Homework Answers
(e)
MU = Change in TU / Change in Q
| Q | TU | MU |
| 0 | 0 | |
| 1 | 20 | 20 |
| 2 | 35 | 15 |
| 3 | 45 | 10 |
| 4 | 50 | 5 |
| 5 | 50 | 0 |
| 6 | 45 | -5 |
| 7 | 35 | -10 |
| 8 | 20 | -15 |
(f)
Consumption will stop when MU = 0, for Q = 5 units.
(g)
(h)
TU is at peak when MU = 0.
When MU is positive, TU is increasing.
When MU is negative, TU is decreasing.
(i)
TU is maximized at points A and B (TU = 50).
Add Answer to:
e. Fill in the following table on the total and marginal utilities ofa certain good, product...
2. Total and marginal utility Cho enjoys buying shoes. The following table contains information on Cho's...
2. Total and marginal utility Cho enjoys buying shoes. The following table contains information on Cho's utility from shoes each month. Fill in the two missing cells of the table. Total Utility Marginal Utility Shoes (Pairs) (Utils) (Utils per pair) 0 0 35 1 35 3а 2 25 3 90 4 110 15 5 125 10 6 135 On the following graph, use the purple points (diamonds symbol) to plot Cho's total utility (TU) curve if she consumes zen one,...
1. Consider the following table, which lists Mary's marginal utility schedule for Good X and Good...
1. Consider the following table, which lists Mary's marginal utility schedule for Good X and Good Y: Given the price of Good X (P) is $10, the price of Good Y (Py) is $3, and Mary's total budget is $59, please answer the following questions. Quantity Marginal Utility Quantity Marginal Utility of (MU) of Good X MU/P of (MU) of Good Y MU/P, Good X Good Y 300 202 13.33 153 105 6.66 8.5 7 5.67 a) Please complete the...
What is the total utility at 3 units and the marginal utility when Jill goes from...
What is the total utility at 3 units and the marginal utility when Jill goes from consuming two bananas to three bananas? Quantity Marginal Utility 1 20 2 15 3 10 4 5 5 0 6 -5 Total utility = 45 ; Marginal Utility = 10 Total utility = 45 ; Marginal Utility = 5
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...
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices...
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices of pizza. As Matt consumes m m consuming slices of pizza. As Matt consumes more slices of pizza, he A) obtains greater amounts of marginal utility. B) has diminishing total utility. C) has diminishing marginal utility. D) obtains less total utility. 13) When total utility is at a maximum A) marginal utility is zero. B) marginal utility is equal to total utility. C) marginal...
L yriusely cumpally. a) Fill in the Marginal, Total, and Average Product columns in the table...
L yriusely cumpally. a) Fill in the Marginal, Total, and Average Product columns in the table below.Ro Quantity Marginal Poodnet Total Product Svetage Product Dan UN BOGBO nces 12 13 b) Add he AP curve to the graph below Product No No 8
Q5. Suppose that marginal utility of Good X = 100, the price X is $10 per...
Q5. Suppose that marginal
utility of Good X = 100, the price X is $10 per unit, and the price
of Y is $5 per unit. Assuming that the consumer is in equilibrium
and is consuming both X and Y, what must the marginal utility of Y
be?
P12. The following tables
illustrate Eileen’s utilities from watching first-run movies in a
theater and from renting movies from a video store. Suppose that
she has a monthly movie budget of $36,...
Indicate whether the following statements are True or False e)If Tom's total utility from watching one...
Indicate whether the following statements are True or False e)If Tom's total utility from watching one more minute of television increases but the increase for each additional minute is smaller tha the previous minute,he has diminishing marginal utility f)As a person consumes more and more slices of pizza, the marginal utility of each extra slice diminishes g)A consumer will maximize utility when all income is spent and the marginal utility is equal for all goods h)When Kathryn spends her entire...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1)...
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1) the difference between total and marginal utility. C) average utility. D) total utility. 34) The law of diminishing marginal utility states that A) beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. B) price must be lowered to induce firms to supply more of a product C) it will take larger and larger amounts of...
2. Total and marginal utility Cho enjoys buying shoes. The following table contains information on Cho's utility from shoes each month. Fill in the two missing cells of the table. Total Utility Marginal Utility Shoes (Pairs) (Utils) (Utils per pair) 0 0 35 1 35 3а 2 25 3 90 4 110 15 5 125 10 6 135 On the following graph, use the purple points (diamonds symbol) to plot Cho's total utility (TU) curve if she consumes zen one,...
1. Consider the following table, which lists Mary's marginal utility schedule for Good X and Good Y: Given the price of Good X (P) is $10, the price of Good Y (Py) is $3, and Mary's total budget is $59, please answer the following questions. Quantity Marginal Utility Quantity Marginal Utility of (MU) of Good X MU/P of (MU) of Good Y MU/P, Good X Good Y 300 202 13.33 153 105 6.66 8.5 7 5.67 a) Please complete the...
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...
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices of pizza. As Matt consumes m m consuming slices of pizza. As Matt consumes more slices of pizza, he A) obtains greater amounts of marginal utility. B) has diminishing total utility. C) has diminishing marginal utility. D) obtains less total utility. 13) When total utility is at a maximum A) marginal utility is zero. B) marginal utility is equal to total utility. C) marginal...
L yriusely cumpally. a) Fill in the Marginal, Total, and Average Product columns in the table below.Ro Quantity Marginal Poodnet Total Product Svetage Product Dan UN BOGBO nces 12 13 b) Add he AP curve to the graph below Product No No 8
Q5. Suppose that marginal
utility of Good X = 100, the price X is $10 per unit, and the price
of Y is $5 per unit. Assuming that the consumer is in equilibrium
and is consuming both X and Y, what must the marginal utility of Y
be?
P12. The following tables
illustrate Eileen’s utilities from watching first-run movies in a
theater and from renting movies from a video store. Suppose that
she has a monthly movie budget of $36,...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
3) he theory of consumer behavior assumes that consumers attempt to maximize A) marginal utility. 1) the difference between total and marginal utility. C) average utility. D) total utility. 34) The law of diminishing marginal utility states that A) beyond some point, additional units of a product will yield less and less extra satisfaction to a consumer. B) price must be lowered to induce firms to supply more of a product C) it will take larger and larger amounts of...
Most questions answered within 3 hours.
-
An economy has a Cobb–Douglas production function:
Y=Kα(LE)1−αY=Kα(LE)1−α
The economy has a capital share of 0.30,...
asked 13 minutes ago -
60.0 mL of a silver chlorate solution with a concentration of
0.654 M is mixed with...
asked 18 minutes ago -
Asked if he has any regrets about the way he's handled the
coronavirus crisis so far,...
asked 29 minutes ago -
True or False?
Considering a door as a rigid body. Its angular motion happens
in a...
asked 33 minutes ago -
In
IUPAC naming, do we concider the prefix in alphabatizing?
In other words do we look...
asked 38 minutes ago -
If a trust has income required to be distributed of $11,500,
other amounts paid or required...
asked 54 minutes ago -
The degree of ionization of a weak acid
____________________.
Select all that are True.
a) varies...
asked 54 minutes ago -
Cereal for Breakfast. A cereal company claims
70% of Americans start the day with cereal for...
asked 55 minutes ago -
An elevator has a placard stating that the maximum capacity is
2400 lblong dash15 passengers. So,...
asked 57 minutes ago -
two charged proteins P1 and P2 are located at the positions
(1m,1m) and (-1m,1m) respectively on...
asked 1 hour ago -
eBook
Calculator
Job Order Cost Sheet
Remnant Carpet Company sells and installs commercial carpeting
for office...
asked 1 hour ago -
Using Kapustinskii equation, determine the lattice energy of a
hypothetical compound NaCl2 . Assume the sum...
asked 1 hour ago