Graphs of a consumer's indifference map and budget lines and possible demandcurves:3002513010015106001,0001,5004006001,0001,500The price of Y is $50.If the price of X is $10, what combination of X and Ywill a utility-maximizingconsumer choose?400X, 100Y800X, 130Y850X, 130YO 1,000X, 100 Ynone of the above

The indifference Curve refers to the curve which shows all the combinations of two goods that give…

Answered: Graphs of a consumer's indifference map…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Rubyhas just finished her economics exam and must decide whether to spend two hours going to the beauty parlour, having a couple of pizzas, or going to a movie. She can do one, all, or any two of these things. The question is, what should she do? The marginal utility of the beauty parlour serviceis 36 utils and the price is $6. The marginal utility of the two pizzasis 24 utils and the price is $4 for two pizzas. The marginal utility of going to the movie is 40 utils and the price is $10. Ruby's marginal utility of a dollar is 5 utils per dollar.
The following table reflects the utility one receives from consuming a given product. Units Consumed Total Utility (TU) Marginal Utility (MU) 0 0 ------- 1 60 60 2 ____ 50 3 150 ____ 4 175 ____ 5 ____ 20 6 210 ____ Complete the table solving for the missing total utility or marginal utility values in each row. Total utility increases throughout the table. What rate does total utility increase? In other words, is it rising at an increasing rate, a…
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
through 6. Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 Answer here 1 Total utility of swimming 40 22666 72 76 76 Jenny spends an average of $3 each hour she plays video games. What is her marginal utility per dollar for the second half hour?
How can else increase marginal utility and therefore the consumer demand curve?
The marginal utility for shoes and coffee is given below for five individuals. A pair of shoes costs $2, and a cup of coffee costs $1. Which of these consumers are optimizing over their choices? Explain For those who are not, how should they adjust their spending? Explain “Pasta is Miguel’s favorite meal therefore the law of diminishing marginal utility does not apply”. Do you agree with this statement? It is known that the indifference curve is convex. What does this tell you about the relationship between the goods? The income effect and the substitution effect work in the same direction for a normal good. Explain how this differs for an inferior good.
The table shows the total utility (TU) that James receives from consuming different amounts of two goods X and Y, per month. Quantity TUx MUx MUx/Px TUy MUy MUy/Py 0 0 0 0 0 0 0 1 50 50 16.67 75 75 25.00 2 88 38 12.67 117 42 14.00 3 121 33 11.00 153 36 12.00 4 150 29 9.67 181 28 9.33 5 175 25 8.33 206 25 8.33 6 196 21 7.00 225 19 6.33 7 214 18 6.00 243 18 6.00 8 229 15 5.00 260 17 5.67 9 241 12 4.00 276 16 5.33 d.How much total utility will James experience by buying the utility-maximizing combination? e.Suppose the price of good Y increases to $6. How many units of X and Y will he buy to maximize his utility now?
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Page of 3 > Due November 1, 2 Press Esc to exit full screen A. Jack enjoys a cup of cappuccino every morning, which is made with equal parts of steamed milk (m) and espresso(e). Suppose Jack's utility function U(m, e) = min(m, e). Graph Jack's indifference curves when U = 4 and U = 8. B. Leslie buys 2 goods: z and y. His utility function is U(z,y) = 5x+3y. 1. Plot this consumer's indifference curves when U = 15 and U = 20. What is the shape of Leslie's indifference curves? 3. For Leslie, how are these two goods related? C. Leslie's friend Tim has a different utility function for the same goods U(x, y) = √zy. 1. Plot this consumer's indifference curves when U = 15 and Ū = 20. 2. What is the shape of Tim's indifference curves? D. A consumer's utility function for goods 2 and y is U(z,y) = x+2y. 2. 1. Calculate the consumer's marginal utility for each good at (2,2) (Hint: marginal utility represents the amount of utility the consumer gains by consuming one more unit of this good. You can…
Fill in the blanks in the table below Quantity of Total Hamburgers Utility Marginal Utility per Week Hamburgers Hamburgers 1 40 60 76 2 3 4 5 6 91 NSS 40 16 10 Quantity of Movies per Week 2 3 4 5 6 Total Utility Movies OC. 25 400 700 850 950 1,025 Marginal Utility Movies 400 300 O 100 50 25 Assume the price of a hamburger is $2 and the price of a movie is $5, and the consumer's income is $29 If the consumer is in equilibrium, what is the marginal utildy per last dollar spent on movies and hamburgers? OA. 10 OB. 20 OD. 50

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