Homework Answers
In order to maximize utility, a consumer should consume fruit that has more MU/Dollar.
Here Megan has more MU/Dollar for Apple than pears, so she should consume apple
Raphael has more MU/Dollar for Apple than pears, so he should consume apple
Alex has more MU/Dollar for pears than apples, so he should consume pears
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1. Optimization 2. How to Optimize STEP: 2 of 2 The following table shows the marginal...
five consumers have the following marginal utility of apples and pears:
Marginal Utility of apples for..jerry:12george:6Elaine:6Kramer:3Newman:12Marginal Utility Utility of pears..jerry:6george:6Elaine:3Kramer:6Newman:3The price of an apple is $2 and the price of a pear is $1.Which, if any, of these consumers are optimizing over their choice of fruit?
Please help with these 1) How do economists model consumer satisfaction? 2) How do consumers optimize...
Please help with these 1) How do economists model consumer satisfaction? 2) How do consumers optimize their purchasing decisions? 3) What is the diamond-water paradox? 4) Distinguish between total utility and marginal utility . 5) Explain why the law of diminishing returns takes place for all goods/services. 6) Explain the concept of consumer optimum.
Refer to the following table to answer the following questions: Strawberries Apples Total Consumed Total Utility...
Refer to the following table to answer the following questions: Strawberries Apples Total Consumed Total Utility Consumed Utility No л домео van AWNO Assume that strawberries cost $1 and apples cost $2. If a consumer has $16, the bundle of goods that would maximize his utility per dollar and remain within his budget would be O 7 strawberries and 7 apples. 6 strawberries and 5 apples. 4 strawberries and 2 apples. 4 strawberries and 6 apples. 2 strawberries and 7...
Cookie Monster has $6 to spend on milk and cookies. The table below shows his marginal utility (MU) and marginal...
Cookie Monster has $6 to spend on milk and cookies. The table below shows his marginal utility (MU) and marginal utility per dollar (MU per dollar) for milk when the price of a glass of milk is $1. Table 1 Milk Marginal Utility (Utils) Marginal Utility per Dollar (Utils per Dollars) (glasses) Table 2 The table below shows his marginal utility (MU) and marginal utility per dollar (MU per dollar) for cookies when the price of a box of cookies...
1. Price of x is 12 and price of y is 8. Answer the following questions...
1. Price of x is 12 and price of y is 8. Answer the following questions for a consumer who earns $600 and whose preference can be represented with the utility functions U(x,y) x0.4y0.6 = a) Write down the utility maximization problem. (2 points) b) Does the utility function represent convex preference? Explain. (2 points) c) Write down the budget constraint. What is the slope of the budget line? (2 points) d) What is the slope of the indifference curve...
PLEASE SHOW MATH HOW YOU GOT TO YOUR ANSWER, THANKS! Attempts: Keep the Highest: /3 2....
PLEASE SHOW MATH HOW YOU GOT TO YOUR ANSWER, THANKS!
Attempts: Keep the Highest: /3 2. Discrimination in the labor market The following table lists the name, gender, height, and minimum wage 10 people are willing to accept to work as swimming instructors at an exclusive fitness club. Minimum Wage (Dollars per week) $301 $324 $346 $369 Height Name Gender (Inches) Raphael M 65 Megan F 66 Susan F 67 Larry M 72 Raphael Becky F Alex M69 Hubert M...
The Table below shows the Total Utility (TU) and Marginal Utility (MU) derived from the consumption...
The Table below shows the Total Utility (TU) and Marginal Utility (MU) derived from the consumption of 10 units of the commodities X and Y. a. Derive a column for the Marginal Utility of x (MU), and a column for the Total Utility of y (TU) b. On separate graphs, plot the Total and Marginal curves for each commodity, placing the panel of the marginal utility curve below the panel for the total utility curve for each commodity saturation and...
1) Fill in the missing information in the table below. Total Marginal Utility Number of Pretzels...
1) Fill in the missing information in the table below. Total Marginal Utility Number of Pretzels Total Utility Marginal Utility Number of Cookies 0 1 Utility 0 0 O 10 25 15 10 2 3. 18 24 55 55 50 2) Suppose you have a budget of $8 and cookies and pretzels cost $1 each. What is the utility maximizing combination of cookies and pretzels? How much total utility does the consumer receive? 3) Suppose the price of cookies rises...
Is Alyssa currently maximizing her utility? 0 O No; she could buy less fruit and more...
Is Alyssa currently maximizing her utility? 0 O No; she could buy less fruit and more cheese, not spend any more money, and be better off. 0 O Yes; the marginal utility she receives from her last pound of cheese equals that of her last pound of fruit. 0 O No; she likes fruit and cheese more than other goods, so she should buy more of both. No; she could buy more fruit and less cheese, not spend any more...
i have a question about the answer that U gave me, how 4 can be the...
i have a question about the answer that U gave me, how
4 can be the marginal cost and marginal benefit at the time?? why 4
is the marginal benefit?
4 -89%| 6:48 PM × Answer 1 of 1 consumption of one subsequent unit of the product. For a consumer price per gallon is the marginal cost per gallon, so the optimal number of gallons each week will be the number of gallons consumed when the price $4 or marginal...
Refer to the following table to answer the following questions: Strawberries Apples Total Consumed Total Utility Consumed Utility No л домео van AWNO Assume that strawberries cost $1 and apples cost $2. If a consumer has $16, the bundle of goods that would maximize his utility per dollar and remain within his budget would be O 7 strawberries and 7 apples. 6 strawberries and 5 apples. 4 strawberries and 2 apples. 4 strawberries and 6 apples. 2 strawberries and 7...
Cookie Monster has $6 to spend on milk and cookies. The table below shows his marginal utility (MU) and marginal utility per dollar (MU per dollar) for milk when the price of a glass of milk is $1. Table 1 Milk Marginal Utility (Utils) Marginal Utility per Dollar (Utils per Dollars) (glasses) Table 2 The table below shows his marginal utility (MU) and marginal utility per dollar (MU per dollar) for cookies when the price of a box of cookies...
1. Price of x is 12 and price of y is 8. Answer the following questions for a consumer who earns $600 and whose preference can be represented with the utility functions U(x,y) x0.4y0.6 = a) Write down the utility maximization problem. (2 points) b) Does the utility function represent convex preference? Explain. (2 points) c) Write down the budget constraint. What is the slope of the budget line? (2 points) d) What is the slope of the indifference curve...
PLEASE SHOW MATH HOW YOU GOT TO YOUR ANSWER, THANKS!
Attempts: Keep the Highest: /3 2. Discrimination in the labor market The following table lists the name, gender, height, and minimum wage 10 people are willing to accept to work as swimming instructors at an exclusive fitness club. Minimum Wage (Dollars per week) $301 $324 $346 $369 Height Name Gender (Inches) Raphael M 65 Megan F 66 Susan F 67 Larry M 72 Raphael Becky F Alex M69 Hubert M...
The Table below shows the Total Utility (TU) and Marginal Utility (MU) derived from the consumption of 10 units of the commodities X and Y. a. Derive a column for the Marginal Utility of x (MU), and a column for the Total Utility of y (TU) b. On separate graphs, plot the Total and Marginal curves for each commodity, placing the panel of the marginal utility curve below the panel for the total utility curve for each commodity saturation and...
1) Fill in the missing information in the table below. Total Marginal Utility Number of Pretzels Total Utility Marginal Utility Number of Cookies 0 1 Utility 0 0 O 10 25 15 10 2 3. 18 24 55 55 50 2) Suppose you have a budget of $8 and cookies and pretzels cost $1 each. What is the utility maximizing combination of cookies and pretzels? How much total utility does the consumer receive? 3) Suppose the price of cookies rises...
Is Alyssa currently maximizing her utility? 0 O No; she could buy less fruit and more cheese, not spend any more money, and be better off. 0 O Yes; the marginal utility she receives from her last pound of cheese equals that of her last pound of fruit. 0 O No; she likes fruit and cheese more than other goods, so she should buy more of both. No; she could buy more fruit and less cheese, not spend any more...
i have a question about the answer that U gave me, how
4 can be the marginal cost and marginal benefit at the time?? why 4
is the marginal benefit?
4 -89%| 6:48 PM × Answer 1 of 1 consumption of one subsequent unit of the product. For a consumer price per gallon is the marginal cost per gallon, so the optimal number of gallons each week will be the number of gallons consumed when the price $4 or marginal...
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