please write an explanation or steps if involved, thank you!
Homework Answers
Ans: The utility of good Y per dollar.
Explanation:
The marginal cost of spending a dollar on good X is the utility lost per dollar spending on good Y.
Thus, option [d] is correct answer.
Add Answer to:
please write an explanation or steps if involved, thank you!
4. You spend all your money...
4. You spend all your money on goods X and Y. In utility terms, the marginal...
4. You spend all your money on goods X and Y. In utility terms, the marginal cost of spending a dollar on good X is equal to a. The marginal utility of good X b. The marginal utility of good X per dollar C. The marginal utility of good Y d. The marginal utility of good Y per dollar e. The price of good X 5. Seema has $20 for coffee (C) and nuts (N), with pc = $2 and...
please write an explanation or steps if involved, thank you! PT MUM 2. Rinzin spends all...
please write an explanation or steps if involved, thank you!
PT MUM 2. Rinzin spends all of her income on two goods potatoes (T) and meat (M). She currently consumes a bundle that exhausts her income, and where IT > 1 She should a. Not change her consumption of potatoes and meat b. Buy less potatoes and more meat C. Buy more potatoes and more meat d. Buy more potatoes and less meat e. Buy less potatoes and less rice...
please write an explanation or steps if involved, thank you! Quantity of Milk per Week Quantity...
please write an explanation or steps if involved, thank you!
Quantity of Milk per Week Quantity of Milk per week B2 B3 Quantity of Bread per Week B B2 B₃ Quantity of Bread per Week 1. Indicate whether the statements regarding Figure (i) and Figure (ii) are true or false, and why. a. The move from A to B indicates that bread and milk are normal goods. b. The move from X to Z shows that bread is not an...
please write an explanation or steps if involved, thank you! PT 2. Rinzin spends all of...
please write an explanation or steps if involved, thank you!
PT 2. Rinzin spends all of her income on two goods potatoes (T) and meat (M). She currently consumes a bundle that exhausts her income, and where MIT > She should a. Not change her consumption of potatoes and meat b. Buy less potatoes and more meat C. Buy more potatoes and more meat d. Buy more potatoes and less meat e. Buy less potatoes and less rice
please write an explanation or steps if involved, thank you! 5. Seema has $20 for coffee...
please write an explanation or steps if involved, thank you!
5. Seema has $20 for coffee (C) and nuts (N), with pc = $2 and pn = $4. The table shows Seema's marginal utility. The utility-maximizing bundle is C = _and N = __. Quantity 1 2 3 4 5 6 7 8 Quantity 1 2 3 4 5 6 7 8 Coffee 10 8 6 4 2 0 -2 -4 Nuts 20 12 8 4 0 0 -10 -20
Question Help Joe has $40 to spend on apples and oranges. Given the information in the...
Question Help Joe has $40 to spend on apples and oranges. Given the information in the following table, is Joo maximizing utility Marginal Total Utility of Last Product Price Quantity Utility Unit Apples $0.50 50 lbs. 1.250 Oranges $0.60 40 lbs. 1.200 Joe's marginal utility per dollar spent on apples is units of utility per dollar Joe's marginal utility per dollar spent on oranges is units of utility per dollar. The total amount of his income Joes spends on apples...
5) Ana has $40. She wants to spend all her money on pizza and Amazon Video...
5) Ana has $40. She wants to spend all her money on pizza and Amazon Video rentals. Assume that the price of a pizza is $8 and that the rental price of a streaming video is $4. a) Complete the table below Number of Pizzas Total Utility (TU) Marginal Utility (MUR) Marginal Utility Per Dollar (Pp = $8) Number of Video rentals (Ove Total Utility (TUV) Marginal Utility (MUR) Marginal Utility Per Dollar (PUR = $4) 0 NO 888 8...
As in the previous two questions, the Anteater Family can spend its money on education (e)...
As in the previous two questions, the Anteater Family can spend its money on education (e) or other goods (g). The family's utility over e and g is given by 0.5 0.5 The Anteaters have income of $100,000 to spend on e and g each year. Now, however, there is the option of sending children to public school. If the Anteaters send their children to public school, they get 1500 units of e for a price of $O. If the...
can you please explain this deeply? thank you Question 7 Consider a consumer with preferences over...
can you please explain this deeply? thank you
Question 7 Consider a consumer with preferences over two goods 1 and 2. Assume that the horizontal axis pertains to the amount of good 1 and the vertical axis pertains to the amount of good 2. Suppose that, given the consumption bundle r = 10 and y = 10, a consumer's MRS (marginal rate of substitution) is equal (in absolute value) to 4. The price of good 1 is $1, the price...
1. Jason has $60 and wants to spend all his money on bread(X) and ham(Y) for...
1. Jason has $60 and wants to spend all his money on bread(X) and ham(Y) for lunch. As we know, he tends to consume 3 units of bread with every 2 units of ham. Suppose the price of goods are $2(X) and $7(Y) respectively. A. Write down Jason's utility function and budget constraint. B. Calculate Jason's optimal point. C. Show the optimal point in graph. From now on, Jason's preference changes but budget constraint doesn't. The new utility function is:...
4. You spend all your money on goods X and Y. In utility terms, the marginal cost of spending a dollar on good X is equal to a. The marginal utility of good X b. The marginal utility of good X per dollar C. The marginal utility of good Y d. The marginal utility of good Y per dollar e. The price of good X 5. Seema has $20 for coffee (C) and nuts (N), with pc = $2 and...
please write an explanation or steps if involved, thank you!
PT MUM 2. Rinzin spends all of her income on two goods potatoes (T) and meat (M). She currently consumes a bundle that exhausts her income, and where IT > 1 She should a. Not change her consumption of potatoes and meat b. Buy less potatoes and more meat C. Buy more potatoes and more meat d. Buy more potatoes and less meat e. Buy less potatoes and less rice...
please write an explanation or steps if involved, thank you!
Quantity of Milk per Week Quantity of Milk per week B2 B3 Quantity of Bread per Week B B2 B₃ Quantity of Bread per Week 1. Indicate whether the statements regarding Figure (i) and Figure (ii) are true or false, and why. a. The move from A to B indicates that bread and milk are normal goods. b. The move from X to Z shows that bread is not an...
please write an explanation or steps if involved, thank you!
PT 2. Rinzin spends all of her income on two goods potatoes (T) and meat (M). She currently consumes a bundle that exhausts her income, and where MIT > She should a. Not change her consumption of potatoes and meat b. Buy less potatoes and more meat C. Buy more potatoes and more meat d. Buy more potatoes and less meat e. Buy less potatoes and less rice
please write an explanation or steps if involved, thank you!
5. Seema has $20 for coffee (C) and nuts (N), with pc = $2 and pn = $4. The table shows Seema's marginal utility. The utility-maximizing bundle is C = _and N = __. Quantity 1 2 3 4 5 6 7 8 Quantity 1 2 3 4 5 6 7 8 Coffee 10 8 6 4 2 0 -2 -4 Nuts 20 12 8 4 0 0 -10 -20
Question Help Joe has $40 to spend on apples and oranges. Given the information in the following table, is Joo maximizing utility Marginal Total Utility of Last Product Price Quantity Utility Unit Apples $0.50 50 lbs. 1.250 Oranges $0.60 40 lbs. 1.200 Joe's marginal utility per dollar spent on apples is units of utility per dollar Joe's marginal utility per dollar spent on oranges is units of utility per dollar. The total amount of his income Joes spends on apples...
5) Ana has $40. She wants to spend all her money on pizza and Amazon Video rentals. Assume that the price of a pizza is $8 and that the rental price of a streaming video is $4. a) Complete the table below Number of Pizzas Total Utility (TU) Marginal Utility (MUR) Marginal Utility Per Dollar (Pp = $8) Number of Video rentals (Ove Total Utility (TUV) Marginal Utility (MUR) Marginal Utility Per Dollar (PUR = $4) 0 NO 888 8...
As in the previous two questions, the Anteater Family can spend its money on education (e) or other goods (g). The family's utility over e and g is given by 0.5 0.5 The Anteaters have income of $100,000 to spend on e and g each year. Now, however, there is the option of sending children to public school. If the Anteaters send their children to public school, they get 1500 units of e for a price of $O. If the...
can you please explain this deeply? thank you
Question 7 Consider a consumer with preferences over two goods 1 and 2. Assume that the horizontal axis pertains to the amount of good 1 and the vertical axis pertains to the amount of good 2. Suppose that, given the consumption bundle r = 10 and y = 10, a consumer's MRS (marginal rate of substitution) is equal (in absolute value) to 4. The price of good 1 is $1, the price...
1. Jason has $60 and wants to spend all his money on bread(X) and ham(Y) for lunch. As we know, he tends to consume 3 units of bread with every 2 units of ham. Suppose the price of goods are $2(X) and $7(Y) respectively. A. Write down Jason's utility function and budget constraint. B. Calculate Jason's optimal point. C. Show the optimal point in graph. From now on, Jason's preference changes but budget constraint doesn't. The new utility function is:...
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