Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products G and H.MUG3633272118126Units of G1234567Multiple ChoiceOAWhat level of total utility is realized from the equilibrium combination of G and H, if the consumer has a money income of $29 and the prices of G and H are $3 and $5, respectively?293 utils324 utils336 utilsUnits of H1272 utils34567MUH70605545302515

The two goods and the marginal utility of consumption of each good is given in the following table.…

Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products G and H. MUG 36 33 Units of G 1 2 3 4 5 6 7 Multiple Choice O O 27 21 18 12 6 O 4 What level of total utility is realized from the equilibrium combination of G and H, if the consumer has a money income of $29 and the prices of G and H are $3 and $5, respectively? 293 utils 324 utils 336 utils Units of H 1 2 3 72 utils 4 5 6 7 MUH 70 60 55 45 30 25 15

Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products G and H. MUG 36 33 Units of G 1 2 3 4 5 6 7 Multiple Choice O O 27 21 18 12 6 O 4 What level of total utility is realized from the equilibrium combination of G and H, if the consumer has a money income of $29 and the prices of G and H are $3 and $5, respectively? 293 utils 324 utils 336 utils Units of H 1 2 3 72 utils 4 5 6 7 MUH 70 60 55 45 30 25 15

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose that the following Cobb-Douglas utility function is given U(X,Y) = X³y/2, Which of the following is correct? O Law of diminishing Marginal Utility holds for good Y but not for good X while Law of Diminishing Marginal Rate of Substitution holds. Law of diminishing Marginal Utility holds for good X but not for good Y while Law of Diminishing Marginal Rate of Substitution holds. Law of diminishing Marginal Utility holds for good Y but not for good X while Law of Diminishing Marginal Rate of Substitution fails to hold. Law of diminishing Marginal Utility holds for both goods and Law of Diminishing Marginal Rate of Substitution holds as well
Find marginal utility for each consumption level for both products and please show your work in Table.
Question 3 Gabriel the consumer, has preferences over goods x and y that are perfect substitutes, where utility is u(x,y) = x+y. He has an income of $152. The price of y is $12. If the price of x falls from $8 to $2, then Gabriel's, optimal choice for good x should rise by units. O 51 O53 55 O 57 --
Question 21 Units of Product Marginal Utility, A (Price = $1) Marginal Utility, B (Price = $1) First Second Third Fourth Fifth Sixth Seventh 16 utils. O 54 utils. Ⓒ70 utils. 12 Ⓒ20 utils. 10 8 6 4 2 0 16 14 12 10 8 4 Refer to the data for a consumer whose income = $4. In equilibrium, the introduction of new product C has increased this consumer's total utility by Marginal Utility, New Product, C (Price = $1) 20 18 16 14 12 10 8
Refer to the accompanying table. The marginal utility of the 3rd dinner is Total Marginal Utility Utility 100 Number of Dinners. Out Per Week 1 2 3 4 Multiple Choice O о O 155. 55. 120. 65. 220 250 65
Suppose that you have utility function U(x, y) = x2y2, What happens to the share of income spent on each good (, ) when the 1/2 P.X P,y price of x increases? O a. Share spent on x increases O b. Share spent on y increases O c. Both shares stay the same O d. Both shares decrease O e. Not enough information ge Next page
Econ 3
Assume that Robyn wants to buy socks and once she finds out that the price per pair is $5. she decides to buy 4 pairs of socks. Which of the following is true? O a) The marginal benefit (or marginal utility) of the 5th pair is higher than the marginal cost of the Sth pair O b) The marginal benefit (or marginal utility) of the 4th pair must be equal to $20 O O The marginal benefit (or marginal utility) of the Sth pair must be lower than $5 O d) The marginal benefit (or marginal utility) of the first pair must be lower than 55
QUESTION 44 What is being described here? "The excess of utility from the consumption of one more unit of a good, over the price paid". O a. Marginal consumer surplus O b. The slope of the indifference curve O c. Marginal utility O d. Total utility
Anya is currently consuming $1000 worth of consumption goods C and spending 30 hours in leisure I per week, where her marginal rate of substitution is 20. Assume that the price of a consumption good C is $1. This implies that she is willing to: O a. sacrifice 20 hours of leisure to get an extra $1 worth of consumption. O b. sacrifice $20 worth of consumption to enjoy the next hour of leisure. O c. her current utility will be higher by $20 if she gets one more unit of leisure. O d. she values the next unit of consumption at $20.
The table shows the total utility data for products S and T. Assume that the prices of S and T are $3 and $5, respectively, and that consumer income is $22. Total Utility 12 27 39 48 51 Units of S 1 2 3 4 5 Multiple Choice If the price of T decreases from $5 to $3, while the price of S and the consumer's income stay the same, then the utility-maximizing combination is such that the quantity of T increases from 2 to 4. Units of T 1 2 3 4 5 Total Utility 20 35 45 50 52 decreases from 4 to 3. stays the same at 2, but the consumer has $1 remaining. increases from 2 to 3, but the consumer has $1 remaining.
Suppose that at a price of 25 cents per orange, 300 consumers each demand 2 oranges, and at a price of 20 cents per orange, 400 consumers each demand 4 oranges. Therefore, the market demand for oranges is at a price of 25 cents per orange and at a price of 20 cents per orange. Multiple Choice 300; 400 O 1,200; 3,200 600; 1,600 O 2; 4