Look at Aram's utility function: ^(h4, y4) = yA - Ž (ha)2 what is his 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...
Using the utility function ?(?, ?) = 10 – what is the marginal benefit of ?, i.e. the derivate of ? considering ?, if ? = 2 and ? = 2? 20 10 5 None of the above QUESTION VISIBLE: https://imgur.com/a/lyY2av5
Indifference curves and utility: Consider the utility function ? (?1, ?2) = 6?1^1/2 + ?2 that describes Moe’spreferences. For the following, think of q1 as the variable you would graph on the horizontal axis. a. Derive an expression for his marginal utility (U1) from a small increase in q1 holding q2 fixed. Also, find U2. b. What is Moe’s marginal rate of substitution (MRS)? Give a brief (2 sentences maximum) intuitive description of what MRS represents. c. Given your answer...
If the marginal utility of good 1 is 15 and its price is $3, and the marginal utility of good 2 is 12, and its price is $4, then the consumer___________ should increase his or her consumption of good 2. should increase his or her consumption of good 1. has achieved a consumer optimum should decrease his or her consumption of good 1.
Suppose Mike's utility function for apples and bananas is U(A, B) = AB. What is the marginal utility of apples?* Your answer What is the marginal utility of bananas?* Your answer What is the marginal rate of substitution for apples with 2 bananas? * Your answer
Question 2 2 pts Consider the utility function u(x1, x2)= x x Calculate the marginal utility of good 2. 7xx? O 7xx? 7x x 8xx
2. Total and marginal utility Yakov enjoys drinking milk, since his mother tells him it will make him grow up strong. The following table contains information on Yakov's utility from milk each day. FW in the two missing cells of the table. Milk (Glasses) Total Utility (Utils) Marginal Utility (Utils per glass) 200 210 On the following graph, use the purple points (diamonds symbol) to plat Yakov's total utility (TU) curve if he consumes zero, one, two, three, four, five,...
Every week georg consumes 20 apples and 60 strawberries. His marginal utility of apples is 80 and his marginal utility of strawberries is 40. If georg is optimizing what is the ratio of the price of strawberries relative to the price of apple? A) 2 B) 1/2 C) 3 D) 1/3 E) 1
Assume that an individual’s preferences is represented by the following utility function: ?(?, ?) = (?^1/3)*(y^2/3) a. What could you tell about the type of x and y? (“good” , “bad” or a “neuter”) b. Derive the equation for his/her indifference curve for utility level of 100? c. Derive marginal utility of x and marginal utility of y as a function of x,y. d. Does goods x and y exhibit diminishing marginal utility, constant marginal utility, or increasing marginal utility?...
Caleb consumes only two goods, X and Y, and faces the following utility function: U=XY. His initial budget is $800, and the prices of X and Y are $12.5 and $2. What is the marginal utility for X? What is the marginal utility for Y? **Most answers should be round numbers. Answer everything to 1 decimal place, if need be** What are the amounts of X and Y that will maximize Caleb's utility? X = Y = How many X...