a) Marginal utility gives the change in utility when 1 additional unit of a commodity is consumed. In the given example, the calculated marginal utility is given below.
Repetitions | Total Utility | Marginal utility |
1 | 70 | |
2 | 110 | 40 |
3 | 140 | 30 |
4 | 100 | -40 |
5 | 40 | -60 |
6 | -40 | -80 |
b) With each additional singing of the song after the total utility starts to decrease, the marginal utility decreases by a constant amount (20 units). For each additional singing, the marginal disutility is 20. Thus each singing hurts the same.
Mylie's total utility from singing the same song over and over is as shown in the...
Mylie's total utility from singing the same song over and over is as shown in the table below. a. Write down her marginal utility for each repetition. Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. Total Utility Marginal Utility Repetitions 1 50 50 2 90 70 3 4 20 -50 5 6 200 b. Once Mylle's total utility begins to decrease,...
Saved Help Save & Exit Submit Lab3 0 Check my work 6 Miley's total utility from singing the same song over and over is as shown in the table below. a. Write down her marginal utility for each repetition Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. points Skipped Total Utility Marginal Utility Repetitions 1 2 70 eBook 110 3 Print...
Suppose the following table reflects the total satisfaction (utility) derived from eating slices of pizza. Calculate the marginal utility of each slice of pizza and answer two questions about marginal utility. a. What is the marginal utility of each slice of pizza? Instructions: Complete each of the cells below. Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Total Utility Marginal Utility...
a. Calculate the missing total-revenue and marginal-revenue amounts for Group 1. Instructions: Enter your answers as whole numbers in the gray-shaded cells. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Group 1 Group 2 Quantity Price Total Marginal Quantity Price Marginal Demanded Revenue Revenue Demanded Revenue Revenue $115 0 Total III 83 71 63 2 3 4 110 144 168 185 198 203 37 29 10 29 b....
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices of pizza. As Matt consumes m m consuming slices of pizza. As Matt consumes more slices of pizza, he A) obtains greater amounts of marginal utility. B) has diminishing total utility. C) has diminishing marginal utility. D) obtains less total utility. 13) When total utility is at a maximum A) marginal utility is zero. B) marginal utility is equal to total utility. C) marginal...
Complete the following table of Scout's utility from drinking cans of soda and answer the questions below. Instructions: If you are entering any negative numbers be sure to include a negative sign() in front of these numbers Cans of Soda 0 Total Utility Marginal Utility 2 22 I5 I 6 a. At what point does marginal utility begin to fall? Marginal utility falls with the (Click to select) soda. b. Will Scout consume the seventh can of soda? Explain your...
Suppose that a price-discriminating monopolist has segregated its market into two groups of buyers as shown in the table below. a. Calculate the missing total-revenue and marginal-revenue amounts for Group 1. Instructions: Enter your answers as whole numbers in the gray-shaded cells. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Group 1 Group 2 Price Quantity Total Marginal Total Quantity Marginal Demanded Revenue Price Revenue Demanded Revenue Revenue...
Same question/divided into two parts
Assume that the following cost data are for a purely competitive producer: as Total Product Average Fixed Total Product Cost 0 na 1 $ 60.00 2 $ 30.00 $ 20.00 $ 15.00 12.00 $ 10.00 $ 8.57 $ 7.50 $ 6.67 10 6 .00 Average Average Total eost Average Total Marginal Cost Variable Cost Cost 0 .00 5 0 .00 na $ 45.00 $ 105.00 $ 45.00 $ 42.50 $ 72.50 $ 40.00 $ 40.00...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Assuming that the price of grapes is $3 per flat, calculate total revenue and marginal revenue product (MRP), graph the MRP curve, and answer one question about hiring Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Marginal Revenue Total Revenue Number of Pickers Output of Grapes (per...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Assuming that the price of grapes is $250 per flat, calculate total revenue and marginal revenue product (MRP) and answer one question about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers, Number of Pickers Output of Grapes (per hour) (in flats) Total Revenue Marginal Revenue Product...