Alfred derives utility from consuming iced tea and lemonade. For the bundle he currently consumes, the...
Alfred derives utility from consuming iced tea and lemonade. For the bundle he currently consumes, the marginal utility he receives from iced tea is 16 utils, and the marginal utility he receives from lemonade is 8 utils. Instead of consuming this bundle, Alfred should:
buy more iced tea and less lemonade.
buy more lemonade and less iced tea.
buy more iced tea and lemonade.
buy less iced tea and lemonade.
None of these
Homework Answers
None of these is the correct answer.
All of the other options are wrong. We cannot strongly conclude on other options.
Thanks!..
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Alfred derives utility from consuming iced tea and lemonade. For
the bundle he currently consumes, the...
Suppose Basil is maximizing his utility from consuming tea and crumpets. If the marginal utility of...
Suppose Basil is maximizing his utility from consuming tea and crumpets. If the marginal utility of the last cup of tea was 24 units of utility and that of his last crumpet was 6 units of utility, which of the following is true? The price of tea is six times the price of crumpets The price of crumpets is four times the price of tea The price of tea and crumpets are equal The price of tea is four times...
please write an explanation or steps if involved, thank you! PT MUM 2. Rinzin spends all...
please write an explanation or steps if involved, thank you!
PT MUM 2. Rinzin spends all of her income on two goods potatoes (T) and meat (M). She currently consumes a bundle that exhausts her income, and where IT > 1 She should a. Not change her consumption of potatoes and meat b. Buy less potatoes and more meat C. Buy more potatoes and more meat d. Buy more potatoes and less meat e. Buy less potatoes and less rice...
3. Suppose a cup of tea costs $0.60 and a scone costs $1.20. If Edith spends...
3. Suppose a cup of tea costs $0.60 and a scone costs $1.20. If Edith spends all of her income on these two goods, and at her current level of consumption, she receives a marginal utility of 6 utils from the last cup of tea she buys and a marginal utility of 24 utils from the last scone she buys, then Edith should: a. Not change her consumption of tea and scones b. Buy less tea and more scones C....
Janet has life time utility given by ln c1 + 0.7 ln c2. Janet currently consumes...
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37. Jose is currently consuming milk and cookies. His marginal utility from his last cookie is...
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2. Total and marginal utility Yakov enjoys drinking milk, since his mother tells him it will...
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Is Alyssa currently maximizing her utility? 0 O No; she could buy less fruit and more...
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Finding the optimal combination of two goods Eleanor enjoys consuming both guacamole and salsa.
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Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices...
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices of pizza. As Matt consumes m m consuming slices of pizza. As Matt consumes more slices of pizza, he A) obtains greater amounts of marginal utility. B) has diminishing total utility. C) has diminishing marginal utility. D) obtains less total utility. 13) When total utility is at a maximum A) marginal utility is zero. B) marginal utility is equal to total utility. C) marginal...
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...
please write an explanation or steps if involved, thank you!
PT MUM 2. Rinzin spends all of her income on two goods potatoes (T) and meat (M). She currently consumes a bundle that exhausts her income, and where IT > 1 She should a. Not change her consumption of potatoes and meat b. Buy less potatoes and more meat C. Buy more potatoes and more meat d. Buy more potatoes and less meat e. Buy less potatoes and less rice...
3. Suppose a cup of tea costs $0.60 and a scone costs $1.20. If Edith spends all of her income on these two goods, and at her current level of consumption, she receives a marginal utility of 6 utils from the last cup of tea she buys and a marginal utility of 24 utils from the last scone she buys, then Edith should: a. Not change her consumption of tea and scones b. Buy less tea and more scones C....
37. Jose is currently consuming milk and cookies. His marginal utility from his last cookie is 30 and the price of a cookie is $2. His marginal utility from milk is 24 and the price of milk is $3. Is Jose currently maximizing his utility? If not, how should he adjust his consumption of milk and cookies? O a. No, he should eat more cookies and drink less milk. b. No, he should eat less cookies and drink more milk....
2. Total and marginal utility Yakov enjoys drinking milk, since his mother tells him it will make him grow up strong. The following table contains information on Yakov's utility from milk each day. FW in the two missing cells of the table. Milk (Glasses) Total Utility (Utils) Marginal Utility (Utils per glass) 200 210 On the following graph, use the purple points (diamonds symbol) to plat Yakov's total utility (TU) curve if he consumes zero, one, two, three, four, five,...
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...
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