Homework Answers
The utility is maximized where MU/P f J is = MU/P of K
It will take 4 units of J and 5 units of K
Total Utility from J = 56 + 48 + 32 +24 = 160
Total Utility from K = 32 +28 + 24 + 20 + 12 = 116
Total Utility of both units are = 160 + 116 = 276
Answer is Option D = 276
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QUESTION 6 Answer the question on the basis of the following two schedules, which show the...
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Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility that a consumer would get from successive quantities of products J and K MUK Units of K 1 Units of J 1 - 2 3 4 5 6 MU 56 482 32 24 20 16 3 4 5 6 T L 1 if the consumer has money income of $13 and price of Jis $2 and the price of K...
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The following two schedules show the amounts of additional satisfaction (marginal utility that a consumer would...
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1) How much of good A and B should the consumer buy to maximize utility? 2) Suppose the consumer's income increased fro...
1) How much of good A and B should the consumer buy to
maximize utility?
2) Suppose the consumer's income increased from $11 to $14,
what would be the utility-maximizing combination of goods A and
B?
Answer the next question(s) based on the table below showing the marginal-utility schedules for gouds A and B for a hypothetical consumer. The price of good A is $1 and the price of good B is $2. The income of the consumer is $1...
Cookie Monster has $6 to spend on milk and cookies. The table below shows his marginal utility (MU) and marginal...
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Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility that a consumer would get from successive quantities of products J and K MUK Units of K 1 Units of J 1 - 2 3 4 5 6 MU 56 482 32 24 20 16 3 4 5 6 T L 1 if the consumer has money income of $13 and price of Jis $2 and the price of K...
QUESTION 5 Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K. Units of J MU; Units of K 56 UAWN own NS If the consumer has money income of $52 and the prices of J and K are 58 and 54 respective consumer will maximize her utility by purchasin 2 units of J and 7 units...
QUESTION 7 Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K Units of Units of K 28 NM OWN If the consumer's money income were cut from 552 to $28, and the prices of J and K remain at $8 and $4. respectively, she would maximize her satisfaction by purchasing 1 unit of J and 3...
Marginal Utility 12 Refer to the above diagram. The marginal utility of the third unit of X is: DAS. B. 4. C. 2 D. 1. 13. Ben is exhausting his money income consuming products A and B in such quantities that MUJP.-Sand MUP. - 8. Ben should purchase: A. more of A and less of B. B. more of both A and B. C. more of B and less of A. D. less of both A and B. Answer the...
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1) How much of good A and B should the consumer buy to
maximize utility?
2) Suppose the consumer's income increased from $11 to $14,
what would be the utility-maximizing combination of goods A and
B?
Answer the next question(s) based on the table below showing the marginal-utility schedules for gouds A and B for a hypothetical consumer. The price of good A is $1 and the price of good B is $2. The income of the consumer is $1...
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...
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