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- Assume that Raymond has $ 37.00 to spend on pretzels and beer. The price of pretzels is $3.00 and the price of beer is $5.00. Marginal utilities for each good are given below. Units MU P MU P / P P MU B MU B / P B 1st 18 6 40 8 2nd 15 5 30 6 3rd 12 4 25 5 4th 9 3 20 4 5th 6 2 15 3 6th 3 1 5 1 What Quantity of pretzels will Raymond purchase?How can else increase marginal utility and therefore the consumer demand curve?Using Budget Constraints and Utility Curves derive Marshal's the demand curve of Good X when the price of X falls while X is an inferior good. Explain the process in details.
- Layout References Review View Help Editing v s New Ro... v 12 A er s A B IU A v A ... b. C. d: e. 3. The table below demonstrates the total utility Terrence derives from eating different quantities of plates of thanksgiving dinner. Calculate the marginal utility for each plate then graph the total utility and marginal utility (with total utility graph above the marginal utility graph lining up the Qty). Quantity of Plates Total Utility from Plates Marginal Utility from Plates 1 250 2. 380 425 375 300 English US) Te Piedictions, On Bred 71°F Clear re to searchConsider the two questions about utility. The table refers to the first question only. Tod loves to travel, and he takes several river cruises per year. The table contains information about the utility Tod gets from the river cruises. Number of river cruises Total utility Marginal utility 0 0 1 12 12 2 20 8 3 25 5 From this information, it can be concluded that the number of river cruises Tod takes is indeterminable without knowing Tod’s income or the price of the cruises. that total utility is maximized when Tod takes one river cruise. that Tod will take two river cruises. that Tod will take three river cruises. Suppose that Jim has $4 to spend on a snack and that the only thing available is tea and scones. Jim’s marginal utility of the first cup of tea is 30 and his marginal utility of the second cup of tea is 20. Each cup of tea costs $1. Jim’s marginal utility of the first scone is 80 and his marginal utility of the second scone is 60. Each scone costs…Assume that Raymond has $ 37.00 to spend on pretzels and beer. The price of pretzels is $3.00 and the price of beer is $5.00. Marginal utilities for each good are given below. Units MU P MU P / P P MU B MU B / P B 1st 18 6 40 8 2nd 15 5 30 6 3rd 12 4 25 5 4th 9 3 20 4 5th 6 2 15 3 6th 3 1 5 1 If Raymond is maximizing his utility, then
- If “Law of Diminishing Marginal Utility” or I.C theory is nearer to reality?If the price of good X is $40 and the price of good Y is $35 Find the value of Marginal rate of Substitution of good X and Good YUse the following information to answer the question below. Cloe is given $4 of pocket money to be spent on either hard candies or chocolates. Chocolates cost 40 cents each and hard candies cost 80 cents each. The marginal utilities derived from the consumption of each product are as shown in the following table. Number of Items Marginal Utility of Chocolates Marginal Utility of Hard Candies 1 60 150 2 50 140 3 40 120 4 30 100 5 20 80 6 10 70 7 5 50 8 0 20 What is Cloe’s total utility at her utility maximizing bundle? Multiple Choice 870 utils 620 utils 80 utils 150 utils
- explain the Constructing Utility from Demand in microeconomicsHow does a consumer decide what combination of products to buy using the marginal utility concept? Explain. Please don,t copy from anywhere. Please answer step by step. if posssible use graph.Assume that Raymond has $ 37.00 to spend on pretzels and beer. The price of pretzels is $3.00 and the price of beer is $5.00. Marginal utilities for each good are given below. Units MU P MU P / P P MU B MU B / P B 1st 18 6 40 8 2nd 15 5 30 6 3rd 12 4 25 5 4th 9 3 20 4 5th 6 2 15 3 6th 3 1 5 1 If Raymond were given an additional $ and he could be pretzels and beer in fractional quantities he would spend that $…