6. Amy has the total utility values given above for DVD rentals a week. Complete the...
6. Amy has the total utility values given above for DVD rentals a week. Complete the table by calculating her marginal utilities.
|
Quantity (rentals per week) |
Total utility |
Marginal utility |
|
0 |
0 |
X |
|
1 |
28 |
____ |
|
2 |
54 |
____ |
|
3 |
78 |
____ |
|
4 |
100 |
____ |
|
5 |
120 |
____ |
|
6 |
138 |
____ |
|
7 |
154 |
____ |
Homework Answers
MU = Change in TU / Change in Q
| Q | TU | Change in TU | Change in Q | MU |
| 0 | 0 | |||
| 1 | 28 | 28 | 1 | 28 |
| 2 | 54 | 26 | 1 | 26 |
| 3 | 78 | 24 | 1 | 24 |
| 4 | 100 | 22 | 1 | 22 |
| 5 | 120 | 20 | 1 | 20 |
| 6 | 138 | 18 | 1 | 18 |
| 7 | 154 | 16 | 1 | 16 |
Add Answer to:
6. Amy has the total utility values given above for DVD rentals
a week. Complete the...
QUESTION 13 Quantity Per Week Total Utility Brook Kate Amy 100 5.0 9.9 147 190 no...
QUESTION 13 Quantity Per Week Total Utility Brook Kate Amy 100 5.0 9.9 147 190 no GN- 400 450 600 1200 1800 2400 3000 3600 4200 4800 5400 32.9 425 575 900 1275 1770 372 520 510 Refer to the above table. Brook's utility schedule shows initially decreasing marginal utility and then increasing marginal utility. increasing marginal utility throughout her entire schedule. Initially increasing marginal utility and then decreasing marginal utility. diminishing marginal utility throughout her entire schedule. QUESTION 14...
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...
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’s the Total utility consuming two pizzas per week? What’s the Total utility consuming six pizzas...
What’s the Total utility consuming two pizzas per week?
What’s the Total utility consuming six pizzas per week?
What’s the Total utility consuming seven pizzas per week?
What’s the Marginal utility consuming two pizzas per week?
What’s the Marginal utility consuming six pizzas per week?
What’s the Marginal utility consuming seven pizzas per
week
Should you eat that 7th pizza per week? Why?
What’s the optimal amount of pizzas to eat per week?
105 100 90 75 Total Utility 55...
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)...
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...
5. Complete the following table (next page) reflecting the total utility from either of two types...
5. Complete the following table (next page) reflecting the total utility from either of two types of activities (per week): 1) “in-home” entertainment (friends visiting, etc.); and “on the town” entertainment (movies, restaurant meals, and the like). The price of in-home entertainment is $60. The price of a night on the town is $150. In-Home Event On-the-Town Event # times/week Total Utility Marginal Utility MU/P # times/week Total Utility Marginal Utility MU/P 0 0 0 0 1 400 1 800...
ECON 101-04 Week 3 Homework Problems Fall 2019 1. The following table gives a total utility...
ECON 101-04 Week 3 Homework Problems Fall 2019 1. The following table gives a total utility schedule for Evelyn: # of cookies per day Total utility per day Marginal Utility 100 2 100 200 275 www 325 3 auw - 350 360 355 a) Calculate the marginal utility schedule (use chart above) Hint: MU is how much total utility is gained from consumption of that item. The first cookie raises total utility from 0 to 100, so marginal utility is...
6. A Wisconsin resident Sarah only consumes two goods: Bananas (B) and Apples (A). Her utility...
6. A Wisconsin resident Sarah only consumes two goods: Bananas (B) and Apples (A). Her utility is given by the formula: U AB You are also told that Sarah's marginal utility for consuming bananas and her marginal utility from consuming applies are given by the following equations: Marginal Utility for Bananas: MUB A Marginal Utility for Apples: MUA B a) Given this information and holding everything else constant, fill out all the missing information in the table below. Utility 100...
Optimal Consumption of good x and good y: Maximization Rule - Maximization of Utility given a...
Optimal Consumption of good x and good y: Maximization Rule - Maximization of Utility given a Budget Constraint = Marginal Utility of good x/Price of good x = Marginal Utility of good y/Price of y Calculate Consumption Bundle using the following information: Price of Good x = $5, Price of Good y = $16 and Income = $100 / 0 Quantity Consumed Total Utility Quantity Consumed Total Utility Calculate: a.) Price Elasticity of Demand =% Change in Quantity Demanded/%Change in...
QUESTION 13 Quantity Per Week Total Utility Brook Kate Amy 100 5.0 9.9 147 190 no GN- 400 450 600 1200 1800 2400 3000 3600 4200 4800 5400 32.9 425 575 900 1275 1770 372 520 510 Refer to the above table. Brook's utility schedule shows initially decreasing marginal utility and then increasing marginal utility. increasing marginal utility throughout her entire schedule. Initially increasing marginal utility and then decreasing marginal utility. diminishing marginal utility throughout her entire schedule. QUESTION 14...
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...
What’s the Total utility consuming two pizzas per week?
What’s the Total utility consuming six pizzas per week?
What’s the Total utility consuming seven pizzas per week?
What’s the Marginal utility consuming two pizzas per week?
What’s the Marginal utility consuming six pizzas per week?
What’s the Marginal utility consuming seven pizzas per
week
Should you eat that 7th pizza per week? Why?
What’s the optimal amount of pizzas to eat per week?
105 100 90 75 Total Utility 55...
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)...
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...
ECON 101-04 Week 3 Homework Problems Fall 2019 1. The following table gives a total utility schedule for Evelyn: # of cookies per day Total utility per day Marginal Utility 100 2 100 200 275 www 325 3 auw - 350 360 355 a) Calculate the marginal utility schedule (use chart above) Hint: MU is how much total utility is gained from consumption of that item. The first cookie raises total utility from 0 to 100, so marginal utility is...
6. A Wisconsin resident Sarah only consumes two goods: Bananas (B) and Apples (A). Her utility is given by the formula: U AB You are also told that Sarah's marginal utility for consuming bananas and her marginal utility from consuming applies are given by the following equations: Marginal Utility for Bananas: MUB A Marginal Utility for Apples: MUA B a) Given this information and holding everything else constant, fill out all the missing information in the table below. Utility 100...
Optimal Consumption of good x and good y: Maximization Rule - Maximization of Utility given a Budget Constraint = Marginal Utility of good x/Price of good x = Marginal Utility of good y/Price of y Calculate Consumption Bundle using the following information: Price of Good x = $5, Price of Good y = $16 and Income = $100 / 0 Quantity Consumed Total Utility Quantity Consumed Total Utility Calculate: a.) Price Elasticity of Demand =% Change in Quantity Demanded/%Change in...
Most questions answered within 3 hours.
-
According to the network system security, please explain:
1- What is canary and how it does...
asked 47 minutes ago -
Study the provided BagInterface and the methods implemented in
the ResizableArrayBag
For the following methods that...
asked 45 minutes ago -
Enter your answer in the provided box. To what fraction of its
original volume, Vfinal/Vinitial, must...
asked 1 hour ago -
Can you figure out if any R functions used to subset a time
series 1 or...
asked 1 hour ago -
Which of the following is correct?
A. APC + MPS = 1
B. APS + MPS...
asked 1 hour ago -
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 3 hours ago -
Compare and contrast the linear motion and angular motion
equations F ma and . That is,...
asked 2 hours ago -
Now that this course has taken you on a journey of introduction
to the world of...
asked 3 hours ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 5 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 5 hours ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 7 hours ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 6 hours ago