economics
Dresses Shoes Quantity Marginal Utility Quantity Marginal Utility 1 800 1 300 2 400 2 200 3 200 3 150 4 100 4 75 5 50 5 50 The above table shows Jane’s total utility from buying dresses and from Shoes. Suppose that she has a monthly budget, each dress costs $200 and each pair of Shoes costs $100. a. Calculate Jane’s total utility and MU per dollar spent on Dresses. b. Calculate Jane’s total utility and MU per dollar spent on Shoes. c. If Jane has a budget of $1,000, how much of each good will Jane consume in equilibrium to maximize her total utility? d. What is the minimum monthly budget that Jane can maximize her total utility in consuming both goods?
Homework Answers
The following table indicates Anna's utility from consuming cups of latte and pieces of pastry. Anna has a budget of 52...
The following table indicates Anna's utility from consuming cups of latte and pieces of pastry. Anna has a budget of 52 dollars and latte and pastry cost 4 dollars each. Assuming that Anna spends her full budget on lattes and pastries, fill in the table below and answer the questions that follow: Cups of Latte Pieces of Pastry Quantity Total Utility Marginal Utility MU/dollar Quantity Total Utility Marginal Utility MU/dollar 0 0 0 - 0 0 0 - 1 170 ?...
Cruise Budget Constraint 4 4,3 6,2 8,1 10,0 10 12 4 # pairs of shoes Denasia...
Cruise Budget Constraint 4 4,3 6,2 8,1 10,0 10 12 4 # pairs of shoes Denasia is planning a cruise to the Bahamas and has a budget for new evening wear of $400. The average price for a pair of shoes is $50 while the average price for an evening dress is $100. If Denasia already has 3 dresses purchased for her cruise, what is the opportunity cost of buying one more dress? 2 pairs of shoes 1 pair of...
The following table shows David's utility from consuming pizza and Diet Coke. Suppose pizza costs $3.00...
The following table shows David's utility from consuming pizza and Diet Coke. Suppose pizza costs $3.00 per slice and Diet Coke costs $1.00 per can. Quantity Marginal Utility for Pizza Marginal Utility for Diet Coke 90 60 70 50 30 10 3 14. What is David's marginal utility per dollar spent at a quantity of 2 slices? 15. Suppose David has $13 to spend on Pizza and Diet Coke. What bundle of goods should he consume to maximize his utility?
(30 marks) Jane lives for two periods. In the first period of her life she earns...
(30 marks) Jane lives for two periods. In the first period of her life she earns income Y1. The value of Y1 was determined by your student number. In the second period of her life, Jane is retired and does not earn any income. Jane’s decision is how much of her period one income should she save (S) in order to consume in period two. For every dollar that Jane saves in period one she has (1 + r) dollars...
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...
Maren is planning a cruise to the Caribbeans and has a budget for new evening wear...
Maren is planning a cruise to the Caribbeans and has a budget for new evening wear of $500. She plans to purchase new shoes and dresses. The average price for a pair of shoes is $50 while the average price for an evening dress is $100. Her current budget constraint is pictured in the graph. Maren catches an end of season sale on dresses and the average price of dresses falls to $50. As a result: a) The opportunity cost...
plz all the question and how and why was it solve this way thanks a lot Refer to the following information for question...
plz all the question and how and why was it solve this way
thanks a lot
Refer to the following information for questions 17 - 19. Lilly's current marginal utility from consuming tea (MUT) is 50 utils per ounce and her marginal utility from consuming coffee (MUC) is 60 utils per ounce. If tea costs (P1) $0.25 per ounce and Coffee costs (Pc) $0.30 per ounce, 17. What is Lilly's utility per dollar spent on tea (MUT/Pr)? A. 100 B....
Suppose that we have $40,000 to be split between two people, Jane and Fred. The income...
Suppose that we have $40,000 to be split between two people, Jane and Fred. The income and marginal utility for each of them is shown in the following table. Amount to Jane Amount to Fred MU of Jane's Last Dollar Spent 100 MU of Fred's Last Dollar Spent 85 $5,000 $35,000 30,000 90 90 25,000 80 95 10,000 15,000 20,000 25,000 70 100 20,000 15,000 60 105 If we want to maximize their combined utility, how much of the $40,000...
) Jane lives for two periods. In the first period of her life she earns income...
) Jane lives for two periods. In the first period of her life she earns income Y1. The value of Y1 was determined by your student number. In the second period of her life, Jane is retired and does not earn any income. Jane’s decision is how much of her period one income should she save (S) in order to consume in period two. For every dollar that Jane saves in period one she has (1 + r) dollars available...
Jane lives for two periods. In the first period of her life she earns income Y1....
Jane lives for two periods. In the first period of her life she earns income Y1. The value of Y1 was determined by your student number. In the second period of her life, Jane is retired and does not earn any income. Jane’s decision is how much of her period one income should she save (S) in order to consume in period two. For every dollar that Jane saves in period one she has (1 + r) dollars available to...
Cruise Budget Constraint 4 4,3 6,2 8,1 10,0 10 12 4 # pairs of shoes Denasia is planning a cruise to the Bahamas and has a budget for new evening wear of $400. The average price for a pair of shoes is $50 while the average price for an evening dress is $100. If Denasia already has 3 dresses purchased for her cruise, what is the opportunity cost of buying one more dress? 2 pairs of shoes 1 pair of...
The following table shows David's utility from consuming pizza and Diet Coke. Suppose pizza costs $3.00 per slice and Diet Coke costs $1.00 per can. Quantity Marginal Utility for Pizza Marginal Utility for Diet Coke 90 60 70 50 30 10 3 14. What is David's marginal utility per dollar spent at a quantity of 2 slices? 15. Suppose David has $13 to spend on Pizza and Diet Coke. What bundle of goods should he consume to maximize his utility?
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...
plz all the question and how and why was it solve this way
thanks a lot
Refer to the following information for questions 17 - 19. Lilly's current marginal utility from consuming tea (MUT) is 50 utils per ounce and her marginal utility from consuming coffee (MUC) is 60 utils per ounce. If tea costs (P1) $0.25 per ounce and Coffee costs (Pc) $0.30 per ounce, 17. What is Lilly's utility per dollar spent on tea (MUT/Pr)? A. 100 B....
Suppose that we have $40,000 to be split between two people, Jane and Fred. The income and marginal utility for each of them is shown in the following table. Amount to Jane Amount to Fred MU of Jane's Last Dollar Spent 100 MU of Fred's Last Dollar Spent 85 $5,000 $35,000 30,000 90 90 25,000 80 95 10,000 15,000 20,000 25,000 70 100 20,000 15,000 60 105 If we want to maximize their combined utility, how much of the $40,000...
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