Marginal Utility 65432 6 7 Qx 2 3 4 5 -2 Refer to the diagram. The total utility yielded by 3 unit(s) of X is Multiple Choice 15. 18. O 4. 10.
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- Take Jeremys total utility information in Exercise 6.1, and use the marginal utility approach to confirm the choice of phone minutes and round trips that maximize Jeremys utility.I need help with the attachedRefer to the accompanying figure. The marginal utility of the 6th pizza is: Total Utility 105 100 90 75 55 30 1 Multiple Choice O95 100 51 2 3 4 Quantity (pizzas/week) 5 9 7
- The relationship between the marginal utility that George gets from eating a bag of cookies and the number of bags he eats per month is as follows: Bags of Cookies 1 2 3 4 S 6 Marginal Utility 20 16 12 8 4 0 George receives 2 units of utility from the last dollar spent on each of the other goods he consumes. If cookies cost $4 per bag, how many bags of cookies will he consume per month if he maximizes utility? Add your answer Integer, decimal, or E notation allowed Question 10 If the utility function for the consumer is: U= min{10 x1, 50 x2} P₁= 4, P₂-6 and 1-2,000 What is the optimal amount of x₁? 10 PointsIf at a quantity consumed of 1 unit, total utility equals 25 and marginal utility equals 25, and at a quantity consumed of 2 units, total utility is unknown and marginal utility is 20, and at a quantity consumed of 3 units, total utility is 57 and marginal utility is unknown, what is marginal utility of the third unit?todd is a cattle rancher in june and july he spent his clothing budget on jeans and cowboy hats. each pair of jeans cost $56 and each hat cost $41. At Todd's optimal choice, his marginal utility from the last pair of jeans purchased is 592. This means that his marginal utility from the last cowboy hat purchased is: Round the final answer to the whole number
- John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke or does he show increasing marginal utility for Coke? Suppose that John has $3 in his pocket. If Cokes cost $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke, too? What about the third dollar? If John’s marginal utility for Coke keeps on increasing no matter how many Cokes he drinks, would it be fair to say that he is addicted to Coke? *use tables and/or graphs if possible, please original workThe marginal utility of the 8th can of beer isRefer to the table below, which presents information on the total utility Alice derives (expressed in utils) from consuming different amounts of ice cream. Scoops of ice cream Total utility (utils) 1 10 2 18 3 28 4 38 5 46 FI Calculate the marginal utility of the 4th scoop of ice cream. Express your answer without units (e.g., if your answer is "20 utils", type "20" in the answer box). Type your answer... 2 W == F2 3 E 80 F3 JAN 5 $ 4 DOO 000 F4 R % 5 T F5 as 6 MacBook Air F6 Y & 7 F7 tv NA U ► 11 8 F8 ( 9 F9 O 1 O W F10 Aa P zoom F11 * Next NA F12
- 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. increaseThe table below shows the utility schedule for a consumer of candy bars. Candy Bars Consumed 0 1 2 3 4 5 6 7 Total Utility 0 5 9 12 14 15 15 13 Based on the data in the above table you can conclude that the Multiple Choice O total utility of 2 units is 4 utils. marginal utility of the fourth unit is 14 utils. marginal utility of the third unit is 4 utils. marginal utility of the sixth unit is O utils.Answer orange
