Given the data in the below table, income of $13, a price of $1 for a gallon of gasoline and $2.00 for a pizza. (MU is marginal utility) Quantity of Gasoline MU of Gasoline MU of Gasoline per dollar Quantity of Pizza MU of Pizza MU of Pizza per dollar 1 35 35 1 30 15 2 25 - 2 18 - 3 16 - 3 17 - 4 10 - 4 10 - 5 5 - 5 8 - 6 4 - 6 7 -   a. Complete the table b. choose the quantity of gasoline and the quantity of pizza that will maximize the consumer's total utility. c. what is the marginal utility per dollar spent on the fifth hamburger?

Q: Price for X is $1 and Y is $2.  Budget is $9.            Good X                Good Y…

A: The utility maximizing level is given as MUx/Px= MUy/Py Good X   Good Y   Quantity MUx/Px…

Q: Complete the following table and answer the questions below: Units Consumed Total Utility Marginal…

A: Total utility  is the total amount of happiness a consumer derives from a good at any particular…

Q: Question 16 The following graph shows Sarah's budget line. Suppose the bus fare is $2.00. What is…

A: Opportunity cost is the cost that a person has of achieving or getting in place of the certain…

Q: alculate marginal utility and marginal utility per dollar for the data provided in the table below:…

A: Price of wine = 4Price of cheese= 0.95Budget= 16.73Marginal Utility: Change in Total utility the…

Q: The Law of Diminishing Utility: For example, I consume too many apples. Until I eat the fifth one, I…

A: The law of diminishing marginal utility basically refers that as consumption increases, the marginal…

Q: Question 34 Stephanos spends all of his $500 allowance on slices of pizza and gas for his pickup…

A: To calculate the percentage change in consumption of pizza.

Q: Quantity 1 2 3 4 5 Pizza Total utility 95 180 255 320 375 Quantity 1 2 3 4 5 CDs Total utility 170…

A: The information about the utility table is given below. PizzaCDQuantity Total Utility Quantity Total…

Q: Assume that a consumer has a given budget or income of $12 and that she can buy only two goods,…

A: Budget is the amount of income that a consumer has to spend on goods and services.

Q: Use the following table showing the marginal utility schedules for product X and product Y for an…

A: “Since you have posted multiple questions, we will provide the solution only to the specified…

Q: Give typing answer with explanation and conclusion  Suppose that a consumer's utility function is…

A: Given  Consumer utility function: U=x5y3z3 Here x is the consumption of mineral water, y is the…

Q: When the price of pizzas is $10, how many pizzas should Rachel buy? (Number of pizzas]

A: When the person consumes single good, he will be maximized his utility at the point where the price…

Q: 5. Product Choices You are trying to figure out what combination of Products A and B to buy, given…

A: The marginal utility refers to the change in the total utility when one additional unit of good is…

Q: Louise's utility over baskets of pounds of Kale (K) and heads of Lettuce (L) is U(K,L) = 50K¹/2L¹2.…

A:

Q: The table below gives you information about an individual's utility function. From this information,…

A: Marginal utility is the additional satisfaction or utility gained by consuming one more unit of an…

Q: In the chart below is it possible to calculate for the 4th order for sandwiches and Fries? If Yes,…

A: utility is defined as the satisfying power of a commodity or good. The concept is based on marginal…

Q: Suppose a consumer has an income of $120, the price of good X is $24 per unit and the price of good…

A: Total utility refers to the overall satisfaction or enjoyment that an individual derives from…

Q: Refer to Figure. If point C is the consumer's optimum and the price of chocolate chips is $4 per…

A: Intercept of the Budget Line: The intercepts refers to the point where the budget line intersects…

Q: 5. Maximizing Utility when Purchasing Two Goods A consumer has an income of $24. The only two goods…

A: Marginal utility is the willingness of a consumer to pay for an extra unit of a good. The consumer…

Q: Calculate the Marginal Utility then the MU/P to find Consumer Optimum. How many drink(s) and Big…

A: PLease check the step 2 for solution

Q: The table below shows the amount of total utility Cal gets from playing his favorite video game…

A: Marginal utility can be defined as the additional utility that a consumer would get by consuming…

Q: Holly will choose a combination of soda and water to buy. She has $12 to spend. Soda cost $3 and…

A:

Q: A consumer is trying to decide between purchasing one smoothie or one cappuccino. They get 30 utils…

A: In economics, the term "utility" refers  to define the value or worth of a product or service. More…

Q: 5) Given the data in the below table, income of $13, a price of $1 for a gallon of gasoline and…

A: Utility is the satisfaction that a consumer obtains after consumption of goods and service. It is…

Q: Quantity X TUx MUX MUX/Px Quantity Y TUy MUY MUy/PY 1 75 96 135 60 72 3 185 50 3. 234 66 4 230 45 A…

A: (c)

Q: Read the following news article and then based on the research reported in the news clip explain how…

A: Meaning of Utility Function: The term utility function refers to the total utility for a consumer…

Q: ос

A: Utility maximizing condition at given budget constraints Slope of Budget line= Slope of indifference…

Q: [Lecture on indirect utility function] 1. (a) What is the indirect function? What does it show? (b)…

A: The utility function of the individual for the goods shows the preference of the consumer. It can be…

Q: 5. Which is the consumer's demand curve for X in the following graph if the price of Y is $50. In…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If you…

Q: Slices of Pizza Total Utility 50 Marginal Utility 21 90 3\ 120 4. 5. 130 137 120 5) In the above…

A: Utility is the wants satisfying power of a commodity ,and  Marginal utility is when more or more…

Q: Suppose a trip to the theater costs $10, but gives 40 units of utility to a consumer. A trip to the…

A: Utility refers to the amount of satisfaction received by a consumer from the consumption of a good…

Q: Question 5 The following schedules show the amounts of additional satisfaction (marginal utility)…

A: Unit of X TU MU MU/$2 Unit of Y TU MU MU/$4 0 0     -     - 0 0    -    - 1 20 20-0 =20 20/2…

Q: Suppose that your utility from pens (x) and notebooks (y) is given by U=xy+10x Your income is 80$,…

A: The utility function refers to all those commodity bundles that derive the same amount of utility…

Q: 6. The table below presents Kent's marginal utility per dollar for books and pizzas. Books cost $16…

A: ANSWER     Let number of books purchased be x and number of pizzas purchased be y. According to equi…

Q: Multiple Choice 15. 10

A: Utility is a measure of the satisfaction derived from consuming some good or service. Marginal…

Q: Quantity of C Refer to the budget line shown in the diagram. Which of the following combinations of…

A: The budget constraint represents all the combinations of the goods and services that the consumer…

Q: 42.Jacob works while sipping mugs of green herbal tea. He does, however, know that after the fifth…

A: The answer is as follows:-

Q: Sarah has a budget of 58. Her utility function if U(x,y) = x*y. %3D The price of good x is 1, the…

A: Given: Budget = M=58 Price of good x = 1 Price of good y = 8 Budget constraint equation: Pxx+Pyy=M…

Q: With use of graphical illustration discuss the optimal consumption bundle of an consumer

A: The graph that depicts different combinations or bundles of consumption for two commodities or goods…

Q: Rafe is optimally choosing to consume 6 apples and 3 bananas. The prices of apples and bananas are…

A: As the first order condition for the utility maximization problem is :  MRS = Pa / Pb  As, Pa = 7…

Q: 3. Consider the following utility function: U = 5 x1 + 2 x2 Also consider the following bundles:…

A: Total utility:Total utility is the sum total of the utility or satisfaction that is derived from the…

Q: Imagine a hypothetical consumer is using all of their income on two goods, X and Y. The price of…

A: Given  Price of good X =$2 Price of good Y= $10 Additional units of utility from another unit of…

Q: Caleb has an income of $100 and a utility function u(x.y)-2x + 4y. Say that the price of x is $4 and…

A: The utility function denotes that good x and good y are perfect substitutes for Caleb. In the case…

Q: 5. The price of good x increases from 4 to 6. A consumer with an income of 120 buys 15 units of good…

A: Answer: Substitution effect: it shows the difference between quantity after the increase in price…

Q: None

A: To determine the utility-maximizing combination of goods A and B for this consumer, we need to…