Eminem's decision to give a free concert O A. is not a rational choice O B. is a rational choice if he can deduct the concert expenses from his taxable income O C. is a rational choice if the marginal cost of the concert is greater than its marginal benefit O D. is a rational choice if the wants and preferences of all the people in his entourage, all of Eminem's fans, and all the citizens of Detroit agreed with the decision O E. is a rational choice if the marginal benefit he receives from the concert is greater than its marginal cost

Eminem's decision to give a free concert O A. is not a rational choice O B. is a rational choice if he can deduct the concert expenses from his taxable income O C. is a rational choice if the marginal cost of the concert is greater than its marginal benefit O D. is a rational choice if the wants and preferences of all the people in his entourage, all of Eminem's fans, and all the citizens of Detroit agreed with the decision O E. is a rational choice if the marginal benefit he receives from the concert is greater than its marginal cost

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

Name: Maximizing Utility The following table shows represents the utility received by Sharon for cookies and pretzels. Fill in the missing data. Total Marginal Utility Utility # of pretzels # of Marginal Utility Utility Total cookies --- --- 1 20 1 12 2 10 2 8 3 5 3 4 4 4 5 32 5 20 28 -10 Use the above completed table to answer the folloiwng questions. If your budget is $ 5.00 and both cookies and pretxels cost $1.00 each, how many cookies and pretzels will you buy to maximize your utility? а. What will your total utility be?
The "quantity demanded" of any good or service is during a specified time period and at a specified price. A. the amount people are willing and able to offer B. the amount people are willing to buy because it is the amount sellers are willing to sell C. the amount people are willing to buy O D. the amount people are able to buy O E. the amount people are willing and able to buy Click to select your answer.
QUESTION 14 Refer to the information provided in Figure 6.15 below to answer the question that follows. Jason's preferences and budget constraint Number of sandwiches 150 0 B E A D C Number of hot dogs Figure 6.15 100 Refer to Figure 6.15. Why is Jason not maximizing his utility at point C? O He is not spending his entire budget. His marginal utility per dollar spent on the last sandwich is greater than his marginal utility per dollar spent on his last hot dog. His marginal utility per dollar spent on the last sandwich is less than his marginal utility per dollar spent on his last hot dog. O He is maximizing his utility at point C.
The tables below provide Sam's total utility for coffee and tea. Instructions: Enter your answers as a whole number. a. Fill in the missing values for marginal utility. Coffee and Sam's Utility Cups of Coffee Total Utility (utils) Marginal Utility (utils) 0 0 - 1 20 _______ 2 35 ________ 3 47 ________ 4 55 ________ 5 61 _______ 6 66 _______ Tea and Sam's Utility Cups of Tea Total Utility (utils) Marginal Utility (utils)…
- Cons X ∞ Chapter 6 - Cons X sments/632bc3fe081cee0063847766 00 Course Catalog - X ∞o Exam 1 - Chapter X = 6.2 How Changes X Chapter 6 - Consumer Choice OPEN OFirst Class Economy What is the Marginal Utility per Dollar for an economy ticket? Will Ari be better off booking a first class or an economy ticket? 00 Course Catalog - x + Ari needs to book a flight between Minneapolis and Los Angeles and has a choice between flying in first class or economy. A first class ticket costs $1140 and an economy ticket costs $200. The first class ticket generates $1430 of utility and the economy ticket generates $380 value of utility. Note: A purchase generating utility tells us the marginal utility of the good. What is the Marginal Utility per Dollar for a first class ticket? I 12 ☆ 9- la
A demand curve is a Select one: O a. graphical representation of the demand schedule. O b. graphical representation of alternative demands. O c. horizontal line connecting amounts demanded at various income levels. d. graphical relationship, that includes several things such as tastes, time, and supply.
Q3. The table below depicts the maximum buying prices and minimum selling prices that potential buyers and sellers have for a horse. Assume that a horse is considered to be a good of the first order. Potential Buyer $300 $280 $260 $240 $220 $210 $200 $180 $170 $150 Al A2 A3 A4 AS A6 A7 A8 A9 A10 Potential Seller $100 $110 $150 $170 $200 $215 $250 $260 Bl B2 B3 B4 B5 B6 B7 B8 (a). Based on the original valuations of potential buyers and sellers in the table above, identify the market clearing price that will bring this market to a state of rest. Provide a description of the important properties of this price. (b). Distinguish between the original valuations with which the market participants enter the market and the momentary valuations that prevail when they engage in exchange. Focusing on the potential sellers, explain why each of them would try to align their momentary valuations with the market clearing price? (c). Assume now that trade takes place at a price that is not the market…
I need hand written plz asap please..... I'll upvote plz hand written
You are choosing between two goods, X and Y, and your marginal utility from each is shown in the following table. Units of X MUx Units of Y MUy 1 10 1 8 2 8 2 7 3 6 3 6 4 4 4 5 5 3 5 4 6 2 6 3 a. If your income is $9 and the prices of X and Y are $2 and $1, respectively, what quantities of each will you purchase to maximize utility? ______units of X and ______units of Y b. What total utility will you realize? ______utils c. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? _____units of X and ______units of Y d. Using the two prices and quantities for X, complete the table to derive the demand schedule (a table showing prices and quantities demanded) for X. Instructions: Start with the highest price first Price of X Quantity Demanded of X $ $
Since the 1970s, the percent of income spent on apparel in the U.S. has O increased O not changed O decreased
Answer the following questions
Is it reasonable to assume that people seek to equate the marginal utility/price ratios of the goods that they purchase, if they have never heard of ‘utility’, let alone ‘marginal utility’, and marginal utility cannot be measured in any absolute way?