Please correct answer and don't use hand raiting 2. Draw indifference curves for each of the following situations. Label the axes and indicatethe direction of preference.a. All movies are alike to Jake. He is indifferent between comedies and indie films.b. Fred considers horror movies a "good" and dramas a "bad".c. Corey enjoys comedies and thrillers only if he gets to watch three comedies for each thriller.If he watches an extra comedy or thriller outside of the 3:1 ratio, he derives no enjoymentfrom the movie.d. Carolyn doesn't care how many hours of non-animated movies she watches, but the moreanimated movies she watches, the happier/better off she is.please draw indifference curves

a. Jake is indifferent between comedies and indie filmsIt is given that Jake is indifferent between…

Answered: 2. Draw indifference curves for each of…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter20: Consumer Choice: Maximizing Utility And Behavioral Economics

Section20.1: Utility Theory

Problem 3ST

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3. Sam has set aside $480 for entertainment this month, which is golf (x) and/or bowling (z). A round of golf is $40 and a night of bowling is $30. His utility function is U = 3x + 2z. What is his MRS? a. b. c. Solve for the optimal choice of golf and bowling. Draw a graph of the budget line (including intercepts), a few indifference curves, and the optimal choice for Sam.
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1. Muoki says, “I'd rather see an action movie than a comedy, and I'd rather see a comedy than a foreign film. But given the choice, I think I'd rather see a foreign film than an action movie. Which of these statements about individual preferences is violated? A. Muoki's preference ordering is complete B. Muoki's indifference curves are convex to the origin C. Muoki's indifference curves are negatively sloped D. Muoki's preferences are transitive 2. Peter likes one cup of tea with two teaspoons of sugar. He gets no extra utility for an additional cup of tea if he doesn't have two teaspoons of sugar and no extra utility for extra sugar without a cup of tea. Paul has, A. Linear and negatively sloped indifference curves B. Linear and positively sloped indifference curves C. L-shaped indifference curves D. Vertical indifference curves 3. Diminishing marginal rate of substitution of ugali (X) for rice (Y), MRSXY means that the rate of substitution of A. ugali for rice increases as the…
The table below represents how Marco feels about chocolate candy bars. a. Fill in the missing values for total utility and marginal utility. Instructions: Enter your answers as a whole number. Chocolate Candy Bars and Marco's Utility Chocolate Candy Total Utility Bars (utils) 0 0 1 27 2 3 4 5 6 (Click to select) 60 ♦ 76 Marginal Utility (utils) 27 19 Suppose Marco currently has two candy bars. You tell Marco you will give him either a soda, which gives him 28 utils of happiness, or two additional candy bars. b. Which is he likely to prefer? 6 1
Matt has $14 to spend on fruit today at the grocery store. The only fruits he likes are apples and oranges. Both cost $2 per pound. Matt's preferences between these fruits are presented in the table below. How many apples and oranges will he buy if he were a utility maximizer? a b с Pounds of Apples 1 2 3 4 5 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. d Pounds of Oranges 1 2 3 4 5 Apples = 1 pound, Oranges = 2 pounds Apples = 2 pound, Oranges = 5 pounds Apples = 1 pound, Oranges = 1 pound Marginal Utility from Apples Apples = 3 pounds, Oranges = 3 pounds. 200 300 380 440 480 Marginal Utility from Oranges 100 200 250 280 300
1) The local breakfast restaurant has a new offer: those who buy more than 10 sandwiches a month get a 50% discount on additional sandwiches. a b. Jack says he is not interested. In a different graph that includes his budget line before and after (again measure EOG on the Y axis and sandwich consumption on the X axis) and his preferences, show his sandwich consumption before and after. In your graph what indicates that he is NOT better off with this deal? Explain
MCQ2. Which of the following is used to depict alternative combinations of goods that are equally satisfying? A. B. None of the below. An indifference curve. A demand curve. C. D. A budget constraint
8. Normal and inferior goods Larry likes going to the ballpark to watch baseball, and he also is fond of going to the theater to listen to the symphony orchestra. The following diagram shows two of Larry's indifference curves for going to ballgames and symphonies. With Larry's initial budget constraint (BC), he chose to go to two symphonies and six baseball games per month (point X). Then his budget constraint shifted to BC2, and he chose to go to five symphonies and five ballgames per month (point Y). 2 BALLGAMES Z 0 5 10 SYMPHONICS of the following choices, which could have shifted Larry's budget constraint from BC₁ to BC₂? Check all that apply. His income increased while the prices of baseball and symphony tickets stayed the same. The price of symphony tickets increased while his income and the price of baseball tickets stayed the same. The prices of both baseball and symphony tickets decreased while his income stayed the same. His income decreased while the prices of baseball and…
Using graph, show each preference (using an indifference curve: 1. You like both calamares and ramen. 2. You like calamares, but you hate ramen. 3. You hate calamares, but you like ramen. 4. You like calamares, but you are indifferent about ramen. 5. You treat calamares and ramen as perfectly substitutable. Enter Write to Marggiar Gerona
1. Suppose that there are two breakfast options, pancakes and waffles. Kwame only cares about the calories he gets from his breakfast he wants to consume as much as possible, no matter the food. Suppose that a waffle has thrice as many calories as a pancake. What do Kwame's indifference curves look like, illustrated with waffles on the y axis and pancakes on the x - axis?
John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 40 utils. After three Cokes, he has a total utility of 90 utils. a. Complete the table below to show John's marginal utility for each Coke. Instructions: Enter your answers as a whole number. Cokes Consumed Marginal Utility First Coke Second Coke Third Coke

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