3. Suppose there are five consumers who have the following marginal utility ofbananas, oranges, and nectarines. The price for a unit of a banana is $1, the pricefor a unit of an Orange is $2, and the price for a unit of a nectarine is $3. Showyour work to receive full credit.MUTmypmuremy'PFrankGaryHaroldIanJackMarginal Utility of Bananas12 1277665 577Marginal Utility of Oranges14716 863105147Marginal Utility of Nectarines9321 76215 524 8a. Which, if any, of these consumers are optimizing over their choice offruit?Ianb. Which, if any, of these consumers should consume more bananas?Gary, Jackc/ Which, if any, of these consumers should consume more oranges?Harold, Franke, JackWhich, if any, of these consumers should consume more nectarines?Harold, Frank, Gory

For each consumer:Frank: MU of bananas ($12) / Price of bananas ($1) = 12MU of oranges ($14) / Price…

Answered: 3. Suppose there are five consumers who…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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- Cons X ∞ Chapter 6 - Cons X sments/632bc3fe081cee0063847766 00 Course Catalog - X ∞o Exam 1 - Chapter X = 6.2 How Changes X Chapter 6 - Consumer Choice OPEN OFirst Class Economy What is the Marginal Utility per Dollar for an economy ticket? Will Ari be better off booking a first class or an economy ticket? 00 Course Catalog - x + Ari needs to book a flight between Minneapolis and Los Angeles and has a choice between flying in first class or economy. A first class ticket costs $1140 and an economy ticket costs $200. The first class ticket generates $1430 of utility and the economy ticket generates $380 value of utility. Note: A purchase generating utility tells us the marginal utility of the good. What is the Marginal Utility per Dollar for a first class ticket? I 12 ☆ 9- la
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Sven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…
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