies to improve on household consumption in Cameroon. The study uses secondary time series annual data from World Bank Group Development indicators for Cameroon. The work uses economic model showing household final consumption expenditure as a function of monetary and quasi money growth, real interest rate, total reserve and Gross National Income per capita. Given the trends of the variables estimated results indicate that Total reserve as a ratio of GNP and GNI per capita positively and significantly affect household consumption. Monetary and quasi monetary growth has a negative impact on household consumption. Policy makers therefore need to encourage Total reserve and GNI per capita. It is therefore strongly recommended that instrument of monetary policy should be used in the economy as means of influencing household consumption. Introduction Monetary policy Monetary policy is the process by which monetary authority of a country control the supply of money often targeting a rate of interest for the purpose of promoting......

Words: 1802 - Pages: 8

Free Essay

Managing Household Budget

...How to Manage a Household Budget on Low Income Manage a Household Budget on Low Income It can be hard living on a limited amount of money each week for your family. When there's a failing economy or a lack of jobs in your area, it can be hard trying to decide how your family will get by on a limited budget. While life may throw you some hardships that you will have to make it through, there are ways to be able to pay your expenses and get the necessities that you need for living. Read on to learn how you can get by on a limited income, and still enjoy life at the same time. Instructions 1. * 1 Study the expenses of the entire household. Write down costs of utility bills, mortgage, rent, car payments, insurance, medical bills, and costs of food. Compare the bills with the income of the household. Make sure that there is enough income to pay the expenses. If there is not, make a list of the bills that are top priority such as house payments and utilities, and then food. Find other ways to bring in extra income for the household. * 2 Look at the different kinds of services that your household subscribes to. Cancel or cut back on any other entertainment packages that you may have. For example, cut back on current cable subscriptions such as extra movie channels, and only subscribe to basic cable until your household can afford to upgrade. Cancel any extra phone or Internet services that you may have. Purchase phone cards or pay-as-you go cell phones to......

Words: 606 - Pages: 3

Premium Essay

Household Gods by Philip Hobsbaum

...In the poem, Household Gods, Philip Hobsbaum comments on the universal nature of emotions, not just fostering in animate objects but also in inanimate objects. Hobsbaum perhaps calls the household objects as household gods to highlight the non-interfering nature of God. Just like God, the objects too couldn’t express their thoughts and emotions to the couple directly, which gives the reader some sort of understanding of the nature and power of these objects. Through the use of visual imagery, Hobsbaum highlights the different emotions the household objects experience due to the break of a couple inhabiting in the house. Hobsbaum captivates the readers’ attention through anthropomorphisms. Hobsbaum binds the poem together by highlighting the emotions and perspectives of nine household objects with one common theme – their despair due to the breakup and their desperation to be used again. The poem begins with a statement about the ‘breaking lives’ of the couple. The use of personal pronouns creates a petulant tone, almost as if a child is confessing to something, “I saw them. I was there.” This childish confession perhaps hints that the object is a new introduction to the house and hasn’t spent much time with the couple. This is also evident in the structure of the first stanza wherein, most of it is the description of the couple – the boy with “his shaken bulk” and the girl with “her clam pose” and suddenly amidst the vivid description the emotion of the object is......

Words: 1192 - Pages: 5

Premium Essay

Lotus Marketplace: Households

...Lotus Marketplace: Households Ethical Issues: • How far does the responsibility of Lotus and Equifax extend to make sure their product is not put to improper use? Lotus and Equifax planned to screen purchasers to limit access to the data only to legitimate companies, who would purchase the discs directly from Lotus and sign a form agreeing to us the data only as spelled out by Lotus. How far does product liability go? • Where do marketing feasibility and consumer convenience stop and invasion of privacy begin? According to Kennedy, [Privacy and Information], privacy is such a personal issue that people will naturally differ on how much they are willing to give up for certain services. Simply banning certain uses of personal information does not accommodate individual needs. • Who owns the information? The companies who maintain the databases or the consumers whose names comprise the databases? According to DeGeorge, we have no right to facts. But we have no obligation to make known personal facts about ourselves, and if we make them in confidence, we have the right to insist, and expect, that they will be kept confidential. • Should only large businesses with an abundance of resources participate in direct marketing, as it was cost prohibitive for small businesses to utilize direct marketing? In 1990 the total industry was estimated at $1.23 billion annually in list sales. There were also many products like Conquest, Microvision and Powerhouse, which used modeling......

Words: 3481 - Pages: 14

Premium Essay

Eap Households Insiders or Outsiders

...work to raise a family - which applies almost exclusively - is fading away (Pereira 2005).” Meanwhile, househusbands themselves are becoming a unity to support every single member inside its group. A website was set up by two full-time fathers to offer help to dads who are staying at home and bring up their children. It aims at changing current situation that almost all information for parents are mainly aimed at mothers, as stated by one of the founders of the website (Pereira 2005). As it suggests, househusbands are becoming more and more insiders and accepted by the majority of the society by virtue of their untiring effort. Despite the number of single father household is gradually increasing year by year, It does not make them feel not stigmatised in society due to the stereotype. The single father household is getting common in nowadays society due to their growing number, but the social stigma is not fading yet. They still do not get the sense of belonging into a particular group which causes them to be an outsider. The Weekend Australia (2013) reported that the lack of support group and social stigma attached to househusband as caregiver makes them really feel different from others. The social stigma itself is most probably caused by the stereotype of ideal family in which the role of father is to earn money for their family while mother is a caretaker for their children and spend most of their time in home. The changing situation and role in society always brings......

Words: 1013 - Pages: 5

Premium Essay

Household Dog

...5 Biology 5.1 Senses 5.1.1 Vision 5.1.2 Hearing 5.1.3 Smell 5.2 Physical characteristics 5.2.1 Coat 5.2.2 Tail 5.3 Types and breeds 5.4 Health 5.4.1 Mortality 5.4.2 Predation 5.5 Diet 5.5.1 Foods toxic to dogs 5.6 Reproduction 5.7 Neutering 5.8 Communication 6 Intelligence and behavior 6.1 Intelligence 6.2 Behavior 6.3 Dog growl 7 Differences from wolves 7.1 Physical characteristics 7.2 Behavioral differences 7.3 Trainability 8 Mythology 9 Gallery of dogs in art 10 See also 11 References 12 Bibliography 13 External links Etymology and related terminology "Dog" is the common use term that refers to members of the subspecies Canis lupus familiaris (canis, "dog"; lupus, "wolf"; familiaris, "of a household" or "domestic"). The term can also be used to refer to a wider range of related species, such as the members of the genus Canis, or "true dogs", including the wolf, coyote, and jackals, or it can refer to the members of the tribe Canini, which would also include the African wild dog, or it can be used to refer to any member of the family Canidae, which would also include the foxes, bush dog, raccoon dog, and others.[12] Some members of the family have "dog" in their common names, such as the raccoon dog and the African wild dog. A few animals have "dog" in their common names but are not canids, such as the prairie dog. The English word "dog" comes from Middle English dogge, from Old English docga, a "powerful dog breed".[13] The......

Words: 15783 - Pages: 64

Free Essay

Auto Industry Effect on Households

...Auto Industry’s Impact on Households The automotive industry is an essential piece to the economy of the United States. Currently, there are about 850,000 manufacturing workers and 1.8 million auto dealership workers that are employed in the automotive industry today (Amadeo). This industry was and continues to be negatively impacted by the recession that has plagued our nation’s economy since 2008. Unemployment has been one of the biggest issues in the auto industry, along with the negative impact on the government and firms in the United States. Therefore, I will focus on how households have been impacted by the auto industry recession. This will include how unemployment affects households, why the auto industry needed to be bailed out and what areas of households have been hurt the most by the unemployment. A massive amount of job cuts in the American automotive industry was the result of a devastating recession that the United States began to face in 2008. Job loss results in immediate problems for workers and in turn, the household that worker lives in. When a worker loses their job, the entire family of that worker is affected because now that family cannot live the way it is used to living with steady income. This was a problem that 174,192 workers had to come up with a solution to, because that is how many jobs were cut in the 2009 automotive industry (Challenger, Gray and Christmas 2). The unemployment rate has risen from 7% in 2007 to over 25% in the......

Words: 1175 - Pages: 5

Premium Essay

Ph of Household Chemicals

...| Ph of Household Chemicals | Formal Lab Report | Chemistry 1000 | | Fall 2014 | | Purpose: To determine the pH level of common household products and to determine whether they are an acid or a base using red cabbage as a pH indicator that will change colors according to the acidity levels. Hypothesis: I believe that most of the cleaning chemicals will be acidic and most of the food/edible items will be neutral. I am also predicting that personal hygiene items are also neutral due to the fact that they are put on your body. Scientific Background: “Chemists have a scaled called the pH scale that is based on hydrogen ion concentration to express the acidity or basicity of solutions. The pH scale is a logarithmic scale; a change of 1 pH unit corresponds to a tenfold change in H3O+ concentration. Each change of 1 in pH scale corresponds to a change of 10 in [H3O+].”(Tro, 2015). Acids are substances that can donate a hydrogen ion in water; bases are substances that can accept a hydrogen ion or produce hydroxide ion in water. The amount of hydrogen ion donated or accepted determines the strength of the acid or base. Variables: The independent variable would be the substances being tested. The dependent variable would be the pH of each substance. The control variables are the temperature, the volume of the pH indicator and the pH indicator itself. Materials and Equipment Bleach Window Cleaner Fruit Juice Milk A bathroom cleaner Shampoo Hand......

Words: 1896 - Pages: 8

Premium Essay

Families and Households

...around family commitments. Delphy describes how the modern family is far from symmetrical; she argues that family life is still based on patriarchy and inequality. Women who have careers are often blamed for problems in the family. Recent evidence claims that working women are to blame for their children’s poor academic performance or behaviour. This does not show that the family is symmetrical. Women are still made to feel uniquely responsible for their children’s welfare and emotional development while working men tend to escape from such criticism Oakley carried out a survey of 40 housewives and found that housework is still regarded as a woman’s job. According to her findings, women spend on average over 70 hours a week performing household chores. Evidence demonstrates that women who work full time are still predominantly responsible for housework. However many argue that Oakley’s research is flawed as she had a small sample in her research; therefore it is not appropriate to generalise so widely. However Delphy and Leonard found that women, even those in full-time employment still do the majority of the housework. They found that men did not take over the domestic chores as they saw it as an attack on their masculinity. Delphy and Leonard also claim that when men do perform housework, they see it as ‘helping’ their wives and do not take any personal responsibility for it....

Words: 599 - Pages: 3

Premium Essay

Sterling Household

...For the exclusive use of W. Jingcheng, 2015. 9-913-556 APRIL 30, 2013 WILLIAM E. FRUHAN CRAIG STEPHENSON Sterling Household Products Company January of 2013 brought a new year and an important new opportunity to the management team of Sterling Household Products Company. Sterling manufactured and marketed a wide line of consumer goods, including laundry products, soaps, cosmetics, toilet preparations, and cleaning, disinfecting and sanitizing products, which were sold domestically and internationally, and were used every day in millions of households around the world. Sterling’s family of quality products included many highly regarded brand names, and the company had consistently delivered impressive sales and profits to the investment community. Sterling’s financial measures for all recent years showed that the company was successful, but a time series analysis of these same financial measures quickly isolated Sterling’s current challenge: growth rates for unit volume, sales, and profits were very low, and company management was looking to expand into businesses and products with more potential for growth. Sterling had identified health care as an industry with more growth potential, and a detailed search for health care products which could fit well into the company’s existing operations led to discussions between Sterling and Montagne Medical Instruments Company. Sterling was interested in acquiring Montagne Medical’s germicidal, sanitation, and......

Words: 4626 - Pages: 19

Premium Essay

Households Headed by Women

...Households that are headed by women constitute 84% of the households receiving assistance through the federal Housing Choice Voucher Program (tenant-based Section 8 assistance) Developing your mission statement: guidelines, examples and exercises for all organizations Institute for Children and Poverty, The Hidden Migration: Why New York City Shelters Are Overflowing with Families (2002). 21 Homes for the Homeless & Institute for Children and Poverty, Ten Cities 1997-1998: A Snapshot of Family Homelessness Across America 3 (1998). 22 Institute for Children and Poverty, The Hidden Migration: Why New York City Shelters Are Overflowing with Families (2002). 23 Chicago Coalition for the Homeless, Fact Sheet: The Commercial Sexual Exploitation of Homeless Youth. 1 (citing Richard J. Estes & Neil Alan Weiner, Commercial Sexual Exploitation of Children in the U.S., Canada and Mexico, Univ. Pa. (2001) (unpublished)). 24 National Coalition for the Homeless, Domestic Violence and Homelessness: Fact Sheet #8 (1999) (citing Virginia Coalition for the Homeless, Shelter Provider Survey (1995) (out of print)). Hubbard, G. (2004). Strategic Management: Thinking, Analysis & Action (2nd edition), Frenchs Forest, Pearson Prentice Hall Johnson, G., Scholes, K. and Whittington, R. (2005). Exploring corporate strategy (7th edition), England: Pearson Education Limited Porter, M.E. (1980). Competitive Strategy. New York, The Free Press. Porter, M.E. (2008). The......

Words: 314 - Pages: 2

Premium Essay

Household Industry

...home-care peers, with 58% of group sales in these areas. Colgate has more than 50% of sales in these countries. L'Oreal, Procter & Gamble and Kimberly-Clark have more than 30% of sales in developing and emerging markets. Home and personal care companies will have to ensure they get pricing right for each product and channel, while continuing to invest in innovation to differentiate their offerings to attract demand. This is key to gaining market share amid persistent currency volatility and low global growth this year, as emerging markets slow led by China, and Brazil's recession. U.S. companies may have less resources to achieve this vs. euro-reporting peers as a strong dollar has dragged their sales in 2015. Peer Comparison: The BI global household peers' average currency effect worsened in 2015, to a 3.9% negative impact in 3Q vs. minus 2.1% in 2Q. Colgate had the worst (minus 13%). Kimberly-Clark (minus 12%), Coty and P&G (each minus 9%) followed. Unilever had a 60-bp currency sales boost in 4Q15 vs. 960 bps in 2Q....

Words: 409 - Pages: 2

Free Essay

Dangers of Chemicals in Household Products

...Dangers of Chemicals Found in Household Products SD Western Governors University Student ID Dangers Of Chemicals Found In Household Products Many household products that we use daily and are very important in our homes, work environments and schools have become a health risk. This is because many of these household products we use to keep these places clean and to maintain a good health contain toxic chemicals. If fact, some cleaners are among the most toxic products found in the home. Many of us using these products are unaware of the dangers and the health risk they pose. There are agencies, organizations and a variety of groups that are working towards making the consumer aware of the dangers through research. This research has shown that chemicals in our household products are dangerous and should be closely regulated because accidental poisonings continue to increase, exposure can lead to failing health and there are links to slow brain development in fetuses and children. Accidental poisonings are on the increase in the United States. Every 13 seconds, a poison control center in the United States answers a call about a possible poisoning. More than 90% of these exposes occur in the home. The most common causes of poisoning among young children are cosmetics and personal care products, household cleaning products and pain relievers (Center for Disease Control and Prevention, 2014). These statistics can be very frightening. We often......

Words: 2427 - Pages: 10

Free Essay

Household Gods

...Philip Hobsbaum’s poem ‘Household Gods’ describes a desolate, abandoned house, once occupied by a romantic couple that split up near the time of narration. Hobsbaum reinforces the noises of desolation and destruction – of both the relationship of the couple and of the house – by giving the house and several household items a voice, to recount the memories of the former occupants. Through vivid and sensual imagery, and alternating between past and present tenses, Hobsbaum shows the contrast between the former times, the desolation now, and the process in which it happened. There is a touch of irony in the title of ‘Household Gods’, a traditional concept of placing idols to worship, and seek protection from. In this poem, however, the roles are reversed, as the ‘gods’ within the house are dependent on the tenants’ patronage and acceptance. This conveys the idea that the ‘household gods’ are closely tied to the couple, and their split and departure resulted in the neglect of the household items – a metaphorical downfall. The poem is divided into nine stanzas. That each stanza is enclosed by inverted commas reflects that the poem is being narrated by several ‘household gods’, and creates a voice in the reader’s mind. The rhyme of each paragraph is regular ABAB, to show some semblance of order, but is punctuated by several cases of half or slight rhyme to show the neglect and the falling apart of the house. The poem can also be divided roughly into three parts, although......

Words: 1200 - Pages: 5

Premium Essay

Sterling Household Products Company

...January of 2013 brought a new year and an important new opportunity to the management team of Sterling Household Products Company. Sterling manufactured and marketed a wide line of consumer goods, including laundry products, soaps, cosmetics, toilet preparations, and cleaning, disinfecting and sanitizing products, which were sold domestically and internationally, and were used every day in millions of households around the world. Sterling’s family of quality products included many highly regarded brand names, and the company had consistently delivered impressive sales and profits to the investment community. Sterling’s financial measures for all recent years showed that the company was successful, but a time series analysis of these same financial measures quickly isolated Sterling’s current challenge: growth rates for unit volume, sales, and profits were very low, and company management was looking to expand into businesses and products with more potential for growth. Sterling had identified health care as an industry with more growth potential, and a detailed search for health care products which could fit well into the company’s existing operations led to discussions between Sterling and Montagne Medical Instruments Company. Sterling was interested in acquiring Montagne Medical’s germicidal, sanitation, and antiseptic products unit, and Montagne Medical was willing to sell the unit for the right price. Negotiations had revealed that Montagne Medical believed the right......

Words: 2513 - Pages: 11