• The theory of rational behavior says that we humans
act in our own self-interest. Given our actual behavior
and the decisions we have made and are continuing
to make relative to the planet, please:
i. What does over-pumping of aquifers really
mean? Use Google to gather info.
ii. Is continued over-pumping of aquifers around the
world in our best interest? If yes, explain why. If
no, explain why not. Please provide thorough
explanations.
iii. Explain how the continued over-pumping of
aquifers in America, China, and India, could
impact our ability to survive on the planet. This
will require that you find out what things these 3
nations have in common that are related to
aquifers. Connect the dots and explain how our
ability to survive on the planet could be
impacted by continued over pumping of
aquifers. Please provide plenty of detail here.
Google can help!
iv. Explain in detail 3 things we can do to stop the
over-pumping problem. In your explanation,
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please talk about how your suggestion would
actually lead to solution of the problem. Hint:
Focus on the top uses of water in the world.
• Utility Concepts:
• Explain the 3 concepts: Utility, Marginal Utility, and
Diminishing Marginal Utility. this material is provided in
the slides and audio lecture.
i. Provide explanation of 2 examples of EACH of
those 3 concepts as they might be applied to the
Keystone XL Pipeline project.
• The Theory of Consumer Behavior: this material is
provided in the slides and audio lecture.
i. Explain EACH of the key assumptions of the
Theory of Consumer Behavior and what the
theory tells us. Read the slide and listen to the
audio lecture.
ii. Does the theory of consumer behavior reflect
reality? If yes, then why. If no, the why not.
• Marginal analysis is a decision-making tool. This
material is provided in the slides and audio lecture.
i. Please define Marginal Cost
ii. Please define Marginal Benefit,
iii. Explain the following 3 cases in terms of what you
should do regarding the activity involved. Should
we do more of the activity, less of the activity, or
keep doing the same? Explain why in each case.
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College unless otherwise noted.

1. MB>MC
2. MC>MB
3. MC=MB
   iv. Explain 3 examples of MC related to the Keystone
   XL Pipeline question.
   v. Explain 3 examples of MB related to the Keystone
   XL Pipeline question.