Just need the Mu/$ filled out, thanks
"If the prices of A, B, and C are $4, $3, and $2, respectively, and the consumer has $35 to spend on these three products"
MU/P = MU/price
Units | A | MU/P | B | MU/P | C | MU/P |
1 | 56 | 14 | 39 | 13 | 14 | 7 |
2 | 40 | 10 | 36 | 12 | 12 | 6 |
3 | 28 | 7 | 33 | 11 | 10 | 5 |
4 | 24 | 6 | 30 | 10 | 8 | 4 |
5 | 12 | 3 | 27 | 9 | 6 | 3 |
6 | 8 | 2 | 24 | 8 | 4 | 2 |
7 | 4 | 1 | 21 | 7 | 2 | 1 |
Just need the Mu/$ filled out, thanks "If the prices of A, B, and C are...
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...
The table given below records the total utility derived from the consumption of avocados. Table 1 Number of Avocados Total Utility (Utils) 1 2 84 88 88 3 5 79 1. According to Table 1. marginal utility a. increases from the first unit to the third unit and then declines b. decreases from the third unit to the fifth unit only c. increases from the first unit to the third unit and decreases from the third unit to the fifth...
Cole is about to purchase 4 units of good A and 6 units of good B. The price of A is $3 and the price of B is $2. Cole has only $24 to spend. Assume that the marginal utility of the fourth unit of A is 18 and the marginal utility of the sixth unit of B is 6. If Cole wants to maximize utility he should buy less of B and more of A. Cole cannot maximize utility...
4. A consumer's demand curve for a product is downward sloping because A. total utility falls below marginal utility as more of a product is consumed. B, marginal utility diminishes as more of a product is consumed. C. time becomes less valuable as more of a product is consumed. D. the income and substitution effects precisely offset each other. 5. Consider Janice's consumption of wine and cheese. Suppose that the price of wine she buys is equal to the price...
Section B. Short Answer Question (2 questions, 20 points each) Question 1 (20 pts) The following data pertain to products A and B, both of which are purchased by Emily. Emily has $105 to spend per time period. Initially, the prices of the products are PA $5, PB $10. And Emily's optimal consumption bundle is O1 {QA = 5, QB- 8}. 1.1) What is Emily's marginal rate of substitution when she consumes the bundle O1, i.e., ΔΑ MUB MRS MUA...
Product A Product B 16 12 12 10 8 6 2 4 Quantity per period st st 24 20 (1) Quantity Product A MU per $ (at $2) Product B MU MU 1 2 3 a) From the graph above, complete columns 2 and 4 of the table above. Round your answers to 2 decimal places. b) If the price of both products is $1, what quantity of each good would Marshall purchase if his budget was $8? Quantity of...
Question 2 [33 points] Answer the following questions using the following information. Columns 1 and 2 in the table below show the marginal utility that Cody gets by purchasing products A and B. Column 3 shows the marginal utility Cody gets from saving. Assume that the price of A is $14, the price of B is $10, and Cody has an income of $113. a) Find the following series of MU/$ for each column. Note: Keep as much precision as...
Can you answer these questions?
11. Suppose that MUr/Pr exceeds MUyl/Py. To maximize utility the consumer who is spending all her money income should buy A. less of X only if its price rises. B. more of Y only if its price rises. C. more of Y and less of X. D. more of X and less of Y 12. In purchasing products A and B, a consumer is in equilibrium when: 13. The diamond-water paradox atises because: A. essential...
Expecially b,c. Thanks
3. Albert consumes two goods: Chips (C) and DVDs (D). Albert's preferences can be described by the utility function U(C,D) = 50 + 3D!. Albert has income M and the two goods have prices Pc and P» (chips and dvds). (a) Write out the expression for Albert's marginal rate of substitution (or slope of Albert's indifference curves when good C is graphed on the horizontal axis). (2 marks) (b) Write out Albert's utility maximization problem and derive...
Need help with B and C at the bottom. Thanks
2. a. Fill out the following table (skipping the last two columns for now) Average Total Total Profit Variable Cost Total Cost Marginal Cost Average Fixed Average Fixed Cost Units of Output Revenue Cost Variable Cost Cost 0 -100 125 25 as -65 SO loo 25 725 53.3 25 .25 4425 | 20 120,4 | 40,4 0 7 2267 39.3 145 157 20 333 117 20 57 2o 4 66...