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Question 2 [33 points] Answer the following questions using the following information. Columns 1 and 2...
Answer the following questions using the following information. Columns 1 and 2 in the table below...
Answer the following questions using the following information. Columns 1 and 2 in the table below show the marginal utility that Cody gets by purchasing products A and B. Column 3 shows the marginal utility Cody gets from saving. Assume that the price of A is $14, the price of B is $12, and Cody has an income of $109. a) Find the following series of MU/$ for each column. Note: Keep as much precision as possible during your calculations....
Column 5 Number of Dollars Saved MU MU MU Column 1 Column 2 Column 3 Units of Units of Units of MU Good A Goo...
Column 5 Number of Dollars Saved MU MU MU Column 1 Column 2 Column 3 Units of Units of Units of MU Good A Good B Good C 72.00 24.00 15.00 54.00 15.00 12.00 45.00 12.00 8.00 36.00 4 27.00 5 5.00 18.00 15.00 12.00 8 1.008 Column 4 Units of Good D MU 36.00 30.00 24.00 5.00 18.00 13.00 4.00 Instructions: Enter your answers as whole numbers. a. What quantities of A, B, C, and D will Ricardo purchase...
Please answer 6 and 7. Question 3 and 4 are referenced for the questions asked. Thank...
Please answer 6 and 7. Question 3 and 4 are referenced for the
questions asked. Thank you!
4. (20 points) Consider the demand function D(p;m) mP, where > 0 is consumers' average income. The supply consists of a monopoly, whose revenue from sales is given by R(p;mpD(p;m) (a) (5 points) Compute the elasticity function, E(p;m)-D'(p;m) b) (5 points) Find the value of p such that E(p; (c) (5 points) Compute the marginal revenue function, MR(p; m) R'(p; (d) (5 points)...
The table below shows Daniel’s demand for giant slurpees. a. Complete the table below. Quantity MU...
The table below shows Daniel’s demand for giant slurpees. a. Complete the table below. Quantity MU TU 1 58 2 118 3 170 4 38 5 22 6 241 7 249 8 0 9 238 10 220 b. At what quantity is total utility maximized? units c. What is marginal utility at this quantity? Marginal utility:
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...
Consider total cost and total revenue, given in the following table: In the final column, enter...
Consider total cost and total revenue, given in the following
table:
In the final column, enter profit for each quantity.
(Note: If the firm suffers a loss, enter a
negative number in the appropriate cell.)
Quantity
Total Cost
Marginal Cost
Total Revenue
Marginal Revenue
Profit
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
0
6
0
1
8
7
2
10
14
3
13
21
4
17
28
5
24
35
6
32
42
7
42
49
In order to maximize profit, how...
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 ?...
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...
Chapter 6 Problem A consumer finds only three products, X, Y, and Z, are for sale....
Chapter 6 Problem A consumer finds only three products, X, Y, and Z, are for sale. The amount of utility which their consumption will yield is shown in the table below. Assume that the prices of X, Y, and Z are $10, $2, and $8, respectively, and that the consumer has an income of $74 to spend. Product X (Price $10) Product Y (Price $2) Product Z (Price $8) Quantity Utility Marginal Utility per $ Quantity Utility Marginal Utility per...
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...
Answer the following questions using the following information. Columns 1 and 2 in the table below show the marginal utility that Cody gets by purchasing products A and B. Column 3 shows the marginal utility Cody gets from saving. Assume that the price of A is $14, the price of B is $12, and Cody has an income of $109. a) Find the following series of MU/$ for each column. Note: Keep as much precision as possible during your calculations....
Column 5 Number of Dollars Saved MU MU MU Column 1 Column 2 Column 3 Units of Units of Units of MU Good A Good B Good C 72.00 24.00 15.00 54.00 15.00 12.00 45.00 12.00 8.00 36.00 4 27.00 5 5.00 18.00 15.00 12.00 8 1.008 Column 4 Units of Good D MU 36.00 30.00 24.00 5.00 18.00 13.00 4.00 Instructions: Enter your answers as whole numbers. a. What quantities of A, B, C, and D will Ricardo purchase...
Please answer 6 and 7. Question 3 and 4 are referenced for the
questions asked. Thank you!
4. (20 points) Consider the demand function D(p;m) mP, where > 0 is consumers' average income. The supply consists of a monopoly, whose revenue from sales is given by R(p;mpD(p;m) (a) (5 points) Compute the elasticity function, E(p;m)-D'(p;m) b) (5 points) Find the value of p such that E(p; (c) (5 points) Compute the marginal revenue function, MR(p; m) R'(p; (d) (5 points)...
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...
Consider total cost and total revenue, given in the following
table:
In the final column, enter profit for each quantity.
(Note: If the firm suffers a loss, enter a
negative number in the appropriate cell.)
Quantity
Total Cost
Marginal Cost
Total Revenue
Marginal Revenue
Profit
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
0
6
0
1
8
7
2
10
14
3
13
21
4
17
28
5
24
35
6
32
42
7
42
49
In order to maximize profit, how...
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...
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...
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