Homework Answers
Ans: he consumes 55 hamburgers during the month.
Explanation:
Satiation point occurs where total utility reaches its maximum and marginal utility is zero. After this point , total utility starts declining and marginal utility becomes negative. This point is also known as saturation point.
|
Quantity purchased/ consumed |
Price ($) |
Total Utility (Utils) |
Marginal Utility (Utils) |
| 5 | 5 | 10 | -- |
| 10 | 4 | 20 | 2 |
| 20 | 3 | 30 | 1 |
| 35 | 2 | 35 | 0.33 |
| 55 | 1 | 35 | 0 |
Marginal Utility = Change in total utility / Change in Quantity
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Given the following information on quantity consumed of caviar and total utility for Ryan Andrews; answer...
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QUESTION 10 Quantity Consumed Total Utility 12 Marginal Utility 12 1 2 8 3 26 4 4 Given the above data, what is the total utility of the 2nd unit? 8 12 20 0 26 QUESTION 11 Total Utility 12 Quantity Consumed 1 2 3 4 Marginal Utility 12 8 26 Given the above data, what is the marginal utility of the 3rd unit? 6 e 32 30
Diminishing Marginal Utility I. TOTAL AND MARGINAL UTILITY DE UTILITY CALCULATIONS Total Utility Quantity Consumed Total Utility Marginal Utility 10 2 3 4 5 6 0 1 Marginal Utility Quantity Consumed 10 Prev 1 of 3 Score answer >
Exhibit 1 Total utility for hamburgers, fries, and Cokes Total Uitility from Hamburgers Total Utility from Fries Total Utility from Coke 1 hamburger (100 utils) 2 hamburgers (180 utils) 3 hamburgers (240 utils) 1 order of fries (30 utils) 1 Coke (40 utils) 2 orders of fries (50 utils) 2 Cokes (60 utils) 3 orders of fries (60 utils) 3 Cokes (70 utils) 3- In Exhibit 1 assume that the price of utility of having a second order of fries?...
2. Total and marginal utility Cho enjoys buying shoes. The following table contains information on Cho's utility from shoes each month. Fill in the two missing cells of the table. Total Utility Marginal Utility Shoes (Pairs) (Utils) (Utils per pair) 0 0 35 1 35 3а 2 25 3 90 4 110 15 5 125 10 6 135 On the following graph, use the purple points (diamonds symbol) to plot Cho's total utility (TU) curve if she consumes zen one,...
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Given the following information on quantity consumed of caviar and total utility for Ryan Andrews; answer the following: 47. Total Utility (in dollars) Quantity (in ounces) 50 70 3 85 95 4 5 90 a) What is the Marginal Utility for each additional ounce of caviar? At a price of $16 an ounce, how many ounces of caviar should b) James Ryan purchase to optimize his satisfaction? c) What is his consumer surplus at this optimal level of consumption?
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