Homework Answers
Optimal bundle must have the same MU/$ for both x and y. Here when x is 2 and y is 5, we have MU/$ = 16/4 = 4 for x and 8/2 = 4 for y. Hence optimal bundle is 2 units of x and 5 units of y. Total utility at this bundle is (20 + 16) + (16 + 14 + 12 + 10 + 8) = 96 utils
Select 96 utils.
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QUESTION 8 Answer the question on the basis of the following marginal utility data for products...
QUESTION 9 Answer the question on the basis of the following marginal utility data for products...
QUESTION 9 Answer the question on the basis of the following marginal utility data for products X and Y. Assume the prices of X and Y are $4 and $2, respectively, and that the consumer's income is $18. Units of Y Marginal Utility, Y Units of X 1 Marginal Utility, X 20 یہ تین د ی If the price of X decreases to $2, then the utility-maximizing combination of the two products is O2 of X and 5 of Y...
12) Answer the question on the basis of the following marginal utility data for products X...
12)
Answer the question on the basis of the following marginal utility
data for products X & Y. Assume the prices of X and Y are $4
and $2, respectively, and that the consumers income is $18.
Units of x Marginal Utility, Y 16 14 12 Marginal Utility, x Units of Y 20 162 12 4 6 5 4 | 6 | 12 10 What quantities of X and Y should be purchased to maximize utility? Multiple Choice о 2...
QUESTION 6 Answer the question on the basis of the following two schedules, which show the...
QUESTION 6 Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K Units of J MU Units of K MUk 1 56 1 32 2 48 28 3 32 24 24 20 5 20 5 12 6 16 6 10 12 7 7 8 What level of total utility is realized from the equilibrium combination of J...
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...
QUESTION 7 Answer the question on the basis of the following two schedules, which show the...
QUESTION 7 Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K Units of Units of K 28 NM OWN If the consumer's money income were cut from 552 to $28, and the prices of J and K remain at $8 and $4. respectively, she would maximize her satisfaction by purchasing 1 unit of J and 3...
You are choosing between two goods, X and Y, and your marginal utility from each is...
You are choosing between two goods, X and Y, and your marginal utility from each is as shown below. Units of X Units of Y MUY MUX 20 16 14 12 6 Instructions: Enter your answers as whole numbers. a. If your income is $18.00 and the prices of X and Y are $4.00 and $2.00, respectively, what quantities of each will you purchase to maximize utility? units X = units b. What total utility will you realize? < Prey...
Marginal Utility 12 Refer to the above diagram. The marginal utility of the third unit of X is: DAS. B. 4. C. 2 D....
Marginal Utility 12 Refer to the above diagram. The marginal utility of the third unit of X is: DAS. B. 4. C. 2 D. 1. 13. Ben is exhausting his money income consuming products A and B in such quantities that MUJP.-Sand MUP. - 8. Ben should purchase: A. more of A and less of B. B. more of both A and B. C. more of B and less of A. D. less of both A and B. Answer the...
how do you determine these answers? The following total utility data is for Pepsi and Pizza...
how do you determine these answers?
The following total utility data is for Pepsi and Pizza of Mary. Assume that the prices of Pepsi and Pizza are $3 and $4 respectively and that her consumer's income is $18. Units of Pepsi Units of Pizza Total Utility Total Utility 9 15 16 2 28 18 20 40 1. How many units of the two products will the consumer purchase to maximize utility given her income? What level of total utility does...
CENGAGE MINDTAP Q Search this course Numbers and Graphs: Consumer Choice: Maximizing Utility and Behavioral Economics...
CENGAGE MINDTAP Q Search this course Numbers and Graphs: Consumer Choice: Maximizing Utility and Behavioral Economics (Ch 20) 4. Working with Numbers and Graphs Q4 Each unit of good X costs $2, and each unit of good Y costs $1. The following table contains information on Gilberto's utility from goods X and Y. Total Utility of Good X (Utils) Total Utility of Good Y (utils) Units of Good x Units of Good Y 20 38 33 52 un WN Suppose...
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...
QUESTION 9 Answer the question on the basis of the following marginal utility data for products X and Y. Assume the prices of X and Y are $4 and $2, respectively, and that the consumer's income is $18. Units of Y Marginal Utility, Y Units of X 1 Marginal Utility, X 20 یہ تین د ی If the price of X decreases to $2, then the utility-maximizing combination of the two products is O2 of X and 5 of Y...
12)
Answer the question on the basis of the following marginal utility
data for products X & Y. Assume the prices of X and Y are $4
and $2, respectively, and that the consumers income is $18.
Units of x Marginal Utility, Y 16 14 12 Marginal Utility, x Units of Y 20 162 12 4 6 5 4 | 6 | 12 10 What quantities of X and Y should be purchased to maximize utility? Multiple Choice о 2...
QUESTION 6 Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K Units of J MU Units of K MUk 1 56 1 32 2 48 28 3 32 24 24 20 5 20 5 12 6 16 6 10 12 7 7 8 What level of total utility is realized from the equilibrium combination of J...
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...
QUESTION 7 Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K Units of Units of K 28 NM OWN If the consumer's money income were cut from 552 to $28, and the prices of J and K remain at $8 and $4. respectively, she would maximize her satisfaction by purchasing 1 unit of J and 3...
You are choosing between two goods, X and Y, and your marginal utility from each is as shown below. Units of X Units of Y MUY MUX 20 16 14 12 6 Instructions: Enter your answers as whole numbers. a. If your income is $18.00 and the prices of X and Y are $4.00 and $2.00, respectively, what quantities of each will you purchase to maximize utility? units X = units b. What total utility will you realize? < Prey...
Marginal Utility 12 Refer to the above diagram. The marginal utility of the third unit of X is: DAS. B. 4. C. 2 D. 1. 13. Ben is exhausting his money income consuming products A and B in such quantities that MUJP.-Sand MUP. - 8. Ben should purchase: A. more of A and less of B. B. more of both A and B. C. more of B and less of A. D. less of both A and B. Answer the...
how do you determine these answers?
The following total utility data is for Pepsi and Pizza of Mary. Assume that the prices of Pepsi and Pizza are $3 and $4 respectively and that her consumer's income is $18. Units of Pepsi Units of Pizza Total Utility Total Utility 9 15 16 2 28 18 20 40 1. How many units of the two products will the consumer purchase to maximize utility given her income? What level of total utility does...
CENGAGE MINDTAP Q Search this course Numbers and Graphs: Consumer Choice: Maximizing Utility and Behavioral Economics (Ch 20) 4. Working with Numbers and Graphs Q4 Each unit of good X costs $2, and each unit of good Y costs $1. The following table contains information on Gilberto's utility from goods X and Y. Total Utility of Good X (Utils) Total Utility of Good Y (utils) Units of Good x Units of Good Y 20 38 33 52 un WN Suppose...
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