Explain How Each of the Following Scenarios Illustrates the Interaction

question 30

Essay

Explain how each of the following scenarios illustrates the interaction of economic forces, social and cultural forces, and political and legal forces.
(a) State officials are trying to move welfare recipients into jobs during a period of economic weakness, rising unemployment, and declining federal funding.
(b) The European Union is funding a massive program to explore ways of using hydrogen to replace fossil fuels both to increase energy availability and to protect the environment.
(c) In some states, many types of retail stores are prohibited from opening before noon on Sunday.
(d) In North Dakota, most colleges and universities are located in small towns. Despite shrinking student populations, state law mandates that all of these schools remain open.

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Definitions:

Utility

In economics, utility refers to the satisfaction or pleasure derived from consuming goods or services.

Marginal Utility

The additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.

Marginal Utility

is the additional satisfaction or benefit a consumer derives from consuming one more unit of a good or service.

Total Utility

The total satisfaction or benefit a person derives from consuming a certain quantity of goods or services.