Answered: 75 3 78 90 4 93 100 5 102 105 106 67…

75 3 78 90 4 93 100 5 102 105 106 67 108 111 34567 The marginal utility for consuming the 3rd unit of food is utility for consuming the 5th unit of drinks is and the margin

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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42.Jacob works while sipping mugs of green herbal tea. He does, however, know that after the fifth cup of tea, he will acquire a headache and be unable to concentrate. What does this say about Jacob and the utility he derives from cups of green tea?
Marginal cost is the one more unit of a good and opportunity cost of producing increases as production O price that must be paid to consume; decreases as consumption O opportunity cost of producing: decreases as production O price that must be paid to consume; increases as consumption of the good increases.
A Wall Street Journal headline states: "A Nation of Snackers Snubs Old Favorite: The Beloved Cookie." As U.S. consumers adopted more carbohydrate-conscious diets, the number of cookie boxes sold declined 5.4 percent that year, the third consecutive year of decline. 9.00 5.75 5.00 4.25 1.00 100 Cookie Market 300 450 550 700 Quantity (in millions) reset D 900 EQ Price 10.0- 9.5- 9.0- 8.5- 8.0 7.5 7.0- 6.5- 6.0- 5.5- 5.0- 4.5- 3.5- 3.0 2.5 2.0 1.5 1.0 0.5 52 Cookie Firm Some firms exit the industry and the supply curve shifts to the left, causing price to be higher than its previous level. Some firms enter the industry and the supply curve shifts to the right, causing price to decline further. Some firms exit the industry and the supply curve shifts to the left, causing price to be lower than its previous level. ● Some firms exit the industry and the supply curve shifts to the left, causing price to return to its previous level. 100 200 300 400 500 600 700 800 900 1000 Quantity MC reset…
6) Your income rises from $2,000a year to $10,000 and your purchases of beer change from 10 to 40. What number below most closely approximates your income elasticity over this range? A) 1 B) 1.25 C) 0.75 D) 0.25
. TOTAL AND MARGINAL UTILITY E UTILITY CALCULATIONS Reset Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 2 40 10 14 3 4 6 8 3 54 Quantity Consumed Marginal Utility 10 20 4 64 6. 10 70 4 6. -10 72 -20 -2 Quantity Consumed 70 Quantity Consumed -6 8 64 2. 4 6 8
120 100- Price ($) 80 60 40 20- 0 200 400 Demand Multiple Choice -0.50 -0.75 -1.00 -1.60 -2.00 600 800 1,000 1,200 Quantity In the figure above, what is the point price elasticity of demand when price is $80?
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Units of the Good 0 1 5678AWN2 3 4 Total Utility Total Utility of X of Y 0 0 620 1740 1120 3030 1500 3960 1820 4710 2080 5280 2300 5730 2460 6060 2580 6300 For the next 3 questions, assume that an individual consumes two goods X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods. The prices of X and Y are, respectively, $20 and $30. If the consumer buys the fourth unit of X the Marginal Utility per Dollar Spent on X is 16 I If the consumer has $210 to spend on X and Y, the utility-maximizing bundle is The minimum budget necessary to move to a higher equilibrium consumption of X and Y is $ unit(s) of X and unit(s) of Y.
A consumer who has spent all of her income on clothes and food and finds that her marginal-utility for clothes is 16 and marginal-utility for food is 20. If the price of clothes and food are both $4 . What should the consumer do for purchases to maximize total utility A. purchasing more clothes and less food B. purchasing more of both commodities C. purchasing less of both commodities D. purchasing more food and less clothes
Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million A. Using the midpoint method, calculate the price elasticities of demand for group A and group B. B. Explain how the discount will affect total revenue from each group. C. Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?
Is this example also an example of economically rational decision making? “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily closed. During this time I had the option of shipping my prints through USPS or UPS. I decided to ship my prints through USPS instead of UPS since it was a bit expensive at the time. My prints that were shipped out from USPS arrived in time and came in good condition. The opportunity cost is the cost of UPS shipping.”