Class Title Instructor’s Name Due Date The Five Constant Virtues The Chinese have brought the world possibly the most amazing of histories and wealth of culture to be found in the entire history of civilization. The moral code that was developed then to grow and propagate societal progress is still in effect and of massive social significance in today’s Chinese social structure. These precepts are what are known as the Traditional Virtues. They are widely credited in Chinese culture as intrinsic
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on the cultivation of virtue‚ though his virtues are somewhat more individualistic than the essentially social virtues of the Confucians. Yet as we shall see‚ Aristotle was convinced that a genuinely happy life required the fulfillment of a broad range of conditions‚ including physical as well as mental well-being. In this way he introduced the idea of a science of happiness in the classical sense‚ in terms of a new field of knowledge. Essentially‚ Aristotle argues that virtue is achieved by maintaining
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Discussion #1 Give an example of something that one culture might regard as a virtue that another culture might not. Explain why this could lead to relativism. Be sure to support your answer with quote from the text and/or academic resources. Responds to the question below in approx 100 words. It is important for this question that you first define the key terms here Virtue and Relativism. Define Virtue and Relativism: Relativism is the idea that one’s beliefs and values are understood
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Investment Decisions Under Uncertainty 7.1 Investor preferences and expected utility -If there is no uncertainty then we just need to determine how much we want to consume now and how much later i.e. assets are risk free with return certain across all states of the world -A risky asset is one whose cash flows are not certain across all possible states of the world. In finance it is commonly assumed that investors are risk averse‚ rational and have unlimited demand for wealth (nonsatiated) -This
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which rate is total utility increasing: a constant rate‚ a decreasing rate‚ or an increasing rate? How do you know? b. “A rational consumer will purchase only 1 unit of the product represented by these data since that amount maximizes marginal utility.” Do you agree? Explain why or why not. c. “It is possible that a rational consumer will not purchase any units of the product represented by these data.” Do you agree? Explain why or why not. Answer: Missing total utility data‚ top – bottom:
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Discuss whether marginal utility theory is a realistic piece of economic analysis in explaining consumer demand. [13marks] Marginal utility is the extra satisfaction gained from the consumption of an additional unit of a good or service. It can be specified as the change in total utility divided by the change in quantity. The concepts of market demand and law of demand often utilized marginal utility as the backbone‚ the theoretical basis. An example would be the demand curve‚ which is usually
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Virtue Theory The Virtue Theory is one of the three main theories in normative ethics‚ which emphasizes virtues in determining moral character and what is good. It focuses on what makes a good person‚ rather than what makes a good action. In other words‚ The Virtue Theory is an agent-based approach to ethics‚ which asks this question about being good: “What kind of person should I be?” This is in contrast to the other two approaches‚ Utilitarianism and Kantanism‚ which ask this question concerning
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PROBLEM 1 Max has the utility function U(x‚ y) = x(y + 1). The price of x is $2 and the price of y is $1. Income is $10. How much x does Max demand? How much y? If his income doubles and prices stay unchanged‚ will Max’s demand for both goods double? To set his MRS equal to the price ratio‚ Max sets (y+1)/x = 2. His budget constraint is 2x + y = 10. Solve these two equations to find that x=11/4 and y=9/2. If his income doubles and prices stay unchanged‚ his demand for both goods does not double
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Study Exercise One Part One SWOT Analysis of adopting a new form of governance for Colorado Springs Utilities: Strengths (internal): • Politically insulates elected officials from unpopular‚ but necessary utility decisions • Reduces risk and legal liability to elected officials • Allows for greater subject matter expertise and focused attention on public utility issues by members of new utility board • Frees council members to focus their attention on other constituency issues • Allows for improved
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Utility Maximizing Rule The consumer’s money income should be allocated so that the last dollar spent on each product yields the same amount of extra (marginal) utility. How should the $10 income be allocated? UTILITY MAXIMIZING COMBINATION Algebraic Restatement of the Utility Maximization Rule MUx/Px = MUy/Py = MUz/Pz 8 utils$1=16 utils$2 MARGINAL UTILITY-PRICE RATIO: The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly
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