Your Assignment should have a cover sheet with the following information:
September 3, 2020
Suppose the demand and supply for wine within the U. are Qd = 100 – 20P [U. demand curve] Qs = 20 + 20P [U.
September 3, 2020

“This whole idea of marginal utility is stupid. I mean, after all, who goes into a store and calculates the marginal utility from something before deciding to buy it? I just look at something, look at the price, think about how much money I’ve got in my pocket, and then decide whether or not to buy the thing. No one I know calculates marginal utilities when they go shopping, so why do I have to learn this stuff?”

Question: How would you respond to your classmate? (l disagree)

KM
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