Homework Answers
4 units of commodity x and 5 units of commodity y
Note that at this selected bundle, marginal utility per dollar is 8/2 = 4 for x and 8/2 = 4 for y. also the consumer is able to consume his entire budget with this bundle at 4*2+5*2 = 18. Therefore third option is correct
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QUESTION 9 Answer the question on the basis of the following marginal utility data for products...
QUESTION 8 Answer the question on the basis of the following marginal utility data for products...
QUESTION 8 Answer the question on the basis of the following marginal utility data for products X and Y. Assume that the prices of X and Y are $4 and $2, respectively, and that the consumer's income is $18 Units of X Marginal Utility, X Units of Y Marginal Utility, Y 1 20 1 16 16 2 2 14 3 12 12 8 4 10 5 6 5 6 6 6 What level of total utility will the utility-maximizing consumer...
12) Answer the question on the basis of the following marginal utility data for products X...
12)
Answer the question on the basis of the following marginal utility
data for products X & Y. Assume the prices of X and Y are $4
and $2, respectively, and that the consumers income is $18.
Units of x Marginal Utility, Y 16 14 12 Marginal Utility, x Units of Y 20 162 12 4 6 5 4 | 6 | 12 10 What quantities of X and Y should be purchased to maximize utility? Multiple Choice о 2...
Question 8 1 pts The following table shows Total Utility data for products Land M. Assume...
Question 8 1 pts The following table shows Total Utility data for products Land M. Assume that the price of Lis $2 each and the price of Mis $4 each and that the consumer's income is $24. What quantities of Land M should be purchased to maximize total utility? Units of L 1 1 2 3 4 5 Total Utility 9 15 18 20 21 Units Total of M Utility 16 2 28 3 36 4 40 5 42 4...
QUESTION 6 Answer the question on the basis of the following two schedules, which show the...
QUESTION 6 Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K Units of J MU Units of K MUk 1 56 1 32 2 48 28 3 32 24 24 20 5 20 5 12 6 16 6 10 12 7 7 8 What level of total utility is realized from the equilibrium combination of J...
QUESTION 7 Answer the question on the basis of the following two schedules, which show the...
QUESTION 7 Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K Units of Units of K 28 NM OWN If the consumer's money income were cut from 552 to $28, and the prices of J and K remain at $8 and $4. respectively, she would maximize her satisfaction by purchasing 1 unit of J and 3...
Chapter 6 Problem A consumer finds only three products, X, Y, and Z, are for sale....
Chapter 6 Problem A consumer finds only three products, X, Y, and Z, are for sale. The amount of utility which their consumption will yield is shown in the table below. Assume that the prices of X, Y, and Z are $10, $2, and $8, respectively, and that the consumer has an income of $74 to spend. Product X (Price $10) Product Y (Price $2) Product Z (Price $8) Quantity Utility Marginal Utility per $ Quantity Utility Marginal Utility per...
Marginal Utility 12 Refer to the above diagram. The marginal utility of the third unit of X is: DAS. B. 4. C. 2 D....
Marginal Utility 12 Refer to the above diagram. The marginal utility of the third unit of X is: DAS. B. 4. C. 2 D. 1. 13. Ben is exhausting his money income consuming products A and B in such quantities that MUJP.-Sand MUP. - 8. Ben should purchase: A. more of A and less of B. B. more of both A and B. C. more of B and less of A. D. less of both A and B. Answer the...
4. Let the household utility function be given by U(x,y) = Vxy. a. Find the marginal...
4. Let the household utility function be given by U(x,y) = Vxy. a. Find the marginal utilities of X and Y and write the expression for the marginal rate of substitution between X and Y. b. Let I = $100, Px = $10 and Ry = $10 be the set of prices and income. Find the utility maximizing combination of X and Y given the prices and income. c. What is the level of utility of the chosen bundle of...
You are choosing between two goods, X and Y, and your marginal utility from each is...
You are choosing between two goods, X and Y, and your marginal utility from each is as shown below. Units of X Units of Y MUY MUX 20 16 14 12 6 Instructions: Enter your answers as whole numbers. a. If your income is $18.00 and the prices of X and Y are $4.00 and $2.00, respectively, what quantities of each will you purchase to maximize utility? units X = units b. What total utility will you realize? < Prey...
+ A consumer finds only three products, X, Y, and Z are for sale. The amount...
+ A consumer finds only three products, X, Y, and Z are for sale. The amount of which the consumption will yield is shown in the table below. Assume that the prices of X Y and are $10.32 and S8, respectively, and that the consumer has an income of $74 to spend Product X Product Y Product (Price $10) (Price $2) (Price $8) Marginal Utility per $ 4.2 Marginal Utility per $ Marginal Utility pers Quantity Utility Quantity Utility Quantity...
QUESTION 8 Answer the question on the basis of the following marginal utility data for products X and Y. Assume that the prices of X and Y are $4 and $2, respectively, and that the consumer's income is $18 Units of X Marginal Utility, X Units of Y Marginal Utility, Y 1 20 1 16 16 2 2 14 3 12 12 8 4 10 5 6 5 6 6 6 What level of total utility will the utility-maximizing consumer...
12)
Answer the question on the basis of the following marginal utility
data for products X & Y. Assume the prices of X and Y are $4
and $2, respectively, and that the consumers income is $18.
Units of x Marginal Utility, Y 16 14 12 Marginal Utility, x Units of Y 20 162 12 4 6 5 4 | 6 | 12 10 What quantities of X and Y should be purchased to maximize utility? Multiple Choice о 2...
Question 8 1 pts The following table shows Total Utility data for products Land M. Assume that the price of Lis $2 each and the price of Mis $4 each and that the consumer's income is $24. What quantities of Land M should be purchased to maximize total utility? Units of L 1 1 2 3 4 5 Total Utility 9 15 18 20 21 Units Total of M Utility 16 2 28 3 36 4 40 5 42 4...
QUESTION 6 Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K Units of J MU Units of K MUk 1 56 1 32 2 48 28 3 32 24 24 20 5 20 5 12 6 16 6 10 12 7 7 8 What level of total utility is realized from the equilibrium combination of J...
QUESTION 7 Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K Units of Units of K 28 NM OWN If the consumer's money income were cut from 552 to $28, and the prices of J and K remain at $8 and $4. respectively, she would maximize her satisfaction by purchasing 1 unit of J and 3...
Marginal Utility 12 Refer to the above diagram. The marginal utility of the third unit of X is: DAS. B. 4. C. 2 D. 1. 13. Ben is exhausting his money income consuming products A and B in such quantities that MUJP.-Sand MUP. - 8. Ben should purchase: A. more of A and less of B. B. more of both A and B. C. more of B and less of A. D. less of both A and B. Answer the...
4. Let the household utility function be given by U(x,y) = Vxy. a. Find the marginal utilities of X and Y and write the expression for the marginal rate of substitution between X and Y. b. Let I = $100, Px = $10 and Ry = $10 be the set of prices and income. Find the utility maximizing combination of X and Y given the prices and income. c. What is the level of utility of the chosen bundle of...
You are choosing between two goods, X and Y, and your marginal utility from each is as shown below. Units of X Units of Y MUY MUX 20 16 14 12 6 Instructions: Enter your answers as whole numbers. a. If your income is $18.00 and the prices of X and Y are $4.00 and $2.00, respectively, what quantities of each will you purchase to maximize utility? units X = units b. What total utility will you realize? < Prey...
+ A consumer finds only three products, X, Y, and Z are for sale. The amount of which the consumption will yield is shown in the table below. Assume that the prices of X Y and are $10.32 and S8, respectively, and that the consumer has an income of $74 to spend Product X Product Y Product (Price $10) (Price $2) (Price $8) Marginal Utility per $ 4.2 Marginal Utility per $ Marginal Utility pers Quantity Utility Quantity Utility Quantity...
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