Linda loves buying shoes and going out to dance.20Her utility function for pairs of shoes, S, and the number of times she goes dancingper month, T, is:18-16-U(S, T) = 2ST14-It costs Linda $75 to buy a new pair of shoes or to spend an evening out dancing.Assume that she has $750 to spend on shoes and dancing.E 12-1.) Use the line drawing tool to draw Linda's budget line. Properly label this line.10-2.) Use the point drawing tool to locate Linda's optimal consumption bundle.Label this point 'R'.8-6-Carefully follow the instructions above, and only draw the required objects.4-What is Linda's marginal rate of substitution? - . (Enter your response as an2-integer. Note that the minus sign is already included.)1210Shoes (S)14 161820ReacttvMacBook Air80DIIDDF1F2F3F4F5F6F7F8F9F10F11@%232$&12789.QWTY{SFH.JKCVMくtioncommandcommandoptionどコDancing (T)Nレ Andy purchases only two goods, apples (a) and kumquats (k). He has an income of $1,000 and can buy apples at $10 per pound and kumquats at $10 per pouncutility function isU(a, k) = 4a + 3k.What is his marginal utility for apples and his marginal utility for kumquats?Andy's marginal utility for apples (MU) isMU, =and his marginal utility for kumquats (MU) isMU, =(Enter your responses as whole numbers.)What bundle of apples and kumquats should he purchase to maximize his utility?Andy should consume apples and kumquats. (Enter your responses as whole numbers.)ReacttvMacBook Air80DIDDF1F2F3F5F6F7F8F9F10@#3$%&12478.9QWEY{ASFGH.JCVMptioncommandcommandoption.. ..VB

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Answered: Linda loves buying shoes and going out…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Sean is arguing with his girlfriend, Yvette. They have been going out for a little more than two years. YVETTE: I'm leaving you, Sean. Get over it. SEAN: Are you saying that being single will make you happier than you've been with me? Speaking personally, I think the utility we've had in this relationship was much more than you could have had if you'd been single this whole time! YVETTE: I had taken an economics class and the word "utility" rings a bell. It's not that at all. We've had a fine time. It's that the utility I would get by continuing our relationship isn't worth it anymore. SEAN: I've never been dumped by someone citing the law of before. You're a piece of work, you know that? Yvette doesn't hear. She has already walked off, leaving Sean feeling like something of a sunk cost.
QUESTION 14 Refer to the information provided in Figure 6.15 below to answer the question that follows. Jason's preferences and budget constraint Number of sandwiches 150 0 B E A D C Number of hot dogs Figure 6.15 100 Refer to Figure 6.15. Why is Jason not maximizing his utility at point C? O He is not spending his entire budget. His marginal utility per dollar spent on the last sandwich is greater than his marginal utility per dollar spent on his last hot dog. His marginal utility per dollar spent on the last sandwich is less than his marginal utility per dollar spent on his last hot dog. O He is maximizing his utility at point C.
3. Consider the following utility function: U = 5 x1 + 2 x2 Also consider the following bundles: A=(6, 6) B=(8, 4) C=(4,11) D=(7, 9) E=(9, 3) If x1=20, how much of x2 does the consumer has to consume to obtain a utility level of 150? 50 300 170 25
48 aces How big would that budget have to be before he would spend a dollar buying a first cup of coffee? Instructions: Enter your answer as a whole number. here to search Suppose that Omar's marginal utility for each additional cup of coffee is 2.5 utils per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 10 for the first doughnut he eats, 9 for the second he eats, 8 for the third he eats, and so on (that is, declining by 1 util per additional doughnut). In addition, suppose that coffee costs $1 per cup, doughnuts cost $1 each, and Omar has a budget that he can spend only on doughnuts, coffee, or both. O Saved II Help 4 Saw
Pls help with thsi question Consider an Individual who buys films (F) and books (B) with the following utility function:?(?, ?) = 5? + 2?This individual also has the following incomes (m) and prices (pF and pB):? = $50, ?f= $5, ?b= $10Given the above:1) Draw the utility functions for utility levels of 10 and 20. Draw these with films on the x-axis and books on the y-axis. 2) What is the MRS for these utility functions? Assume that films remain on the x-axis andbooks remain on the y-axis. 3) What is the consumption bundle that delivers the highest level of utility that is alsoaffordable?
Greg has the following utility function: u=2057 20.43. He has an income of $96.00, and he faces these prices: (P1, P2) (9.00, 9.00). Suppose that the price of an increases by $1.00. Calculate the equivalent variation for this price change. =
typing clear pls i will give upvotes
If the prices for goods A & B are $5 & $12, respectively, and a customer has $200, which basket of goods (A, B) gives her the highest satisfaction that she can afford? (10, 10) We need her indifference curves (preferences) to know. (16,10) (10, 15) (15, 10)
Subpart 7 only
Alexi has a budget of $21 to spend on toaster and breads. He does not directly gain any utility from owining a toaster but for every slice of toasted bread he consumes he gain 2 units of utility, that is if he owns a toaster. Without the toaster, he gain 0 units of utility from consuming plain bread. Suppose the toaster has inferior quality and will break after toasting only 10 slices, then Alexi needs to buy a new one. The current market price for cheap toaster is $5 and the price for a single slice of bread is $1. Assume that Alexi aims to maximize consumer surplus. Find Alexi's income-consumption curve for slices of bread for incomes between $0 and $21, assuming a price of $1 per slice.
What is the total utility at 4 units and the marginal utility when Jenna goes from consuming three units to four units pears? Quantity Marginal Utility 1 35 2 25 3 15 4 10 5 0 6 -5 Group of answer choices Total utility = 85 ; Marginal Utility = 10 Total utility = 85 ; Marginal Utility = 15 Total utility = 75 ; Marginal Utility = 10
Only typed answer Oscar makes purchases of an existing product (X) such that the marginal utility of the last unit he consumes is 10 utils and the price is $5. He also tries a new product (Y) and the marginal utility of the last unit he consumes is 8 utils and the price is $1. The equal marginal principle suggests that Oscar should Multiple Choice increase his consumption of product X and decrease his consumption of product Y. increase

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