Maria has $4.75 to spend on breakfast. Unfortunately, the snack bar in the building where she works has only three items: muffins a $0.75 each, soup at $1.00, and cappuccinos at $1.25 each, a) Given her total utility figures in table below, Complete the MU columns. Round your answers to whole numbers, Muffins Muffins Muffins MU per Soup Soup MU $ TU MU 126 192 240 279 297 Quantity TU 1 64 2 114 3 144 4 5 164 166 b) How should she allocate her budget? Muffin(s): Soup: [ Cappuccino(s): [ Soup MU Cappuccinos Cappuccinos Cappuccinos per $ MU MU per $ TU 76 136 166 176 181

Maria has $4.75 to spend on breakfast. Unfortunately, the snack bar in the building where she works has only three items: muffins a $0.75 each, soup at $1.00, and cappuccinos at $1.25 each, a) Given her total utility figures in table below, Complete the MU columns. Round your answers to whole numbers, Muffins Muffins Muffins MU per Soup Soup MU $ TU MU 126 192 240 279 297 Quantity TU 1 64 2 114 3 144 4 5 164 166 b) How should she allocate her budget? Muffin(s): Soup: [ Cappuccino(s): [ Soup MU Cappuccinos Cappuccinos Cappuccinos per $ MU MU per $ TU 76 136 166 176 181

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the figures to the right. Suppose that the individual currently consumes 5 digital apps. What happens to the person's total utility if they reduce their consumption to 4 units? Why does this fact imply that the marginal utility curve cuts through the horizontal axis of the lower figure between the fourth and fifth app consumed? Reducing consumption to 4 apps from 5 apps leaves total utility at utils in the upper , which is the figure. Hence, the marginal utility between these two quantities of apps equals value of the axis in the lower figure. Thus, the marginal utility curve crosses the axis of the lower figure between units 4 and 5. (Enter your responses as whole numbers.) Marginal Utility (utils per week) 6- 4- 22 Total Utility (utils + q r per week) 14- 12- 10- 20 ø Ø 18- 04 0 Downloaded Digital Apps Utilized per Week Downloaded Digital Apps Utilized per Week G Q
Marla has $7.00 to spend on breakfast. Unfortunately, the snack bar in the building where she works has only three Items: muffins at $2.00 each, soup at $1.00, and cappuccinos at $1.50 each. a) Given her total utility figures in table below, Complete the MU columns. Round your answers to whole numbers. Quantity 1 2 3 4 5 Muffins TU 65 125 155 165 170 Muffins MU b) How should she allocate her budget? Muffin(s) CA Soup: Muffins MU per $ Soup TU 60 100 130 150 152 Soup MU Soup MU per $ Cappuccinos TU 125 185 230 270 286 Cappuccinos MU Cappuccinos MU per $
The marginal utility for shoes and coffee is given below for five individuals. A pair of shoes costs $2, and a cup of coffee costs $1. Which of these consumers are optimizing over their choices? Explain For those who are not, how should they adjust their spending? Explain “Pasta is Miguel’s favorite meal therefore the law of diminishing marginal utility does not apply”. Do you agree with this statement? It is known that the indifference curve is convex. What does this tell you about the relationship between the goods? The income effect and the substitution effect work in the same direction for a normal good. Explain how this differs for an inferior good.
The table shows the total utility (TU) that James receives from consuming different amounts of two goods X and Y, per month. Quantity TUx MUx MUx/Px TUy MUy MUy/Py 0 0 0 0 0 0 0 1 50 50 16.67 75 75 25.00 2 88 38 12.67 117 42 14.00 3 121 33 11.00 153 36 12.00 4 150 29 9.67 181 28 9.33 5 175 25 8.33 206 25 8.33 6 196 21 7.00 225 19 6.33 7 214 18 6.00 243 18 6.00 8 229 15 5.00 260 17 5.67 9 241 12 4.00 276 16 5.33 d.How much total utility will James experience by buying the utility-maximizing combination? e.Suppose the price of good Y increases to $6. How many units of X and Y will he buy to maximize his utility now?
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