Question

A survey of wealthy U.S. citizens has a question that asked, “How much wealth do you...

A survey of wealthy U.S. citizens has a question that asked, “How much wealth do you need to live comfortably?” On average, those with a net worth of over $1 million said that they needed $2.4 million to live comfortably, those with at least $5 million in net worth said that they needed $10.4 million, and those with at least $10 million wanted $18.1 million. Apparently, most people never have enough. Discuss why in Economics, this concept “More is better” seems to be valid in the real world
Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

In economics when we discuss "more is better" what we actually mean by this is - the person has shifted to higher indifference curve where he is receiving more utility because of more choices available. In real world this concept is valid because with more money or assets you can have more utility by - buying things, procure assets and whatever you would like to all of which will increase your utility. In real world, people are never satisfied with what they have. They want more henceforth when they get it they are happy.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In narrative essay format, I want you to address a business/organization case study using multiple concepts...
In narrative essay format, I want you to address a business/organization case study using multiple concepts from class. The case question and case text begin on page 5 of this document. You need to demonstrate their best understanding of management and organizational behavior theory, and the application of those ideas to improve the understanding of various issues. You need to clearly identify at least 3 distinct, substantive issues. For each issue you need to 1), identify evidence from the case...
Discuss how the respective organizations’ relations with stakeholders could have potentially been affected by the events...
Discuss how the respective organizations’ relations with stakeholders could have potentially been affected by the events that took place at Enron and how the situation could have been dealt with differently to prevent further damage? THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies,...
Actually a HISTORY question: what tactics does Einhard use to portray Charlemagne in "Life of Charlemagne"...
Actually a HISTORY question: what tactics does Einhard use to portray Charlemagne in "Life of Charlemagne" and what tactics does Procipius use to describe Justinian in a positive light in the "Nika Riots"? Ive posted both excerpts. "Life of Charlemagne" Charles the Great, (Charlemagne in French) reigned 768-814 as king of the Franks and the most important ruler of the Carolingian Dynasty, conquering lands in what is now Germany, France, Spain, and Italy. On Christmas Day 800 C.E., Pope Leo...
Sign In INNOVATION Deep Change: How Operational Innovation Can Transform Your Company by Michael Hammer From...
Sign In INNOVATION Deep Change: How Operational Innovation Can Transform Your Company by Michael Hammer From the April 2004 Issue Save Share 8.95 In 1991, Progressive Insurance, an automobile insurer based in Mayfield Village, Ohio, had approximately $1.3 billion in sales. By 2002, that figure had grown to $9.5 billion. What fashionable strategies did Progressive employ to achieve sevenfold growth in just over a decade? Was it positioned in a high-growth industry? Hardly. Auto insurance is a mature, 100-year-old industry...
What role could the governance of ethics have played if it had been in existence in...
What role could the governance of ethics have played if it had been in existence in the organization? Assess the leadership of Enron from an ethical perspective. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies, collapsed in 2001 under a mountain of debt...
Discuss ethical issues that can be identified in this case and the mode of managing ethics...
Discuss ethical issues that can be identified in this case and the mode of managing ethics Enron finds itself in this case. How would you describe the ethical culture and levels of trust at Enron? Provide reasons for your assessment. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT