Kim has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs $3. The total utility from each of these activities is set out in the table below. What is Kim's total utility maximizing point? Movies Total Utility Yoga Classes Total Utility 10 10 40 75 105 130 160 3 4 1 13 14 5 16 17 18 O movies, 8 yoga classes 1 movie, 5 yoga classes 2 movies, 2 yoga classes 3 movies, O yoga classes 30 55 76 192 106 114 116 117

Kim has $24 per week in her entertainment budget. She splits her time between going to the movies and yoga classes. Each movie costs $8 while each yoga class costs $3. The total utility from each of these activities is set out in the table below. What is Kim's total utility maximizing point? Movies Total Utility Yoga Classes Total Utility 10 10 40 75 105 130 160 3 4 1 13 14 5 16 17 18 O movies, 8 yoga classes 1 movie, 5 yoga classes 2 movies, 2 yoga classes 3 movies, O yoga classes 30 55 76 192 106 114 116 117

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The table below shows the total utility from consuming different amounts of Grapefruits. Use the information below to calculate the Marginal Utility for each quantity. Quantity Total Utility 0 0 2 8 10 48 % 116 132 138 Marginal Utility 9-
The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $30.00, the price of popcorn is $6.00, and the price of Coke is $9.00. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Coke Marginal Utility 144 108 72 36 18 9 Quantity 2 3 4 5 6 Popcorn Marginal Utility 96 72 48 24 12 6 Madison should buy boxes of popcorn and cans of Coke. (Enter your responses as integers.)
Given Jon's marginal utility from consuming packets of potato chips in the table below, calculate his total utility for each quantity. Quantity 1 2 3 4 6 8 10 Total utility Marginal utility 55 40 27 19 16 8 7 6 2
Suppose the marginal utility for a $5 submarine sandwich is 100. In addition, the marginal utility for a $10 pizza is 250. Which of the following best explains what Jessica should do if she can afford to buy both but only wants one thing for dinner? O Buy the pizza, which has a higher marginal utility. Buy the pizza since the marginal utility per dollar spent is higher than that of the sub. Buy the submarine sandwich, which is cheaper. Buy the submarine sandwich since the marginal utility per dollar spent is less than that of the pizza.
Use the table below to answer the following questions. Windsurfing equipment rents for $10 per hour and snorkeling equipment rents for $5 per hour. Table 8.3.1 Hours Total Utility Total Utility per Month from Windsurfing from Snorkeling A. 0.64 B. 28.6 C. 44.4 D. zero 1 E. 1.55 23410 2 Consider Devon's total utility from snorkeling and windsurfing in Table 8.3.1. Suppose that Devon's total income rises from $35 to $55, ceteris paribus. Given that Devon changes his choice of windsurfing and snorkeling, what is his income elasticity for windsurfing? Select one: 3 5 60 110 150 180 200 20 38 53 64 70 O
None
How would I do this?
The following table shows the total utility that Antonio receives from consuming different number of apples per week. What is his marginal utility from consuming the second apple? Quantity of Apples 01234 Total Utility 0 20 34 44 50 34 14 44 06 10
Jesse has a budget of $16 to spend on either ice cream or cookies at the movie theater. A scoop of ice cream costs $4 while cookies costs $2. Use the table below to identify the utility maximizing quantity of ice cream and cookies given Jesse’s budget constraint. HINT: Use utility maximizing formula, MU1/P1 = MU2/P2 Ice cream (Quantity) Total Utility Cookies (Quantity) Total Utility 1 8 1 20 2 12 2 35 3 24 3 56 4 30 4 60 5 32 5 62 6 35 6 68 Group of answer choices 2 ice cream and 4 cookies 1 ice cream and 5 cookies 3 ice cream and 6 cookies
The tables show the utility Parker experienced from consuming varying quantities of waffles and pancakes. Assume that waffles cost $2.00 each, pancakes cost $1.00 each, and that Parker has $8.00 to spend on these two goods. Since Parker cannot afford more than four waffles or eight pancakes, the utility is given only for quantities smaller than these. Quantity of waffles Total utility of waffles Marginal utility of waffles 1 100 100 2 180 80 3 240 60 4 270 30 Quantity of pancakes Total utility of pancakes Marginal utility of pancakes 1 40 40 2 70 30 3 90 20 4 105 15 5 115 10 6 120 5 7 123 3 8 125 2 Given his budget constraint, determine what quantities of waffles and pancakes Parker will consume to maximize utility. quantity of waffles: waffleswaffles quantity of pancakes: pancakes
Refer to the following figure. Marginal Utility Marginal Utility (A) Avocados per week (C) Avocados per week Marginal Utility (B) Avocados per week Marginal Utility (D) Avocados per week Geri likes avocados; each additional avocado she consumes adds as much to her total utility as did the previous one. Which of the four graphs best represents Geri's marginal utility curve for avocados?
Tom has a budget of $44 per week that he can spend on Ramen and/or steak burritos. Each burrito costs $10 and each bowl of Ramen is $6. Using the table below, what combination of these two goods will maximize Tom’s utility given his budget constraint?