Complete the tableAssumptions:• There are 2 products, X and Y● The price of X is $2• The price of Y is $1●Your budget constraint is $9How many units of X will you buy?How units of Y will you buy?5 unitsmany48What will be your maximum total utility?Note: remember as you make your choices of how many of each unit to buy, always choose theunit with the highest marginal utility per dollar... or units of X & Y may have the samemarginal utility per dollarUnitsBuy 1st 3 units of Y... they have highest MU/S (S3)Buy unit I of X and unit 4 of Y... they have the same MU/S ($3)Buy unit 2 of X and unit 5 of Y... they have the same MU/S ($3)You have spent $9 on 2 units of X and 5 units of YYour Total Utility - #1 of X (10)+#2 of X (8)+#1 of Y (8) + #2 of Y (7)+#3 of Y (6) + #4 ofY (5) #5 of Y (4) 482 unitsPage 2 of 2you have spent$3$6$9 units Totalof X Utility12346101824283133Marginal MUUtilityper $10864325421.50UnitsTotalof Y Utility12345681521263033MarginalUtility876543MUper $87654

The total satisfaction a consumer gets by consuming a product is referred to as total utility.…

Complete the table Assumptions: . There are 2 products, X and Y ● The price of X is $2 The price of Y is $1 . 2 units 5 units • Your budget constraint is $9 How many units of X will you buy? How many units of Y will you buy? What will be your maximum total utility? Note: remember as you make your choices of how many of each unit to buy, always choose the unit with the highest marginal utility per dollar... or units of X & Y may have the same marginal utility per dollar 48 Units Buy 1 3 units of Y they have highest MU/S (S3) Buy unit 1 of X and unit 4 of Y... they have the same MU/S ($3) Buy unit 2 of X and unit 5 of Y... they have the same MU/S ($3) You have spent $9 on 2 units of X and 5 units of Y Your Total Utility-#1 of X (10)+#2 of X (8)+#1 of Y (8)+#2 of Y (7) +#3 of Y (6) + #4 of Y (5) #5 of Y (4)-48 you have spent $3 $6 $9

Complete the table Assumptions: . There are 2 products, X and Y ● The price of X is $2 The price of Y is $1 . 2 units 5 units • Your budget constraint is $9 How many units of X will you buy? How many units of Y will you buy? What will be your maximum total utility? Note: remember as you make your choices of how many of each unit to buy, always choose the unit with the highest marginal utility per dollar... or units of X & Y may have the same marginal utility per dollar 48 Units Buy 1 3 units of Y they have highest MU/S (S3) Buy unit 1 of X and unit 4 of Y... they have the same MU/S ($3) Buy unit 2 of X and unit 5 of Y... they have the same MU/S ($3) You have spent $9 on 2 units of X and 5 units of Y Your Total Utility-#1 of X (10)+#2 of X (8)+#1 of Y (8)+#2 of Y (7) +#3 of Y (6) + #4 of Y (5) #5 of Y (4)-48 you have spent $3 $6 $9

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Consumer Choice Theory

Section: Chapter Questions

Problem 3SQP

See similar textbooks

Similar questions

You are in the market for a new couch and havefound two advertisements for the kind of couchyou want to buy. One seller notes in her ad that sheis selling because she is moving to a smaller apartment, and the couch won’t fit in the new space.The other seller says he is selling because the couchdoesn’t match his other furniture. Which seller doyou expect to buy from? Why? ( Hint: Think whowould be the more motivated seller.)
Praxilla, who lived in ancient Greece, derivesutility from reading poems and from eating cucumbers.Praxilla gets 30 units of marginal utility from her firstpoem, 27 units of marginal utility from her secondpoem, 24 units of marginal utility from her third poem,and so on, with marginal utility declining by three unitsfor each additional poem. Praxilla gets six units ofmarginal utility for each of her first three cucumbersconsumed, five units of marginal utility for each of hernext three cucumbers consumed, four units of marginalutility for each of the following three cucumbersconsumed, and so on, with marginal utility declining byone for every three cucumbers consumed. A poem coststhree bronze coins but a cucumber costs only one bronzecoin. Praxilla has 18 bronze coins. Sketch Praxilla’sbudget set between poems and cucumbers, placingpoems on the vertical axis and cucumbers on thehorizontal axis. Start off with the choice of zero poemsand 18 cucumbers, and calculate the changes in…
Digital Apps per Period 0 1 2 3 4 5 Total Utility of Digital Apps per Period (utils) which 0 50.0 95.0 135.0 171.5 200.0 Marginal Utility (utils) 50.0 45.0 40.0 36.5 28.5 Marginal Utility Portable per Dollars Spent Power Banks (price = $5.97) per Period | 8.4 7.5 6.7 6.1 4.8 0 1 GTA W N 3 4 5 Total Utility of Portable Power Banks per Period (utils) 0 25 47 65 80 89 Marginal Utility (utils) 25 22 18 15 9 Marginal Utility per Dollars Spent (price = $2.70) 9.3 8.1 6.7 5.6 3.3 Consider the table above. Suppose the consumer's income is $26. Does the consumer spend all of her income if she purchases the optimal quantities of digital apps and portable power banks? The optimum quantity of digital apps purchased is and the optimum quantity of portable power banks purchased is. (Enter your responses as whole numbers.) Spending on digital apps is $ and spending on portable power banks is $. (Enter your responses rounded to one decimal place.) Thus, total spending at the consumer optimum is $ the…
Jien is just bored all the time; no amount of success makes him happy, it seems. Below is a list of his income for the last several years and the utility he experienced per dollar of income: Year Yearly Income Utility per Dollar Earned 2017 $60,000 2 utils 2018 $70,000 1.8 2019 $100,000 1.5 2020 $120,000 1 2021 $145,000 0.40 From the above, we can say that Jien most likely is different from most people economists study in terms of risk attitudes is "risk loving" will not take a fair bet has a utility of wealth curve that is a straight line
What is the trend of the total utility
What is meant by autarky?
Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 Total utility of swimming 40 62 72 76 76 Jenny spends an average of $3 each hour she plays video games. What is her marginal utility per dollar for the second half hour?
Anne has a job that requires her to travel three out of every four weeks. She has an annual travel budget and can travel either by train or by plane. The airline on which she typically flies das a frequent-travel program that reduces the cose of her tickets according to the number of miles she has flown in a given year. When she reaches 25,000 miles, the airline will reduce the price of her tickects by 25 percent for the remainder of the year. when she reaches 50,000 miles, the airline will reduce the price by 50 percent for the remainder of ther year. Graph Anne's budget line with train miles on the vertical axis and plan miles on the horizontal axis Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
QUESTION 23 Quantity Per Week 0 1234 00 0 5 6 7 8 9 Amy 0 5.0 9.9 14.7 194 24.0 28.5 329 37.2 414 Total Utility David 0 600 1200 1800 2400 3000 3600 4200 4800 5400 Robert 0 100 190 270 340 400 450 490 520 510 Michelle 0 60 130 220 310 425 575 900 1275 1770 Refer to the above table. Which of the four people have utility schedules characterized by the law of diminishing marginal utility? O Michelle and David only O Amy and Robert only Michelle only Amy, Robert, and David only
Price of Can ofBeer $0.50 Cans per Week Price of Slice of Pizza = $1.00 Slices per Week %3D Total Utility Total Utility 1 15 1 32 2 29 2 63 42 3 91 4 54 4 115.75 5 65 136 75.75 6. 154 7 86 7 171 96 187 105 113 9 201 10 10 213 If this consumer has $10.50 to spend on cans of beer and slices of pizza in any given week, then what is the optimal combination of beer and pizza for the consumer to buy to maximize utility?
Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either callher on the land-line phone for five cents per minute or he can drive to see her, at a round-trip cost of $2 in gasolinemoney. He has a total of $10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses ahandy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values inTable 6.6, figure out the points on Jeremy’s consumption choice budget constraint (it may be helpful to do a sketch)and identify his utility-maximizing point
DmISIIng Margifal Otmty n. TOTAL AND MARGINAL UTILITY Reset E UTILITY CALCULATIONS Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 40 10 14 2 3 4 54 Quantity Consumed 10 Marginal Utility 4 64 20 6. 10 70 3. 6. -10 6. 72 -20 -2 7 70 Quantity Consumed Quantity Consumed -6 8. 64 8 Prev 1 of 3 Score answer > ...