Homework Answers
A consumer maximizes the utility between two goods when the marginal utility per dollar is equal for the two goods, the marginal utility per dollar is calculated by dividing the marginal utility by the price of the product.
Marginal utility per dollar 
.
Ans: Jake will buy 6 songs and 2 cookies to maximize his utility.
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Jake has a budget of $10 per week to spend on song downloads and cookies. The...
Cookie Monster has $6 to spend on milk and cookies. The table below shows his marginal utility (MU) and 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...
2, Ali has a $7 weekly budget that he spends on songs (S, $1 per download)...
2, Ali has a $7 weekly budget that he spends on songs (S, $1 per download) and protein bars (B, $1 per bar). His utility information for the two products is below. Quantity ofTotal utility Marginal utility Quantity ofTotal utility Marginal utility rotein bars 0 from bars 0 songs from songs of a song of a bar 107 18 24 28 30 31 2 3 4 18-9 21-12 23- 24 20 7-3 4 a) Calculate Ali's marginal utilities and finish...
2. Ali has a $7 weekly budget that he spends on songs (S, SI per download)...
2. Ali has a $7 weekly budget that he spends on songs (S, SI per download) and prosein bars (B, S1 per bar). His usility information for the two products is below from songsof a song y fTotal utiliay Marginal wtilityQuantity ofTotal utility Marginal utility of a bar from bars protein bars 10 18 14 18 21 28 30 31 a) Calculate Ali's marginal utilities and finish the filling out the table b) If Ali spends his entire budget on...
4. Fatma has an income of 100 TL per week to spend on comic books and...
4. Fatma has an income of 100 TL per week to spend on comic books and cookies. The price of comic books is 20 TL and the price of cookies is 5 TL. The indifference curves in the figure below (U. Uz, and U) reflect Fatma's preferences Cookies (number per week) 0 2 4 6 8 10 12 Comic books (number per week) a. Independent from her income which combination(s) give(s) higher utility to Fatma. Combinations on U..U or U...
Jake spends $100/week on two goods, apples and DVD's. Th price of an apple is $2...
Jake spends $100/week on two goods, apples and DVD's. Th price of an apple is $2 and the price of a DVD is $10. Show Jake's budget constraint. Be clear about the values of the two intercepts on the budget constraint. Put the quantity of apples on the horizontal axis. a. Assume Jake is consuming 20 apples and spends the rest on DVDs. Label that point on your graph as point A. b. Jake has well-behaved preferences. At his initial...
QUESTION 13 Quantity Per Week Total Utility Brook Kate Amy 100 5.0 9.9 147 190 no...
QUESTION 13 Quantity Per Week Total Utility Brook Kate Amy 100 5.0 9.9 147 190 no GN- 400 450 600 1200 1800 2400 3000 3600 4200 4800 5400 32.9 425 575 900 1275 1770 372 520 510 Refer to the above table. Brook's utility schedule shows initially decreasing marginal utility and then increasing marginal utility. increasing marginal utility throughout her entire schedule. Initially increasing marginal utility and then decreasing marginal utility. diminishing marginal utility throughout her entire schedule. QUESTION 14...
1. Coffee costs $1.50 per cup, a cookie costs $0.75 Kris decides to spend all her...
1. Coffee costs $1.50 per cup, a cookie costs $0.75 Kris decides to spend all her money on these items. The last cup of coffee yields MU of 25 units, the last cookie yields MU of 5 units. Given this information Kris should: a. buy more coffee and fewer cookies b. buy less coffee and more cookies c.not change her consumption of coffee and cookies. d. buy more coffee and more cookies. 2. Using the data below, we can determine...
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...
18a 17. Cindy has $70 a month to spend, and she can spend as much time...
18a
17. Cindy has $70 a month to spend, and she can spend as much time as she likes playing golf and tennis. The price of an hour of golf is $10, and the price of an hour of tennis is $5. The table shows Cindy's marginal utility from each sport. Hours per month Marginal utility from golf Marginal utility from tennis 40 80 Make a table that shows Cindy's affordable combi- nations of hours playing golf and tennis. If...
3.2) (10 points) Jane likes to have Tea (T) with Cookies (C). She always has 4...
3.2) (10 points) Jane likes to have Tea (T) with Cookies (C). She always has 4 cookies for every cup of tea. 3.2a) (points) Draw 2 indifference curves that describe her preferences with Cookies (C) on the horizontal axis and Tea (T) on the vertical axis. 3.2b) (3 points) What is her utility function that would represent her preferences? • Her utility function: UCT) - 3.2c) (4 points) If the price of a cup of tea, Py = $2 and...
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...
2, Ali has a $7 weekly budget that he spends on songs (S, $1 per download) and protein bars (B, $1 per bar). His utility information for the two products is below. Quantity ofTotal utility Marginal utility Quantity ofTotal utility Marginal utility rotein bars 0 from bars 0 songs from songs of a song of a bar 107 18 24 28 30 31 2 3 4 18-9 21-12 23- 24 20 7-3 4 a) Calculate Ali's marginal utilities and finish...
2. Ali has a $7 weekly budget that he spends on songs (S, SI per download) and prosein bars (B, S1 per bar). His usility information for the two products is below from songsof a song y fTotal utiliay Marginal wtilityQuantity ofTotal utility Marginal utility of a bar from bars protein bars 10 18 14 18 21 28 30 31 a) Calculate Ali's marginal utilities and finish the filling out the table b) If Ali spends his entire budget on...
4. Fatma has an income of 100 TL per week to spend on comic books and cookies. The price of comic books is 20 TL and the price of cookies is 5 TL. The indifference curves in the figure below (U. Uz, and U) reflect Fatma's preferences Cookies (number per week) 0 2 4 6 8 10 12 Comic books (number per week) a. Independent from her income which combination(s) give(s) higher utility to Fatma. Combinations on U..U or U...
QUESTION 13 Quantity Per Week Total Utility Brook Kate Amy 100 5.0 9.9 147 190 no GN- 400 450 600 1200 1800 2400 3000 3600 4200 4800 5400 32.9 425 575 900 1275 1770 372 520 510 Refer to the above table. Brook's utility schedule shows initially decreasing marginal utility and then increasing marginal utility. increasing marginal utility throughout her entire schedule. Initially increasing marginal utility and then decreasing marginal utility. diminishing marginal utility throughout her entire schedule. QUESTION 14...
1. Coffee costs $1.50 per cup, a cookie costs $0.75 Kris decides to spend all her money on these items. The last cup of coffee yields MU of 25 units, the last cookie yields MU of 5 units. Given this information Kris should: a. buy more coffee and fewer cookies b. buy less coffee and more cookies c.not change her consumption of coffee and cookies. d. buy more coffee and more cookies. 2. Using the data below, we can determine...
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...
18a
17. Cindy has $70 a month to spend, and she can spend as much time as she likes playing golf and tennis. The price of an hour of golf is $10, and the price of an hour of tennis is $5. The table shows Cindy's marginal utility from each sport. Hours per month Marginal utility from golf Marginal utility from tennis 40 80 Make a table that shows Cindy's affordable combi- nations of hours playing golf and tennis. If...
3.2) (10 points) Jane likes to have Tea (T) with Cookies (C). She always has 4 cookies for every cup of tea. 3.2a) (points) Draw 2 indifference curves that describe her preferences with Cookies (C) on the horizontal axis and Tea (T) on the vertical axis. 3.2b) (3 points) What is her utility function that would represent her preferences? • Her utility function: UCT) - 3.2c) (4 points) If the price of a cup of tea, Py = $2 and...
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