Use the data in the table below to answer the following question.
Use the data in the table below to answer the following question.
The price elasticity of demand (based on the midpoint formula) when price increases from $6 to $8 is
b-3.29 c-137 a-033 d-1
Use the following information to answer the question below Bob is given 54 of pocket money to be spent on either hard candies or chocolates Chocolates cost $ 40 each and hard candies cost $ 80 each. The marginal utilities derived from the consumption of each product are as shown in the following table
Which combination would maximize Bob's tot utility given her $4 budget?
Homework Answers
ources Points out of 5.00 Below is a table containing data on the utility Bob receives...
ources Points out of 5.00 Below is a table containing data on the utility Bob receives from eating burgers and fries. The prices for burgers and fries are located in the table. Note prices are different!! Assume Bob's income is 1= $24.00! Complete the table and use to answer the questions below. Flag question Burgers $6.00 per unit Quantity Total Utility A Tot utils / Quant-MU MU per dollar Spent on burgers N- 00 00 French Fries $3.00 Quantity Total...
Use the following data to answer the questions below. P Q $13.75 125 $13.20 129 $12.10...
Use the following data to answer the questions below. P Q $13.75 125 $13.20 129 $12.10 137 $11.55 145 $11.41 149 1.Using calculus to determine dQdPdQdP, construct a column which calculates the point-price elasticity for each (P,Q) combination. What is the point price elasticity of demand when P=$13.75P=$13.75? Select one: a. -0.861 b. -1.109 c. 125 d. -1.189 2.What is the point price elasticity of demand when P=$11.83P=$11.83? Select one: a. -0.835 b. -1.276 c. -0.144 d. 0.025
Use the table below to create a nonlinear model based on the table to answer the...
Use the table below to create a nonlinear model based on the table to answer the following question(s). The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. They have three classes of tickets: Classic, Silver, and Gold. The table below provides information on the average ticket sales, revenue and price elasticity on demand. They have a total seating capacity of 300. The table also provides the price range within which plan to reduce their ticket...
QUESTION 14 Use the table below to create a nonlinear model based on the table to...
QUESTION 14 Use the table below to create a nonlinear model based on the table to answer the following question(s). The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. They have three classes of tickets: Classic, Silver, and Gold. The table below provides information on the average ticket sales, revenue and price elasticity on demand. They have a total seating capacity of 300. The table also provides the price range within which they plan to...
QUESTION 8 0.2 points Use the table below to create a nonlinear model based on the...
QUESTION 8 0.2 points Use the table below to create a nonlinear model based on the table to answer the following question(s). The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. They have three classes of tickets: Classic, Silver, and Gold. The table below provides information on the average ticket sales, revenue and price elasticity on demand. They have a total seating capacity of 300. The table also provides the price range within which they...
1.Use the table below to answer the following question. Assume that the price of product A...
1.Use the table below to answer the following question. Assume that the price of product A is $4.47 while the price for product B is $5.79. The buyer has a budget of $50. Q MUA MUB 1 22 25 2 21 24 3 20 23 4 19 22 5 18 21 6 17 20 7 16 19 8 15 18 9 14 17 10 13 16 Given the marginal utilities The optimal bundle is ____. A. 6 of product A...
1. The table below contains data about your food budget, and assumes you have $20 to...
1. The table below contains data about your food budget, and assumes you have $20 to spend. Fill out the entire table, assuming bread is $4 per loaf and cereal is $4 per box: Total Utility Quantity (loaves of bread) Marginal Utility Marginal Utility per Dollar ($4) 0 70 Total and Marginal Utility for Bread and Cereal Marginal Marginal Quantity Total Utility Utility Utility per (boxes of Dollar ($4) cereal) 0 1 50 90 3 120 140 5 160 1...
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...
the information regarding the preference and utility Consider the table below with information regarding the preferat...
the information regarding the preference and utility Consider the table below with information regarding the preferat pattern of Red Sox fan Bobby in purchasing Food and Beer while watchi game in Boston during baseball season. Beer while watching Red Sox Consumption of Food Quantity TU Consumption of Sam Adams Beer Quantity TU MU 120 | 220 300 360 400 160 320 440 490 520 4 Estimate the MU values for both Food and Beer and fill out the blanks in...
How to calculate CPI Use the table below to answer the following question. Table 21.3.2 Data...
How to calculate CPI Use the table below to answer the following question. Table 21.3.2 Data from Southton Price (dollars) Price (dollars) Quantity (number) Quantity (number) Item Base Current Base Current Rubber Ducks Beach Towels 1.00 9.00 1.25 6.00 100 12 100 14 18) Refer to Table 21.3.2. From the data in Table 21.3.2, what is Southton's consumer price index for the current year? 18) ______ A) 105.6 B) 94.7 C) 100.5 D) 100 E) 112
ources Points out of 5.00 Below is a table containing data on the utility Bob receives from eating burgers and fries. The prices for burgers and fries are located in the table. Note prices are different!! Assume Bob's income is 1= $24.00! Complete the table and use to answer the questions below. Flag question Burgers $6.00 per unit Quantity Total Utility A Tot utils / Quant-MU MU per dollar Spent on burgers N- 00 00 French Fries $3.00 Quantity Total...
Use the table below to create a nonlinear model based on the table to answer the following question(s). The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. They have three classes of tickets: Classic, Silver, and Gold. The table below provides information on the average ticket sales, revenue and price elasticity on demand. They have a total seating capacity of 300. The table also provides the price range within which plan to reduce their ticket...
QUESTION 14 Use the table below to create a nonlinear model based on the table to answer the following question(s). The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. They have three classes of tickets: Classic, Silver, and Gold. The table below provides information on the average ticket sales, revenue and price elasticity on demand. They have a total seating capacity of 300. The table also provides the price range within which they plan to...
QUESTION 8 0.2 points Use the table below to create a nonlinear model based on the table to answer the following question(s). The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues. They have three classes of tickets: Classic, Silver, and Gold. The table below provides information on the average ticket sales, revenue and price elasticity on demand. They have a total seating capacity of 300. The table also provides the price range within which they...
1. The table below contains data about your food budget, and assumes you have $20 to spend. Fill out the entire table, assuming bread is $4 per loaf and cereal is $4 per box: Total Utility Quantity (loaves of bread) Marginal Utility Marginal Utility per Dollar ($4) 0 70 Total and Marginal Utility for Bread and Cereal Marginal Marginal Quantity Total Utility Utility Utility per (boxes of Dollar ($4) cereal) 0 1 50 90 3 120 140 5 160 1...
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...
the information regarding the preference and utility Consider the table below with information regarding the preferat pattern of Red Sox fan Bobby in purchasing Food and Beer while watchi game in Boston during baseball season. Beer while watching Red Sox Consumption of Food Quantity TU Consumption of Sam Adams Beer Quantity TU MU 120 | 220 300 360 400 160 320 440 490 520 4 Estimate the MU values for both Food and Beer and fill out the blanks in...
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