Homework Answers
Calculations are as below:
For marginal utility, first we need to calculate total utility as marginal utility(MU) has a formula: Change in total utility/ change in quantity.
Total utility is to be calculated by adding marginal utilities cumulatively together.
As shown in the table below.
To calculate marginal utility/ dollar.
MU/dollar value; for history it is $10 and for fantasy book it is $8.
A customer makes a choice based on a formula: Mux/Px=Muy/Py
Here MUx is marginal utility of good X (history)and MUy is marginal utility of good y (fantasy)
Now, when she has $26 to spend she will buy a book each of history and fantasy as it makes her most satisfied.
When she has $62 then she will buy 3 each.
When she has $80 then she will buy she will buy 4 history and 5 fiction books, thereafter utility will be zero for both and hence will go to some other choices.
Add Answer to:
fill in the blanks
• Jill likes to read historic novels and fantasy novels. • Given...
Hours playing Hours golf playing tennis 70 2 10 12 T14 Q6 Cindy has $70 a...
Hours playing Hours golf playing tennis 70 2 10 12 T14 Q6 Cindy has $70 a month to spend, and she can spend as much time as she likes playing golf and tennis. The price of an hour of golf is $10, and the price of an hour of tennis is $5. The table shows Cindy's marginal utility from each sport. a) How many hours of golf and how many hours of tennis does she play to maximize her utility?...
Finding the optimal combination of two goods Eleanor enjoys consuming both guacamole and salsa.
Eleanor enjoys consuming both guacamole and salsa. Each jar of guacamole costs PG=$1PG=$1, and each jar of salsa costs PS=$2PS=$2. Suppose that Eleanor buys 300 jars of guacamole and 200 jars of salsa per year. The following graphs show her marginal utility curves for guacamole and salsa. At her current consumption level, Eleanor's marginal utility from consuming the last jar of guacamole she bought is MUG=30MUG=30 utils per jar, and her marginal utility from consuming the last jar of salsa she bought is MUS=30MUS=30 utils per...
Juanita enjoys consuming both soda and coffee. Each can of soda costs Ps - $1, and...
Juanita enjoys consuming both soda and coffee. Each can of soda costs Ps - $1, and each cup of coffee costs Po-$2. Suppose that Juanita buys 30 cans of soda and 20 cups of coffee per week. The following graphs show her marginal utility curves for soda and coffee. At her current consumption level, Santa's marginal utility from consuming the last can of soda she bought is MUs - 12 utils per can, and her marginal utility from consuming the...
Yvette enjoys consuming both milk and juice. Each glass of milk costs PMS1, and each glass...
Yvette enjoys consuming both milk and juice. Each glass of milk costs PMS1, and each glass of juice costs P$2. Suppose that Yvette buys 300 glasses of milk and 200 glasses of juice per year. The following graphs show her marginal utility curves for milk and juice. At her current consumption level, Yvette's marginal utility from consuming the last glass of milk she bought is MUM = 30 utils per glass, and her marginal utility from consuming the last glass...
Is Alyssa currently maximizing her utility? 0 O No; she could buy less fruit and more...
Is Alyssa currently maximizing her utility? 0 O No; she could buy less fruit and more cheese, not spend any more money, and be better off. 0 O Yes; the marginal utility she receives from her last pound of cheese equals that of her last pound of fruit. 0 O No; she likes fruit and cheese more than other goods, so she should buy more of both. No; she could buy more fruit and less cheese, not spend any more...
Please fill in the graph and state the (x,y) axis aswell please. Fill in the blanks please aswell.
Please fill in the graph and state the (x,y) axis aswell please.
Fill in the blanks please aswell.
Suppose Yvette runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan The following graph shows Yvette's total cost curve Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero...
1. Utility, Marginal Utility and Consumer Choice (23 points) a. Sam's preferences for minor league baseball games a...
1. Utility, Marginal Utility and Consumer Choice (23 points) a. Sam's preferences for minor league baseball games and local music concerts per month are summarized by the following information. Baseball games cost $20 each, and music concerts cost $30 each. Fill in the missing values for marginal utility and marginal utility per dollar for both baseball games and music concerts. (Enter your responses for MU as whole numbers and for MU/S rounded to two decimal places.) Minor League Baseball Games...
1. Suppose that the price of oranges is $1 per unit and the price of pencils...
1. Suppose that the price of oranges is $1 per unit and the price of pencils is $70 per unit. In addition, suppose that your income is $1900. If you spend all your money on oranges, how many oranges can you buy? 1900 oranges 2. The table below shows total utility for two products. Suppose that the price for product A is $5 and the price for product B is $5. Number of product A Total Utility for A Number...
Fill in the missing cells of the table and then use them to answer the questions that follow.
1. Profit maximizationSuppose Frances gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays. and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Frances in giving haircuts is her time. As she gives more haircuts, Frances must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she...
1. Suppose the price of a taco is $1 and the price of a soft drink...
1. Suppose the price of a taco is $1 and the price of a soft drink is $2. If Mehmet has $5, then he can buy: A) four tacos and two soft drinks B) three tacos and two soft drinks C) four tacos and one soft drink D) three tacos and one soft drink 2. Tena has $50 per week to spend on lunches. Egg rolls cost $2 each and a plate of chow mein costs $7. Tena wants to...
Hours playing Hours golf playing tennis 70 2 10 12 T14 Q6 Cindy has $70 a month to spend, and she can spend as much time as she likes playing golf and tennis. The price of an hour of golf is $10, and the price of an hour of tennis is $5. The table shows Cindy's marginal utility from each sport. a) How many hours of golf and how many hours of tennis does she play to maximize her utility?...
Juanita enjoys consuming both soda and coffee. Each can of soda costs Ps - $1, and each cup of coffee costs Po-$2. Suppose that Juanita buys 30 cans of soda and 20 cups of coffee per week. The following graphs show her marginal utility curves for soda and coffee. At her current consumption level, Santa's marginal utility from consuming the last can of soda she bought is MUs - 12 utils per can, and her marginal utility from consuming the...
Yvette enjoys consuming both milk and juice. Each glass of milk costs PMS1, and each glass of juice costs P$2. Suppose that Yvette buys 300 glasses of milk and 200 glasses of juice per year. The following graphs show her marginal utility curves for milk and juice. At her current consumption level, Yvette's marginal utility from consuming the last glass of milk she bought is MUM = 30 utils per glass, and her marginal utility from consuming the last glass...
Is Alyssa currently maximizing her utility? 0 O No; she could buy less fruit and more cheese, not spend any more money, and be better off. 0 O Yes; the marginal utility she receives from her last pound of cheese equals that of her last pound of fruit. 0 O No; she likes fruit and cheese more than other goods, so she should buy more of both. No; she could buy more fruit and less cheese, not spend any more...
Please fill in the graph and state the (x,y) axis aswell please.
Fill in the blanks please aswell.
Suppose Yvette runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan The following graph shows Yvette's total cost curve Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero...
1. Utility, Marginal Utility and Consumer Choice (23 points) a. Sam's preferences for minor league baseball games and local music concerts per month are summarized by the following information. Baseball games cost $20 each, and music concerts cost $30 each. Fill in the missing values for marginal utility and marginal utility per dollar for both baseball games and music concerts. (Enter your responses for MU as whole numbers and for MU/S rounded to two decimal places.) Minor League Baseball Games...
1. Profit maximizationSuppose Frances gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays. and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Frances in giving haircuts is her time. As she gives more haircuts, Frances must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she...
1. Suppose the price of a taco is $1 and the price of a soft drink is $2. If Mehmet has $5, then he can buy: A) four tacos and two soft drinks B) three tacos and two soft drinks C) four tacos and one soft drink D) three tacos and one soft drink 2. Tena has $50 per week to spend on lunches. Egg rolls cost $2 each and a plate of chow mein costs $7. Tena wants to...
Most questions answered within 3 hours.
-
A z-score
communicates a raw score’s "relative standing"
under the normal curve in relation to:
asked 4 minutes ago -
An object is vibrating on a spring with the following equation
of motion:
?=(30 ??)cos((2?)/(160)?)
a)...
asked 4 minutes ago -
Vulcan Flyovers offers scenic overflights of Mount St. Helens,
the volcano in Washington State that explosively...
asked 6 minutes ago -
If organizations do not adapt fast enough and move incrementally
from the twentieth-century model to the...
asked 7 minutes ago -
A helium balloon with 2.5L of gas has a gauge pressure of 10,000
Pa. The balloon...
asked 11 minutes ago -
What is responsible for Jupiter's enormous magnetic field?
asked 27 minutes ago -
At the end of the year, a company offered to buy 5,000 units of
a product...
asked 28 minutes ago -
Implement C++ program for each of the following.
Let D = [-48, -14, -8, 0, 1,...
asked 48 minutes ago -
Consider a labor market in which LD = 400 – 4W and LS = 250 +...
asked 1 hour ago -
Let’s say you are teaching a typically-developing young child
how to eat with a spoon. Describe...
asked 46 minutes ago -
Ask Your Teacher A toy gun uses a spring to project a 5.6-g soft
rubber sphere...
asked 57 minutes ago -
*****DO NOT ANSWER THIS QUESTION IF YOU DON'T
KNOW*******
Question - PERSONAL DEVELOPMENT ESSAY and Detailed...
asked 1 hour ago