In the diagram to the right, we have five different combinations of movies and books. Combination A represents 2 movies and 3 books. Combination C represents more books (7) and the same number of movies (2). Points B, E, and F are other combinations with more movies, more books, or more of both. When compared to combination A, combination B satisfaction to the consumer. provides When compared to combination F, combination B provides satisfaction to the consumer. When compared to combination A, combination F provides satisfaction to the consumer. These conclusions are based on what assumption about preferences? Books 10- 9- 8- 7- 6- 4- 3- 2- 1- 0 C A 1 2 3 E 4 5 Movies F B 6 7 8 9
In the diagram to the right, we have five different combinations of movies and books. Combination A represents 2 movies and 3 books. Combination C represents more books (7) and the same number of movies (2). Points B, E, and F are other combinations with more movies, more books, or more of both. When compared to combination A, combination B satisfaction to the consumer. provides When compared to combination F, combination B provides satisfaction to the consumer. When compared to combination A, combination F provides satisfaction to the consumer. These conclusions are based on what assumption about preferences? Books 10- 9- 8- 7- 6- 4- 3- 2- 1- 0 C A 1 2 3 E 4 5 Movies F B 6 7 8 9
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![In the diagram to the right, we have five different
combinations of movies and books. Combination A
represents 2 movies and 3 books. Combination C
represents more books (7) and the same number of
movies (2). Points B, E, and F are other combinations with
more movies, more books, or more of both.
When compared to combination A, combination B
provides
satisfaction to the consumer.
When compared to combination F, combination B
provides
▼satisfaction to the consumer.
When compared to combination A, combination F
provides
satisfaction to the consumer.
These conclusions are based on what assumption about
preferences?
Books
10-
9-
8-
7-
6-
5-
4-
3-
2-
1₁
0-
0
1
C
A
2
3
E
4 5
Movies
F
B
6
7
-80
9](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc34931fe-87e4-4903-b50b-f793156ccfaa%2F247f578e-c1ea-4cd1-869a-95037182fbbb%2Fy0b212k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In the diagram to the right, we have five different
combinations of movies and books. Combination A
represents 2 movies and 3 books. Combination C
represents more books (7) and the same number of
movies (2). Points B, E, and F are other combinations with
more movies, more books, or more of both.
When compared to combination A, combination B
provides
satisfaction to the consumer.
When compared to combination F, combination B
provides
▼satisfaction to the consumer.
When compared to combination A, combination F
provides
satisfaction to the consumer.
These conclusions are based on what assumption about
preferences?
Books
10-
9-
8-
7-
6-
5-
4-
3-
2-
1₁
0-
0
1
C
A
2
3
E
4 5
Movies
F
B
6
7
-80
9
![A utility function is given as
U =
/MB
V
where B represents the quantity of books consumed
and M represents magazines. This utility is shown via
indifference curves in the diagram to the right.
The level of utility at point V is (round your answer to
one decimal place).
The marginal utility when moving from bundle T to bundle
Vis (round your answer to two decimal places).
Magazines (M)
50-
45-
40-
35-
30-
25-
20-
15+
10-
5-
0-
0
5
LC
T V
10 15 20 25 30 35
Books (B)
40](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc34931fe-87e4-4903-b50b-f793156ccfaa%2F247f578e-c1ea-4cd1-869a-95037182fbbb%2F4danvhm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A utility function is given as
U =
/MB
V
where B represents the quantity of books consumed
and M represents magazines. This utility is shown via
indifference curves in the diagram to the right.
The level of utility at point V is (round your answer to
one decimal place).
The marginal utility when moving from bundle T to bundle
Vis (round your answer to two decimal places).
Magazines (M)
50-
45-
40-
35-
30-
25-
20-
15+
10-
5-
0-
0
5
LC
T V
10 15 20 25 30 35
Books (B)
40
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