1) Alex P. Keaton is an ardent baseball fan. The following table shows the relation between the number of games he attends per month during the season and the total utility he derives from baseball game consumption: Number of Baseball Games per Month 0 1 2 3 4 5 Total Utility 0 50 90 120 140 150 A. Construct a table showing Keaton's marginal utility derived from baseball game consumption. B. At an average ticket price of $25, Keaton can justify attending only one game per month. Calculate Keaton's cost per unit of marginal utility derived from baseball game consumption at this activity level. C. If the cost/marginal utility trade-off found in part B represents the most Keaton is willing to pay for baseball game consumption, calculate the prices at which he would attend two, three, four, and five games per month. <

1) Alex P. Keaton is an ardent baseball fan. The following table shows the relation between the number of games he attends per month during the season and the total utility he derives from baseball game consumption: Number of Baseball Games per Month 0 1 2 3 4 5 Total Utility 0 50 90 120 140 150 A. Construct a table showing Keaton's marginal utility derived from baseball game consumption. B. At an average ticket price of $25, Keaton can justify attending only one game per month. Calculate Keaton's cost per unit of marginal utility derived from baseball game consumption at this activity level. C. If the cost/marginal utility trade-off found in part B represents the most Keaton is willing to pay for baseball game consumption, calculate the prices at which he would attend two, three, four, and five games per month. <

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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