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1)Explain the concept of utility, total utility, and marginal utility with respect to marijuana? 2) derive...
Explain why the convexity of the indifference curve is a different concept from diminishing marginal utility.
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....
Concept: Derive Individual Demand Curve The following table shows Ellie's utility from consuming slices of pie and cans of Dr. Pepper. Slices Marginal Utility Cans Marginal of from Last Slice of Utility from Dr. Pepper Last Can Pie 120 120 100 60 20 45 30 20 15 占2.5 Q. Suppose Ellie has $12 per week to spend on pie and Dr. Pepper and that the price of a slice of pie is $2.00 1.) Use the point drawing tool to...
1) Explain the relationship between total utility, marginal utility, and average utility. 2) What is consumer optimum? 3) How do you calculate consumer optimum?
. Fill in the following table, graph marginal and total utility of pizza and the total and marginal utility of beer and answer the following questions (Pages 508-512) (6 points) Marginal Ubility of of slices Total utility of Marginal utility beer pizzas of pizza 36 38 54 18 a. If you have a budget of $10 and the pizza and beers cost $2 each, what is the consumer optimum? b. What if the price of beer increases to $3, but...
Concept: Derive Individual Demand Curve Barry consumes tacos and pepsi. The price of tacos is initially $2.00 per taco and the price of pepsi is $2.00 per can and Barry has $16.00 to spend. The marginal utility that each good yields is illustrated in the table below, along with the marginal utility per dollar spent on each good at these prices 10 MU Tacos MUT PT Pepsi MUp PP 1 10 5 1 10 5 MU What is Barry's demand...
For the following utility functions, a. Find the marginal rate of substitution. b. Derive the equation for the indifference curve where utility is equal to a value of 100. c. Plot the indifference curve where utility is equal to a value of 100. (1) u(x1, x2) = x1x2; (2) u(x1, x2) = x1x2 + 10x2; (3) u(x1, x2) = x12 + x2
The Table below shows the Total Utility (TU) and Marginal Utility (MU) derived from the consumption of 10 units of the commodities X and Y. a. Derive a column for the Marginal Utility of x (MU), and a column for the Total Utility of y (TU) b. On separate graphs, plot the Total and Marginal curves for each commodity, placing the panel of the marginal utility curve below the panel for the total utility curve for each commodity saturation and...
A. Define utility as an economist would. B. State and explain the Law of Diminishing Marginal Utility. C. How is the Law of Diminishing Marginal Utility reflected in the demand curve?
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 >