Homework Answers
Ans) the correct option is b) decrease ; increases
As more pizzas are consumed, total utility is increased but marginal utility decreases according to diminishing marginal utility.
As fewer pizza are consumed total utility decreases but marginal utility increases according to diminishing marginal utility
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11) The principle of diminishing marginal utility means that as you eat fewer slices...
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices...
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...
Classify each of the statements as true or false True False Answer Bank Marginal utility is...
Classify each of the statements as true or false True False Answer Bank Marginal utility is always positive. Numerical utility values are relatively easy to calculate. Diminishing marginal utility means that consumption of an additional unit decreases utility. Marginal utility is the extra satisfaction experienced by one additional unit of consumption Marginal utility is always negative. Utility is a measure of the satisfaction people receive from their choices If you eat a slice of pizza that gives you food poisoning....
Suppose the following table reflects the total satisfaction (utility) derived from eating slices of pizza. Calculate...
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...
Number of Cookies Total Utility Marginal Utility Number of Pretzels Total Utility Marginal Utility 30 30...
Number of Cookies Total Utility Marginal Utility Number of Pretzels Total Utility Marginal Utility 30 30 Hide commants V 2) Suppose you have a budget of $8 and cookies and pretzels cost $1 each. What is the utility maximizing combination of cookies and pretzels? How much total utility does the consumer receive? 3) Suppose the price of cookies rises to $1.50, and the price of pretzels remains the same. What is the new utility maximizing combination of cookies and pretzels?...
In each of the following situations, decide whether Diego has diminishing marginal utility. Explain. a) Every...
In each of the following situations, decide whether Diego has diminishing marginal utility. Explain. a) Every time Diego watches his favorite film, it gives him the same amount of satisfaction. b) Diego loves pizza and he can eat great quantities, but, he finds that each additional slice that he eats gives him a little less satisfaction than the previous roll gave him. c) Diego quite happy with his college major, hotel management. The more hotel management classes he takes, the...
11. Holly has $11 to spend on either shakes or pizza and wants to maximize her utility. The price of each slice of...
11. Holly has $11 to spend on either shakes or pizza and wants to maximize her utility. The price of each slice of pizza is $2.00, and the price of each shake is $1.00 Slices of Pizza (0) Total Utility Marginal Utility Number of Total Utility Marginal Shakes (0) Utility 90 50 50 LAWN 90 170 240 300 350 390 60 90 120 140 155 165 50 Holly's optimal bundle is shakes. slices of pizza and
9. As Matt’s consumption of Santa Cruz (sparkling water) goes up, his ____. A) average utility...
9. As Matt’s consumption of Santa Cruz (sparkling water) goes up, his ____. A) average utility from consuming Santa Cruz increases. B) total utility from consuming Santa Cruz increases. C) marginal utility from consuming Santa Cruz increases. D) elasticity of utility from consuming Santa Cruz increases. 10. Diminishing marginal utility means that ____. A) Taylor will enjoy his second taco less than the first. B) the total utility from one taco exceeds the total utility from two hamburgers. C) the...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B)...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce total product. b. occurs when the marginal product curve begins to slope downward c. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work. d. both a and c e. both b and c 7. The marginal rate of technical substitution is a. the rate at which the firm can substitute...
1- According to the principle of rational choice, if there is diminishing marginal utility: A) and...
1- According to the principle of rational choice, if there is diminishing marginal utility: A) and the price received for supplying a good goes up, you supply less of that good. B) and the price received for supplying a good goes up, you supply more of that good. C) the decision producers face about how much to supply is not affected. D) after a certain point, even if the price goes up, you don't supply more of that good.
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...
Classify each of the statements as true or false True False Answer Bank Marginal utility is always positive. Numerical utility values are relatively easy to calculate. Diminishing marginal utility means that consumption of an additional unit decreases utility. Marginal utility is the extra satisfaction experienced by one additional unit of consumption Marginal utility is always negative. Utility is a measure of the satisfaction people receive from their choices If you eat a slice of pizza that gives you food poisoning....
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...
Number of Cookies Total Utility Marginal Utility Number of Pretzels Total Utility Marginal Utility 30 30 Hide commants V 2) Suppose you have a budget of $8 and cookies and pretzels cost $1 each. What is the utility maximizing combination of cookies and pretzels? How much total utility does the consumer receive? 3) Suppose the price of cookies rises to $1.50, and the price of pretzels remains the same. What is the new utility maximizing combination of cookies and pretzels?...
11. Holly has $11 to spend on either shakes or pizza and wants to maximize her utility. The price of each slice of pizza is $2.00, and the price of each shake is $1.00 Slices of Pizza (0) Total Utility Marginal Utility Number of Total Utility Marginal Shakes (0) Utility 90 50 50 LAWN 90 170 240 300 350 390 60 90 120 140 155 165 50 Holly's optimal bundle is shakes. slices of pizza and
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
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