9. The table below details the amount of utility a typical student derives from con-suming cups of coffee and muffins. The price of a cup of coffee is $2, the price of amuffin is $1, and the student has a total of $9 to spend (and spends it all). Based onall this information, how many cups of coffee and muffins will our typical studentpurchase in consumer equilibrium?jMuffinsCups of CoffeeNumber of CupsTotal UtilityTotal UtilityNumber of Muffins0.0.0.161292.103.11494.4.5.546.11402.

When there are two commodities with different prices in the market, consumer equilibrium is reached…

Answered: 9. The table below details the amount…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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4. Liam initially has a weekly allowance of €24 to spend on eggs (at €0.40 per egg) and beans (at €0.80 per tin). Liam will only consume 4 eggs with each tin of beans and never changes this proportion. (a) What is the utility maximising amount of eggs and beans that Liam buys each week? (b) Suppose the price of eggs rise to €0.60 per egg but the price of beans falls to €0.60 per tin. At the same time, Liam's weekly allowance rises to €30. How much of each good will Liam now buy? Compare your answer to that in (a) and explain the difference, if there is one. Use a diagram to complement your answer.
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Suppose that with a budget of $210, Fatima spends $126 on sushi and $84 on bagels when sushi costs $2 per piece and bagels cost $2 per bagel. Then, after the price of bagels falls to $1 per bagel. Instructions: Enter your answers as a whole number. How many pieces of sushi and how many bagels did Fatima consume before the price change? pieces of sushi and bagels At the new prices, how much money would it have cost Fatima to buy those same quantities (that is, the quantities that she consumed before the price change)? Given that it used to take Fatima's entire $210 to buy those quantities, how big is the income effect caused by the lower price of bagels?
Solve all this question......you will not solve all questions then I will give you down?? upvote..
26. Danny has $12 to spend on two goods: pies and soda. The price of a pie is $4, and the price of a can of soda is $2. To maximize his utility, Danny buys A) the combination that gives him equal total utility from pies and soda B) 2 pies and 2 cans of soda C) oniy sodas because they are iess expensive D) the combination that gives him the same marginai utility per doillar spent on pies as on soda
2. If peanut butter brings you 30 utils of pleasure for the last dollar's worth, and the last dollar you spend on jelly brings you 15 utils of pleasure, what do you do? How does this relate to the law of diminishing marginal utility?
15. Answer the following questions based on the table. a) Complete the given table. b) Draw the total and marginal utility curves from the complete table. c) Show the relationship between total and marginal utility curves. Units of goods Total Utility(TU) Marginal Utility (MU) 1 5 2 9 3 12 4 14 5 15 6. 15 7 14
Quantity of Hot Marginal Utility from Cocoa Hot Cocoa 1 2 3 4 5 4 8 2 8 7 16 Utility of Hot Cocoa and Donuts. 5 4 1 2 3 4 5 Quantity of Marginal Utility from Donuts Donuts The price of hot cocoa is $2 and the price of a donut is $1. What is the marginal utility per dollar for two donuts? 10 8 6 3
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Joe is currently in consumer equilibrium by consuming cheese and crackers, such that the last cracker consumed yielded 8 utils and the last piece of cheese consumed yielded 12 utils. Assume the price of crackers is two cents per cracker and the price of cheese is three cents per piece. If the price of crackers increases to four cents, Joe should his consumption of crackers and his marginal utility from crackers will and also his consumption of cheese and his marginal utility from cheese will (Assume he is in the downward sloping portion of the MU curve.) Ο Ο Ο decrease; increase; increase; decrease increase; increase; increase; increase increase; decrease; increase; decrease increase; increase; decrease; decrease
Bob consumes food and housing. Suppose his marginal utility from an additional unit of food is 20 and his marginal utility from an additional unit of housing is 180. Furthermore, suppose the price of a unit of food is $1.00 and the price of a unit of housing is $2.00. Can Bob increase his utility without changing his total expenditures on food and housing? Holding expenditures constant, A. Bob can increase utility by spending more on food and less on housing. B. Bob can increase utility by spending more on food and the same amount on housing. C. Bob can increase utility by spending less on food and more on housing. D. Bob cannot increase his utility. E. Bob can increase utility by spending more on food and more on housing.

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