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Question 2015 Bilie spends all of her income on Soccer balls and jeans, and the price of a pair of jeans is three t...
Lisa spends all her income on pizzas and soda. The table below shows Lisa's marginal utility...
Lisa spends all her income on pizzas and soda. The table below shows Lisa's marginal utility for pizza and marginal utility for soda. If the price of pizza is $10, the price of soda is $5, and Lisa has $40 to spend on the two goods, what combination of pizza and soda will maximize her utility? Please show your answers in your table by circling the equilibrium marginal utility per dollar for the two goods and units of pizza and...
1. Suppose that the price of oranges is $1 per unit and the price of pencils...
1. Suppose that the price of oranges is $1 per unit and the price of pencils is $70 per unit. In addition, suppose that your income is $1900. If you spend all your money on oranges, how many oranges can you buy? 1900 oranges 2. The table below shows total utility for two products. Suppose that the price for product A is $5 and the price for product B is $5. Number of product A Total Utility for A Number...
QUESTION 7 Katie has typically shaped indifference curves and is currently spending all of her income...
QUESTION 7 Katie has typically shaped indifference curves and is currently spending all of her income on jeans and sweaters. The marginal utility of the last pair of jeans was 25 and the marginal utility of the last sweater was 40. If jeans cost $30 and sweaters cost $50, then to maximize utility, Katie should: a. consume more sweaters and fewer jeans b. consumer more jeans and fewer sweaters c. Consume all sweaters as this is a corner solution. d....
A consumer spends all of her income (Y) on two goods Z and B. The price...
A consumer spends all of her income (Y) on two goods Z and B. The price of good B (PB) is $6. The Marginal Rate of Transformation MRT is equal to minus2. That is 2 units of good B can be traded for 1 unit of good Z. This consumer is able to buy 15 units of good Z and 0 units of good B with his/her income. What is this consumer's level of income? The consumer's income is $...
A consumer must maximize utility, U-f(x.y), subject to the constraint that she spends all her inc...
A consumer must maximize utility, U-f(x.y), subject to the constraint that she spends all her income, M on purchasing two goods x, v. The unit prices of the goods, px and py respectively, are market determined and hence exogenous. (i) State the objective function, constraint, and choice variables of this problem (3 marks) (ii) Obtain the Lagrangean for this problem, using λ to represent the Lagrange multiplier. (3 marks) (i) Obtain the first order conditions of this problem in terms...
Can you answer these questions? 11. Suppose that MUr/Pr exceeds MUyl/Py. To maximize utility the consumer who is spending all her money income should buy A. less of X only if its price ris...
Can you answer these questions?
11. Suppose that MUr/Pr exceeds MUyl/Py. To maximize utility the consumer who is spending all her money income should buy A. less of X only if its price rises. B. more of Y only if its price rises. C. more of Y and less of X. D. more of X and less of Y 12. In purchasing products A and B, a consumer is in equilibrium when: 13. The diamond-water paradox atises because: A. essential...
Question 9 1 pts Logan Roy is spending all his money income by buying mineral water...
Question 9 1 pts Logan Roy is spending all his money income by buying mineral water and popcorn. At his current consumption level, the marginal utility of mineral water is 70 and the marginal utility of popcorn is 60. The price of a bottle of mineral water is $2.00 and the price of a box of popcorn is $1.50. The utility-maximizing rule suggests that Logan should: O Increase consumption of popcorn and increase consumption of mineral water Decrease consumption of...
Instructions: Answer the following questions as completely as possible. Write your answer neatly and legibly. When...
Instructions: Answer the following questions as completely as possible. Write your answer neatly and legibly. When drawing a graph, make sure that you label axes and curves, and include appropriate coordinates. Always show your work. Suppose that Bridget and Erin spend their incomes on two goods, food (F) and clothing (C). Bridget’s preferences are represented by the utility function U(F,C) = 10FC, while Erin’s preferences are represented by the utility function U ( F , C ) = 0.20 F^2...
Question 1: A recent study found that the demand and supply schedules for Frisbees are as...
Question 1: A recent study found that the demand and supply schedules for Frisbees are as follows: Price per Frisbee Quantity Demanded Quantity Supplied $11 1 million 15 million 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 a) What are the equilibrium price and quantity of Frisbees? b) Frisbees manufacturers persuade the government that Frisbees production improves scientists, understanding of aerodynamics and thus is important for national security. A concerned Parliament votes to...
Labor Economics, multiple choice questions 1. In the leisure-income model, the wage constraint shows a. the...
Labor Economics, multiple choice questions
1. In the leisure-income model, the wage constraint shows a. the points that maximize a worker's utility b. all points that are equally preferred c. the wage rates that affect work decisions d. the available combinations of leisure and income 2. The slope of a wage constraint reflects the: a. rate at which a person is willing to substitute leisure for income c. income effect b. price of leisure d. substitution effect 3. When a...
Lisa spends all her income on pizzas and soda. The table below shows Lisa's marginal utility for pizza and marginal utility for soda. If the price of pizza is $10, the price of soda is $5, and Lisa has $40 to spend on the two goods, what combination of pizza and soda will maximize her utility? Please show your answers in your table by circling the equilibrium marginal utility per dollar for the two goods and units of pizza and...
A consumer must maximize utility, U-f(x.y), subject to the constraint that she spends all her income, M on purchasing two goods x, v. The unit prices of the goods, px and py respectively, are market determined and hence exogenous. (i) State the objective function, constraint, and choice variables of this problem (3 marks) (ii) Obtain the Lagrangean for this problem, using λ to represent the Lagrange multiplier. (3 marks) (i) Obtain the first order conditions of this problem in terms...
Can you answer these questions?
11. Suppose that MUr/Pr exceeds MUyl/Py. To maximize utility the consumer who is spending all her money income should buy A. less of X only if its price rises. B. more of Y only if its price rises. C. more of Y and less of X. D. more of X and less of Y 12. In purchasing products A and B, a consumer is in equilibrium when: 13. The diamond-water paradox atises because: A. essential...
Question 9 1 pts Logan Roy is spending all his money income by buying mineral water and popcorn. At his current consumption level, the marginal utility of mineral water is 70 and the marginal utility of popcorn is 60. The price of a bottle of mineral water is $2.00 and the price of a box of popcorn is $1.50. The utility-maximizing rule suggests that Logan should: O Increase consumption of popcorn and increase consumption of mineral water Decrease consumption of...
Labor Economics, multiple choice questions
1. In the leisure-income model, the wage constraint shows a. the points that maximize a worker's utility b. all points that are equally preferred c. the wage rates that affect work decisions d. the available combinations of leisure and income 2. The slope of a wage constraint reflects the: a. rate at which a person is willing to substitute leisure for income c. income effect b. price of leisure d. substitution effect 3. When a...
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