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10. Susan achieves utility U from consuming / units of travel and c units of other...
The utility that Sarah receives by consuming fries (F) and cake (C) is given by U...
The utility that Sarah receives by consuming fries (F) and cake (C) is given by U = FC. Her MUF = C and MUC = F. Suppose fries cost $2 a unit, cake costs $3 a unit and Sarah has $24 to spend on fries and cake. Sarah will maximize utility by consuming: a. 6 fries and 4 cakes b. 8 fries and 3 cakes c. 8 fries and 6 cakes d. 12 fries and 0 cakes
The utility that Julie receives by consuming food F and clothing C is given by U(F,...
The utility that Julie receives by consuming food F and clothing C is given by U(F, C) = FC. For this utility function, the marginal utilities are MUF = C and MUC = F. a) On a graph with F on the horizontal axis and C on the vertical axis, draw indifference curves for U = 12, U = 18, and U = 24. b) Do the shapes of these indifference curves suggest that Julie has a diminishing marginal rate...
4. Jacek has the utility function U(x,,%)=4x, 1/2+X,.lfJacek is initially consuming 64 units of nuts and...
4. Jacek has the utility function U(x,,%)=4x, 1/2+X,.lfJacek is initially consuming 64 units of nuts and 10 units of berries, then what is the largest number of berries that he would be willing to give up in return for an additional 17 units of nuts? A) 6 B) 19 O 2
3.10. The utility that Julie receives by consuming food F and clothing C is given by...
3.10. The utility that Julie receives by consuming food F and clothing C is given by U(F, C) = FC. For this utility function, the marginal utilities are MUF = C and MUC = F. a) On a graph with F on the horizontal axis and C on the vertical axis, draw indifference curves for U = 12, U = 18, and U= 24. b) Do the shapes of these indifference curves suggest that Julie has a diminishing marginal rate...
4. Suppose a consumer's utility from consuming bananas is described by the function: U(B) = 10B...
4. Suppose a consumer's utility from consuming bananas is described by the function: U(B) = 10B + 3B2 B3 Answer the following questions about this consumer's banana consumption: (a) Write down a mathematical relationship to describe the value to this consumer from eating an additional banana? (b) Make a table showing total and marginal utility for banana consumption from 0 to 9 bananas. (C) Would this individual ever choose to consume more than 7 bananas? Explain. 5. For each of...
Marginal Utility 12 Refer to the above diagram. The marginal utility of the third unit of X is: DAS. B. 4. C. 2 D....
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...
Suppose Basil is maximizing his utility from consuming tea and crumpets. If the marginal utility of...
Suppose Basil is maximizing his utility from consuming tea and crumpets. If the marginal utility of the last cup of tea was 24 units of utility and that of his last crumpet was 6 units of utility, which of the following is true? The price of tea is six times the price of crumpets The price of crumpets is four times the price of tea The price of tea and crumpets are equal The price of tea is four times...
Clara’s utility function is U = xAxB. (a) She likes consuming 10 apples and 10 bananas...
Clara’s utility function is U = xAxB. (a) She likes consuming 10 apples and 10 bananas as much as consuming 1 apple and how many bananas? (b) Does this mean her preferences violate the assumption of convexity (prefer averages to extremes)?
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...
What is the total utility at 3 units and the marginal utility when Jill goes from...
What is the total utility at 3 units and the marginal utility when Jill goes from consuming two bananas to three bananas? Quantity Marginal Utility 1 20 2 15 3 10 4 5 5 0 6 -5 Total utility = 45 ; Marginal Utility = 10 Total utility = 45 ; Marginal Utility = 5
4. Jacek has the utility function U(x,,%)=4x, 1/2+X,.lfJacek is initially consuming 64 units of nuts and 10 units of berries, then what is the largest number of berries that he would be willing to give up in return for an additional 17 units of nuts? A) 6 B) 19 O 2
4. Suppose a consumer's utility from consuming bananas is described by the function: U(B) = 10B + 3B2 B3 Answer the following questions about this consumer's banana consumption: (a) Write down a mathematical relationship to describe the value to this consumer from eating an additional banana? (b) Make a table showing total and marginal utility for banana consumption from 0 to 9 bananas. (C) Would this individual ever choose to consume more than 7 bananas? Explain. 5. For each of...
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...
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...
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