Frida loves to eat hot dogs and peanuts at the baseball park. She has budget of $21 and one bag of peanuts costs $3 while a hot dog costs $6. Using the table below, identify the total utility of hot dogs and peanuts when Frida maximizes her utility within her budget constraint. Hot dogs Total Utility Peanuts Total Utility 22 16 31 45 1 2 3 4 5 6 7 43 62 Select one: O 81 97 111 119 1 2 3 4 5 6 7 a. 88 total utility units b. 92 total utility units c. 74 total utility units d. 99 total utility units 58 70 81 92

Frida loves to eat hot dogs and peanuts at the baseball park. She has budget of $21 and one bag of peanuts costs $3 while a hot dog costs $6. Using the table below, identify the total utility of hot dogs and peanuts when Frida maximizes her utility within her budget constraint. Hot dogs Total Utility Peanuts Total Utility 22 16 31 45 1 2 3 4 5 6 7 43 62 Select one: O 81 97 111 119 1 2 3 4 5 6 7 a. 88 total utility units b. 92 total utility units c. 74 total utility units d. 99 total utility units 58 70 81 92

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

Related questions

Q: Make a list of products you use at home (at least 6). List down the 5 things that you like and…

A: Following products are used at home 1. Gas Cylinders 2. Solar Water Heaters. 3. Toilet Paper 4.…

Q: Why do we call Why do we have phone's How can we us our mobile to call people from overseas

A: Why do we call This is in line with the previous explanation that most of callers call to find a…

Q: Do you have any references or sources for this information

A: In an error correction model (ECM) expectations about future economic conditions can influence the…

Q: What is the opportunities and challenges of the Internet of things

A: INTRODUCTION The specialized meaning of The Internet of Things (IoT) is the organization of actual…

Q: hey i was doing my homework and i couldnt figure out the last question

A: Average total cost is the per unit cost incurred in producing a commodity.

Q: Make flow chart of type of budget?

A: budget is a estimate expense and income for certain period of time

Q: Additional: Get solutions in details

A: We are not able to solve this.Reason:You haven't provided the question.Alternative solution:Please…

Q: Please answer full questions including fill in the blanks.

A: When an initial injection into a circular flow results in a larger ultimate rise in real national…

Q: At the new fishing quota, what is the quota rent per pound of Bluefin tuna? Suppose the average…

A: Economic rent refers to the price different between he demand and supply at the particular level of…

Q: Tutorial

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…

Q: What are user's benefits?

A: A benefit is an advantage gained by an individual from an economic transaction. It is often…

Q: Use fos S egjuilib The

A: In the free market, equilibrium price and quantity is determined by the forces of the demand and…

Q: I did upload one question at a time but I kept getting a regetted and had no choice. Thank you for…

A: When making daily decisions, both people and small businesses can more accurately assess market…

Q: Discuss some of the disadvantages and risks associated with the use of social media. How do you…

A: In today's world the population is increasing and so competition . This leads to the tension ,…

Q: HOW TO DRAW A TABLE FORM

A: There are 4 possible ways in which the other player can act :- 1) always choose ‘C’ 2) He will…

Q: I need typing clear urjent no chatgpt use i will give 5 upvotes

A: Approach to solving the question: we have used vector approach to solve the question by doing cross…

Q: https://m.youtube.com/watch?v=M5uYCWVfuPQ Please watch the following video and write a 2 paragraph…

A: Labor laws are a set of legal regulations designed to protect the rights of workers and ensure fair…

Q: When I entered my answer in my online math assigment it said it was wrong

A: We use this formula to solve the above problem: A = P(1 + r)t where A is the amount that you get…

Q: You would like to open a hot dog stand at local game stadium. The fixed fee foir this stand is $500…

A: Break even point is the point where total revenue is equal to total cost . Or average cost is equal…

Q: Find three words related to our topic media information literacy

A: Practices that enable users to acquire, critically assess, create, and manipulate media are referred…

Q: What are some advantages of online and socialmedia tracking compared to traditional methods?

A: Online and social media are way better as compared to traditional methods to capture a large market…

Q: What benefits are their in operating a business to consumer online business model for consumers and…

A: The objective of this question is to understand the benefits of operating a business to consumer…

Q: What is photo sharing?

A: Meaning of Competitive Marketing: The term market refers to the situation under which the…

Q: can you do the reference also

A: Inflationary pressures occur when the demand for goods and services outstrips the supply leading to…

Q: Customer retention

A: Customer retention is the ability of a business or product to keep its customers for a predetermined…

Question

Only typed answer and please don't use chatgpt

Frida loves to eat hot dogs and peanuts at the baseball park. She has
a budget of $21 and one bag of peanuts costs $3 while a hot dog
costs $6. Using the table below, identify the total utility of hot dogs
and peanuts when Frida maximizes her utility within her budget
constraint.
Hot dogs Total Utility Peanuts Total Utility
1
22
43
2
3
4
5
LO
6
7
62
81
97
Select one:
O
111
119
1
2
3
4
5
6
7
a. 88 total utility units
b. 92 total utility units
c. 74 total utility units
d. 99 total utility units
16
31
45
58
70
81
92

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Determine marginal utility per dollar spent:

VIEW

Step 3: Determine utility maximization combination of peanuts and Hot dogs

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Take Jeremys total utility information in Exercise 6.1, and use the marginal utility approach to confirm the choice of phone minutes and round trips that maximize Jeremys utility.
Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a roundâ€”trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.
Only typed answer
John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke or does he show increasing marginal utility for Coke? Suppose that John has $3 in his pocket. If Cokes cost $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke, too? What about the third dollar? If John’s marginal utility for Coke keeps on increasing no matter how many Cokes he drinks, would it be fair to say that he is addicted to Coke? *use tables and/or graphs if possible, please original work
11:55 The table below shows the per unit prices and marginal utility for the last unit of waffles and donuts that Luke purchased. Waffles Price per unit Marginal utility Luke spent all of his allocated budget on waffles and donuts. To maximize his utility, Luke should purchase O fewer of both goods O fewer waffles and more donuts O equal amounts of both goods O more both goods O more waffles and fewer donuts $25 Donuts 50 $10 50
John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke, or does he show increasing marginal utility for Coke? Supposethat John has $3 in his pocket. If Cokes cost $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke, too? What about the third dollar? If John’s marginal utility for Coke keeps on increasing no matter how many Cokes he drinks, would it be fair to say that he is addicted to Coke?
Table 6.1 Pretzels Marginal Utility 1 30 20 3 5 4 Refer to Table 6.1, which shows the marginal utility of each additional unit of pretzel for a consumer. The first column of the table shows the number of pretzels consumed in a day, and the second column of the table shows the marginal utility of each additional unit of pretzel. The total utility derived from the consumption of three pretzels is units. O a. 5 O b. 55 Oc. 15 Od. 57 O e. 70
Five consumers have the following marginal utility ofapples and pears:Marginal Utilityof ApplesMarginal Utilityof PearsClaire 6 12Phil 6 6Haley 6 3Alex 3 6Luke 3 12The price of an apple is $1, and the price of a pear is$2. Which, if any, of these consumers are optimizingtheir choices of fruit? For those who are not, howshould they change their spending?
NIVERSITY DURAI Consider the following data describing the change in Nora's utility when she consumes various levels of Nuts and chocolate per week, the price per portion for the considered goods are respectively AED 20 and AED10. Nora has a budget equal to 160 per day to spend on her snack. Q Nuts Total UtilityQ Chocolate Total Utility ChocolateMU Nuts MU ChocolateMU/ AEDMU/AED MRS Chocolate Nuts Nuts 40 1 28 72 52 100 3. 72 4 124 88 144 5. 102 160 6. 114 7 172 122 1. Complete the table above by calculating the marginal utility, the marginal utility per dollar spent and marginal rate of substitution for each good. 2. Identify the potential set of equilibrium points Where MUI/P1=MU2/P2 Nuts Chocolate Income 2. 2. 6.
Consider the following table, which listsJames’s marginal utility schedule for steak andhamburger meals: Given a budget of $45, how many steak and hamburgermeals will James buy per month to maximizehis total utility? What is the total utilityrealized?
Bill gets 100 utils from eating one candy bar per day. He gets 120 utils from eating two candy bars per day. Calculate the marginal utility. O. 220 utils 100 utils 120 utils 20 utils Tamera calculates her utility for two hours of studying each day to be 300 utils. Her total utility for three hours is also 300 utils. Calculate the marginal utility. 300 utils 600 utils O 150 utils no marginal utility
Units of rice 1 2 3 4 5 6 7 8 O 50 utils O 53 utils O 28 utils Marginal Utility of rice O 25 utils 20 18 16 14 12 10 9 8 Units of raisins 1 2 3 4 5 6 7 If the consumer buys 2 units of rice and 2 units of raisins, the consumer's total utility will be O 4 utils 8 Marginal Utility of raisins 8 7 6 5 4 3 2 1