ECON Questions 5, 6, 7, and 8How to solve and answer these economics questions showed in the screenshot? QUESTION 5Units Consumed01234Refer to the data. The value for Y is40.25.30.45.Total Utility0W35Y40QUESTION 6If marginal utility is diminishing, total utility must also be declining.TrueFalseMarginal Utility20X10르QUESTION 7Total utility is best defined as theO total satisfaction received from consuming a given amount of a product.additional satisfaction received from consuming one more unit of a product.change in marginal utility multiplied by the price of a product.maximum amount of satisfaction from consuming a product.QUESTION 8Which situation is consistent with the law of diminishing marginal utility?O The more pizza Joe eats, the more he enjoys an additional slice.The more pizza Joe eats, the less he enjoys an additional slice.O Joe's marginal utility from eating pizza reaches a maximum when total utility is zero.Joe's marginal utility from eating pizza becomes positive after eating three slices.

Total utility is the total satisfaction that the consumer derives from consumption of a specific…

Answered: ECON Questions 5, 6, 7, and 8 How to…

Business

Economics

ECON Questions 5, 6, 7, and 8 How to solve and answer these economics questions showed in the screenshot?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Description Background information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information. Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? Show your work.in detail Part B: Calculate the opportunity cost of producing jeans for each country. Show your work in detail Part C: Calculate the opportunity cost of producing cell phones for each country. Show your work in detail Part D: Determine how many jeans should be produced by each nation. Show your work in detail. Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology in your…