![2. Anand likes to consume movies (M) and podcasts (C). a. [8pts] Anands preference for movies and podcasts is given by the U](http://img.homeworklib.com/questions/ca8b1b10-79a4-11ea-a08d-3d673d4efa03.png?x-oss-process=image/resize,w_560)
Homework Answers
![#2. 2. U(MC) = M²3 (2/ 9-> Marginal Utility greyouise (MOW) 2 JU(M,C) OM 2 D [m 3 (²3] OM MOM *** Marginal Utility of podcast](http://img.homeworklib.com/questions/caf338d0-79a4-11ea-8206-d1479311a947.png?x-oss-process=image/resize,w_560)
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2. Anand likes to consume movies (M) and podcasts (C). a. [8pts] Anand's preference for movies...
Anand likes to consume movies (M) & podcast (1) Ananas preference for movies & podcast is....
Anand likes to consume movies (M) & podcast (1) Ananas preference for movies & podcast is. U(m, () = MiB (h . a) What is marginal utility of movies & à What is marginal utility of podcast (c) 3 What is ratio of marginal utility he gets from watching move to marginal a fility from podcast? (MUM/MU.)" 6) If price of movie (Pm) is $8 & price of podcast (Pc) is $2,8 Anand, has income of $40 /month, hon many...
Suppose that Jacob spends his entire (I) of $100 on concerts (C) and movies (M). The...
Suppose that Jacob spends his entire (I) of $100 on concerts (C) and movies (M). The prices of a concert (Pc) and movie (Pm) are $20 and $10, respectively. The following table summarizes the data on his marginal utity per dollar (MU/P) for each unit of concerts and movies. ((Concerts (C) (Pc = $20) ((Movies (M) (Pm = $10) C MUc MUc/Pc M MUm MUm/Pm 1st 100 1st 60 2nd 80 2nd 45 3rd 60 3rd 40 4th 40 4th...
Q5. Suppose that marginal utility of Good X = 100, the price X is $10 per...
Q5. Suppose that marginal
utility of Good X = 100, the price X is $10 per unit, and the price
of Y is $5 per unit. Assuming that the consumer is in equilibrium
and is consuming both X and Y, what must the marginal utility of Y
be?
P12. The following tables
illustrate Eileen’s utilities from watching first-run movies in a
theater and from renting movies from a video store. Suppose that
she has a monthly movie budget of $36,...
Total utility curve A Units of utility Total utility curve B Total utility curve C 0 2 3 4 5 6 Quantity (tomatoes per m...
Total utility curve A Units of utility Total utility curve B Total utility curve C 0 2 3 4 5 6 Quantity (tomatoes per month) 11) In the figure above, diminishing marginal utility is shown by A) total utility curve A. B) total utility curve B. C) total utility curve C. D) all three curves. Quantity of Marginal utility from Quantity of Marginal utility from skiing skiing skating skating 50 1 2 40 70 40 30 20 30 10 12)...
Total utility curve A Units of utility Total utility curve B Total utility curve C 0 1 2 3 4 5 6 Quantity (tomatoes pe...
Total utility curve A Units of utility Total utility curve B Total utility curve C 0 1 2 3 4 5 6 Quantity (tomatoes per month) 11) In the figure above, diminishing marginal utility is shown by A) total utility curve A. B) total utility curve B. C) total utility curve C. D) all three curves. Quantity of Marginal utility skiing from skiing Quantity of Marginal utility skating from skating 1 70 1 2 50 40 30 20 10 30...
118) Microelum g. If the ski resort owner eliminates the possibility of buying single ride lift...
118) Microelum g. If the ski resort owner eliminates the possibility of buying single ride lift tickets and instead sells only an all-day lift pass, entitling the skier to as many trips up the mountain as desired, what is the maximum price that could be charged (willingness to pay) without discouraging the skier from coming to the ski resort? Hint: The skier will pay the price up to where MU - zero; and MC (marginal cost) of additional skilin is...
Quick intuition check via True or False Questions 1. 2. If all prices double and income...
Quick intuition check via True or False Questions 1. 2. If all prices double and income triples, then the budget line will become steeper There are two goods. You know how much of good 1 a consumer can afford if she spends all of her income on good 1. If you knew the ratio of the prices of the two goods, then you could draw the consumer's budget line without any more information. lf good l is on the horizontal...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods:...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods: toques (T) and maple syrup (M). Suppose Louis monthly budget is 100 and the price of the two goods are (PT,PM) (4,2). (a) Make a properly labeled diagram illustrating Louis'budget constraint with T on the hori- zontal axis and M on the vertical axis. Indicate the area corresponding to the set of bundles (M, T) that Louis can afford. (b) What is the maximum...
2. Consider the following four consumers (C1,C2,C3,C4) with the following utility functions: Consumer Utility Function C1...
2. Consider the following four consumers (C1,C2,C3,C4) with the following utility functions: Consumer Utility Function C1 u(x,y) = 2x+2y C2 u(x,y) = x^3/4y^1/4 C3 u(x,y) = min(x,y) C4 u(x,y) = min(4x,3y) On the appropriate graph, draw each consumer’s indifference curves through the following points: (2,2), (4,4), (6,6) and (8,8), AND label the utility level of each curve. Hint: Each grid should have 4 curves on it representing the same preferences but with different utility levels. 3. In the following parts,...
1. Consumer’s utility function is: U (X,Y) = 10X + Y. Consumer’s income M is 40...
1. Consumer’s utility function is: U (X,Y) = 10X + Y. Consumer’s income M is 40 euros, the price per unit of good X (i.e. Px ) is 5 euros and the price per unit of good Y (i.e. Py) is 1 euro. a) What is the marginal utility of good X (MUx) for the consumer? ( Answer: MUx = 10) b) What is the marginal utility of good Y (MUy) for the consumer? ( Answer: MUy = 1) c)...
Anand likes to consume movies (M) & podcast (1) Ananas preference for movies & podcast is. U(m, () = MiB (h . a) What is marginal utility of movies & à What is marginal utility of podcast (c) 3 What is ratio of marginal utility he gets from watching move to marginal a fility from podcast? (MUM/MU.)" 6) If price of movie (Pm) is $8 & price of podcast (Pc) is $2,8 Anand, has income of $40 /month, hon many...
Q5. Suppose that marginal
utility of Good X = 100, the price X is $10 per unit, and the price
of Y is $5 per unit. Assuming that the consumer is in equilibrium
and is consuming both X and Y, what must the marginal utility of Y
be?
P12. The following tables
illustrate Eileen’s utilities from watching first-run movies in a
theater and from renting movies from a video store. Suppose that
she has a monthly movie budget of $36,...
Total utility curve A Units of utility Total utility curve B Total utility curve C 0 2 3 4 5 6 Quantity (tomatoes per month) 11) In the figure above, diminishing marginal utility is shown by A) total utility curve A. B) total utility curve B. C) total utility curve C. D) all three curves. Quantity of Marginal utility from Quantity of Marginal utility from skiing skiing skating skating 50 1 2 40 70 40 30 20 30 10 12)...
Total utility curve A Units of utility Total utility curve B Total utility curve C 0 1 2 3 4 5 6 Quantity (tomatoes per month) 11) In the figure above, diminishing marginal utility is shown by A) total utility curve A. B) total utility curve B. C) total utility curve C. D) all three curves. Quantity of Marginal utility skiing from skiing Quantity of Marginal utility skating from skating 1 70 1 2 50 40 30 20 10 30...
118) Microelum g. If the ski resort owner eliminates the possibility of buying single ride lift tickets and instead sells only an all-day lift pass, entitling the skier to as many trips up the mountain as desired, what is the maximum price that could be charged (willingness to pay) without discouraging the skier from coming to the ski resort? Hint: The skier will pay the price up to where MU - zero; and MC (marginal cost) of additional skilin is...
Quick intuition check via True or False Questions 1. 2. If all prices double and income triples, then the budget line will become steeper There are two goods. You know how much of good 1 a consumer can afford if she spends all of her income on good 1. If you knew the ratio of the prices of the two goods, then you could draw the consumer's budget line without any more information. lf good l is on the horizontal...
Question 1: Louis the retired Canadian lives on a fixed budget and consumes only two goods: toques (T) and maple syrup (M). Suppose Louis monthly budget is 100 and the price of the two goods are (PT,PM) (4,2). (a) Make a properly labeled diagram illustrating Louis'budget constraint with T on the hori- zontal axis and M on the vertical axis. Indicate the area corresponding to the set of bundles (M, T) that Louis can afford. (b) What is the maximum...
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