Jacob is a Lego maniac, but he also likes Super Soaker squirt guns. The following table shows Jacob's total utility and marginal utility from Legos and squirt guns measured in utils: Quantity of Legos TU MU MU/P Quantity of Squirt Guns TU MU MU/P 0 0 0 0 1 25566 2345 20 20 1 50 50 37 17 2 75 25 50 13 3 90 15 60 10 4 100 10 5 5 102 2 a. Suppose the price of Legos is $5 per set and the price of a squirt gun is $8 per gun. Compute the marginal-utility-to-price ratios for Legos and squirt guns and enter these values in the table. b. How many sets of Legos and how many squirt guns will Jacob purchase if he has $26 to spend? Carefully explain how you arrived at your answer. c. Now suppose the price of Legos falls to $2.50 per set while the price of squirt guns stays the same. How many sets of Legos and how many squirt guns will he purchase? Show how you arrived at your answer. d. Draw Jacob's demand curve for Legos between the prices $5 per set and $2.50 per set. Why does it have a negative slop

Jacob is a Lego maniac, but he also likes Super Soaker squirt guns. The following table shows Jacob's total utility and marginal utility from Legos and squirt guns measured in utils: Quantity of Legos TU MU MU/P Quantity of Squirt Guns TU MU MU/P 0 0 0 0 1 25566 2345 20 20 1 50 50 37 17 2 75 25 50 13 3 90 15 60 10 4 100 10 5 5 102 2 a. Suppose the price of Legos is $5 per set and the price of a squirt gun is $8 per gun. Compute the marginal-utility-to-price ratios for Legos and squirt guns and enter these values in the table. b. How many sets of Legos and how many squirt guns will Jacob purchase if he has $26 to spend? Carefully explain how you arrived at your answer. c. Now suppose the price of Legos falls to $2.50 per set while the price of squirt guns stays the same. How many sets of Legos and how many squirt guns will he purchase? Show how you arrived at your answer. d. Draw Jacob's demand curve for Legos between the prices $5 per set and $2.50 per set. Why does it have a negative slop

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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