Answered: Exhibit 1 Demand and Marginal Utility…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Fill in the marginal utility schedule for each of the goods.

Assume that the price of food is $20, clothing $10, and housing $30. What is marginal utility per $ derived from consumption of the first unit of each of t1 three commodities? If Smith had only $20 to spend, which good(s) would he

Assume that Smith's income is $130/week. If he purchased only the three commodities and faced the price structure in part b, how many units of each . would he demand per week?

4. Exhibit 1 provides Sam Smith's hypothetical total utility schedule for three goods:
food, clothing and housing.
Exhibit 1 Demand and Marginal Utility
Food
Marginal
utility
Total
Quantity utility
1
30
55
75
4
90
100
6.
105
Clothing
Total
Quantity utility
10
Marginal
utility
1
2
17
22
4
26
28
6.
29
Housing
Total
Marginal
utility
Quantity utility
1
35
65
3
85
4
100
110
118

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