Tutor profile: Antonia M.
Semi-colons and colons are both odd punctuation marks used in the English language. How are each of these used, and why are they different?
A semi-colon is used to connect two independent clauses that are closely related. A semi-colon is placed where a period could have been placed between two sentences. The semi-colon indicates that the two clauses surrounding it are both part of the same main idea. In contrast, a colon is used between an independent clause and a dependent clause. This means that only one side of the colon could be a full sentence on its own. Many times, a colon is used to list items after an independent clause.
In economics, we often try to quantify human feelings and behavior to make it easier to analyze the world around us. Marginal utility is an example of this concept. What is marginal utility? What is an example of marginal utility?
Marginal utility is the measure of how much satisfaction one receives from one additional unit of a good or service. Marginal utility helps us understand how much value people associate with a product. In most cases, marginal utility decreases with the addition of more units. For example, a person eating pizza would have a higher marginal utility for the first piece of pizza than for the sixth piece. This is because the first piece is worth more to the satisfaction and happiness of the person, while the sixth piece may even make this person sick. Marginal utility helps us understand the demand of consumers.
During the current coronavirus pandemic, we have seen shortages of certain goods, such as toilet paper and hand sanitizer. Using your knowledge of supply and demand, why do shortages occur? What would happen in a free market to combat this shortage? Feel free to use a diagram to help explain your answer.
Shortages of goods occur when when the quantity demanded of a product exceeds the supply. On a supply/demand diagram, the equilibrium price of a good would be above the current price of the good. This means that at the current price, a higher quantity of the good is demanded than suppliers are willing to sell. In a free market, the price of this good would rise. Fewer people would demand the good and more would supply it, causing the price and quantity to move toward equilibrium.
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