Question 1 (3 points) Total Utility chicken MU for Total Utility beef MU for Quantity chicken...

Question

Question

Answer 1

Answer #1

Ans.1.

Quantity	Total Utility beef	Marginal Utility For beef	Total Utility chicken	Marginal Utility For chicken
1	20	20	15	15
2	36	16	25	10
3	51	15	32	7
4	61	10	36	4
5	65	4	37	1

Note:- 1) TU beef = sum of ( MU beef )

2) TU chicken = sum of ( MU chicken )

When Q3, total utility from consuming beef (TUb) = 51 utils

When Q3, total utility from consuming chicken (TUc) = 32 utils

TU beef +chicken = TU beef +TU chicken

TU beef + chicken = (51 + 32 ) utilis

TU beef + chicken = 83 utils

therefore, the total utility you would earn from consuming 3 units of chicken and beef is 83 utils ( i.e. 51 utils + 32 utils = 83 utils)

Answer 2

Similar Homework Help Questions

Quantity of Product A Total Utility Marginal Utility Quantity of Product B Total Utility Marginal Utility...

Quantity of Product A Total Utility Marginal Utility Quantity of Product B Total Utility Marginal Utility 1 80 80 1 30 30 2 120 40 2 46 16 3 150 30 3 61 15 4 165 15 4 75 14 5 172 7 5 88 13 6 178 6 6 100 12 7 182 5 7 111 11 8 185 3 8 121 10 The table above refers to Elizabeth's utility schedule of Product A and Product B. The equilibrium...
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
Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2...

Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2 40 70 90 100 106 60 90 105 114 120 2 4 4 29. (Table) In the table, assume that a consumer has a budget of $12, water costs $2 per bottle, and chips cost $3 per bag. When utility is maximized, the MUIP for both goods is: A) 20 B) 5 C) 3. D) 10. 30. Suppose you have $100 to spend on...

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...
MUM TU. MU./P. MU. TU, MU/P. Quantity N 0 1 Quantity M 0 1 2 3...

MUM TU. MU./P. MU. TU, MU/P. Quantity N 0 1 Quantity M 0 1 2 3 4 5 6 42 78 108 132 150 162 2 3 4 5 6 20 16 12 8 4 2 Complete the table above. The budget constraint for the consumer is $21 a week for his M and N preferences (goods or services). The Price or Cost of each unit of Mis $3, and the Price or Cost of each unit of N is...
Italian Sub Italian Sub Taco Taco Taco Quantity MU MU MU/$4 10 MU/$2 15 MU/$1 30...

Italian Sub Italian Sub Taco Taco Taco Quantity MU MU MU/$4 10 MU/$2 15 MU/$1 30 40 30 2 32 8 24 12 8 24 16 3 20 16 12 - 12 - 5 3 1.5 0.5 5 6 6 2 8 4 6 4 2 12 8 4 - Refer to the table, which lists the values of Harry Taber's marginal utility and marginal utility per dollar for Italian submarine (sub) sandwiches and tacos. Assume that the price of...

Question 8 1 pts The following table shows Total Utility data for products Land M. Assume...

Question 8 1 pts The following table shows Total Utility data for products Land M. Assume that the price of Lis $2 each and the price of Mis $4 each and that the consumer's income is $24. What quantities of Land M should be purchased to maximize total utility? Units of L 1 1 2 3 4 5 Total Utility 9 15 18 20 21 Units Total of M Utility 16 2 28 3 36 4 40 5 42 4...
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)...
Product A Product B 16 12 12 10 8 6 2 4 Quantity per period st st 24 20 (1) Quantity Product A MU per $ (at...

Product A Product B 16 12 12 10 8 6 2 4 Quantity per period st st 24 20 (1) Quantity Product A MU per $ (at $2) Product B MU MU 1 2 3 a) From the graph above, complete columns 2 and 4 of the table above. Round your answers to 2 decimal places. b) If the price of both products is $1, what quantity of each good would Marshall purchase if his budget was $8? Quantity of...

Carol consumes tacos and coke. The marginal utility each yields is illustrated in the table below....

Carol consumes tacos and coke. The marginal utility each yields is illustrated in the table below. If the price of tacos is $5.00 per taco and the price of coke is $2.00 per coke and if Carol has $26.00 to spend, what is her utility-maximizing quantity of tacos and coke? MU MU To answer this question, first fil in the marginal utility per dollar spent on tacos, P and coke, P, in the table below. (Enter your responses as whole...