The marginal utility of beer is 5. The marginal utility of pizza is 6. We should...
The marginal utility of beer is 5. The marginal utility of pizza is 6.
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We should buy beer and pizza |
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We should buy pizza |
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Unclear which to buy |
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We should buy beer |
Homework Answers
As the marginal utility is higher we should buy the goods that have a higher utility. Answer is "B" we should buy a pizza.
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The marginal utility of beer is 5. The marginal utility of pizza
is 6.
We should...
. Fill in the following table, graph marginal and total utility of pizza and the total...
. 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...
Suppose that at Miles's current level of consumption, his marginal utility from a pizza is 10...
Suppose that at Miles's current level of consumption, his marginal utility from a pizza is 10 utils, and his marginal utility from a pint of ice cream is 16 utils. If the price of a pizza is $8, and the price of a pint of ice cream is $5, is Miles maximizing his utility? a. Yes. He should not change his spending on frozen pizza and ice cream. b. No. He should shift his spending away from ice cream and...
Brian works in a factory and spends his monthly income on Beer and Pizza. The utility...
Brian works in a factory and spends his monthly income on Beer and Pizza. The utility function U(X,Y) = X0.5y0.5 represents Brian's preference. Here, X is the quantity of beer, and Y is the quantity of pizza. Assume the numbers of beer and pizza do not need to be integers. Brian's monthly income is $100, the price of pizza is $4, and the price of beer is $2. a) Find the optimal consumption bundle for Brian. (Bundle A) b) The...
Marginal Utility Slices of Pizza Total U tility 50 2 90 120 130 137 120 5)...
Marginal Utility Slices of Pizza Total U tility 50 2 90 120 130 137 120 5) In the above table, what is the marginal utility of the fourth slice of pizza consumed? A) 32.5 B) 130 C) 10 D) 120 2 0 Quantity of x 6) Using the above figure, we can conclude that a utility-maximizing consumer will choose to consume the following combination of the two goods: A) N B) J D) K C) M 7) Refer to the...
WA Pizza Pizza Beer 05 er 0 Beer 8 (B) (A) Pizza Pizza 101 $1.25 0...
WA Pizza Pizza Beer 05 er 0 Beer 8 (B) (A) Pizza Pizza 101 $1.25 0 0 $2.00 Beer (C) D) 10 Beer Refer to the graphs. Assume that pizza is measured in slices and beer in pints. In which of the graphs is the opportunity cost of a pint of beer the lowest? SHOW AND EXPLAIN YOUR WORK.
Lisa consumes only pizzas and burritos. In equilibrium, her marginal utility of pizza is 32 and...
Lisa consumes only pizzas and burritos. In equilibrium, her marginal utility of pizza is 32 and her marginal utility of a burrito is 24. The price of a pizza is $4. *Round your answer to 2 decimal places. The price of a burrito is $____.
Lisa consumes only pizzas and burritos. In equilibrium, her marginal utility of pizza is 28 and...
Lisa consumes only pizzas and burritos. In equilibrium, her marginal utility of pizza is 28 and her marginal utility of a burrito is 21. The price of a pizza is $3. Instructions: Round your answer to 2 decimal places. The price of a burrito is ___?
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...
ASAP Alan likes to eat pizza while drinking a can of beer. He has a weekly...
ASAP
Alan likes to eat pizza while drinking a can of beer. He has a weekly gourmet budget of $72. In the diagram below, pizza is on the horizontal axis and beer is on the vertical axis. The intercepts are 8 cans on the beer axis and 6 slices on the pizza axis. Alan has also been observed to buy 3 slices of pizza and 4 cans of beer Budget Line 10+ 00 beer (can) 6+ 4+ N H wt...
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?
. 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...
Brian works in a factory and spends his monthly income on Beer and Pizza. The utility function U(X,Y) = X0.5y0.5 represents Brian's preference. Here, X is the quantity of beer, and Y is the quantity of pizza. Assume the numbers of beer and pizza do not need to be integers. Brian's monthly income is $100, the price of pizza is $4, and the price of beer is $2. a) Find the optimal consumption bundle for Brian. (Bundle A) b) The...
Marginal Utility Slices of Pizza Total U tility 50 2 90 120 130 137 120 5) In the above table, what is the marginal utility of the fourth slice of pizza consumed? A) 32.5 B) 130 C) 10 D) 120 2 0 Quantity of x 6) Using the above figure, we can conclude that a utility-maximizing consumer will choose to consume the following combination of the two goods: A) N B) J D) K C) M 7) Refer to the...
WA Pizza Pizza Beer 05 er 0 Beer 8 (B) (A) Pizza Pizza 101 $1.25 0 0 $2.00 Beer (C) D) 10 Beer Refer to the graphs. Assume that pizza is measured in slices and beer in pints. In which of the graphs is the opportunity cost of a pint of beer the lowest? SHOW AND EXPLAIN YOUR WORK.
ASAP
Alan likes to eat pizza while drinking a can of beer. He has a weekly gourmet budget of $72. In the diagram below, pizza is on the horizontal axis and beer is on the vertical axis. The intercepts are 8 cans on the beer axis and 6 slices on the pizza axis. Alan has also been observed to buy 3 slices of pizza and 4 cans of beer Budget Line 10+ 00 beer (can) 6+ 4+ N H wt...
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?
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