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Anand likes to consume movies (M) & podcast (1) Ananas preference for movies & podcast is....
2. Anand likes to consume movies (M) and podcasts (C). a. [8pts] Anand's preference for movies...
2. Anand likes to consume movies (M) and podcasts (C). a. [8pts] Anand's preference for movies and podcasts is given by the U(MC)=M3C23. What is the marginal utility of movies (M)? What is the marginal utility of podcasts (C)? What is the ratio of the marginal utility he gets from watching a movie to the marginal utility he gets from a podcast (MUM/MUC)? b. [8pts] If the price of a movie (PM) is $4 and the price of a podcast...
Suppose that Jacob spends his entire (I) of $100 on concerts (C) and movies (M). The...
Suppose that Jacob spends his entire (I) of $100 on concerts (C) and movies (M). The prices of a concert (Pc) and movie (Pm) are $20 and $10, respectively. The following table summarizes the data on his marginal utity per dollar (MU/P) for each unit of concerts and movies. ((Concerts (C) (Pc = $20) ((Movies (M) (Pm = $10) C MUc MUc/Pc M MUm MUm/Pm 1st 100 1st 60 2nd 80 2nd 45 3rd 60 3rd 40 4th 40 4th...
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,...
Consider the FruitCity. There are m inhabitants of FruitCity and they wish to consume only two...
Consider the FruitCity. There are m inhabitants of FruitCity and they wish to consume only two kinds of goods, apples (c) and bananas (y). The preference ordering for each consumer can be represented by the utility function UE,y) = r/2y . Each consumer has income M. The price of apples is pr, that of bananas, Py. The marginal utility of apples is MU, = (1/2),-1/2,1/2 and for banaans MU, = (1/2) 21/2-1/2, The production function for apples is r =...
4. Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x bushels of apples per year...
4. Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x bushels of apples per year and x bushels of bananas per year. Suppose that Charlie's preference is represented in the following utility function: u(x,,Xy)-x,Xy . Suppose that the price of apples is S1, the price of bananas is S2, and Charlie's income is $40. (14 points) a. Draw Charlie's budget line. Plot a few points on the indifference curve that gives Charlie a utility of 150...
Question 1: A recent study found that the demand and supply schedules for Frisbees are as...
Question 1: A recent study found that the demand and supply schedules for Frisbees are as follows: Price per Frisbee Quantity Demanded Quantity Supplied $11 1 million 15 million 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 a) What are the equilibrium price and quantity of Frisbees? b) Frisbees manufacturers persuade the government that Frisbees production improves scientists, understanding of aerodynamics and thus is important for national security. A concerned Parliament votes to...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods:...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods: toques (T) and maple syrup (M). Suppose Louis monthly budget is 100 and the price of the two goods are (PT,PM) (4,2). (a) Make a properly labeled diagram illustrating Louis'budget constraint with T on the hori- zontal axis and M on the vertical axis. Indicate the area corresponding to the set of bundles (M, T) that Louis can afford. (b) What is the maximum...
2. Anand likes to consume movies (M) and podcasts (C). a. [8pts] Anand's preference for movies and podcasts is given by the U(MC)=M3C23. What is the marginal utility of movies (M)? What is the marginal utility of podcasts (C)? What is the ratio of the marginal utility he gets from watching a movie to the marginal utility he gets from a podcast (MUM/MUC)? b. [8pts] If the price of a movie (PM) is $4 and the price of a podcast...
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,...
Consider the FruitCity. There are m inhabitants of FruitCity and they wish to consume only two kinds of goods, apples (c) and bananas (y). The preference ordering for each consumer can be represented by the utility function UE,y) = r/2y . Each consumer has income M. The price of apples is pr, that of bananas, Py. The marginal utility of apples is MU, = (1/2),-1/2,1/2 and for banaans MU, = (1/2) 21/2-1/2, The production function for apples is r =...
4. Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x bushels of apples per year and x bushels of bananas per year. Suppose that Charlie's preference is represented in the following utility function: u(x,,Xy)-x,Xy . Suppose that the price of apples is S1, the price of bananas is S2, and Charlie's income is $40. (14 points) a. Draw Charlie's budget line. Plot a few points on the indifference curve that gives Charlie a utility of 150...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods: toques (T) and maple syrup (M). Suppose Louis monthly budget is 100 and the price of the two goods are (PT,PM) (4,2). (a) Make a properly labeled diagram illustrating Louis'budget constraint with T on the hori- zontal axis and M on the vertical axis. Indicate the area corresponding to the set of bundles (M, T) that Louis can afford. (b) What is the maximum...
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