Participation Question 7: • A consumer derives utility from consuming integer units of Good X and Good Y. See the table below for a total utility level at different consumption levels. What is the marginal utility of the second unit of Good X when the consumption of Good Y is at 3? Total Utility 1 Good X 2 Good X 3 Good X 1 Good Y 1 8. 2 Good Y 5 8 10 3 Good Y 8. 10 11 A. 10 В. 5 С. 3 D. 2

Participation Question 7: • A consumer derives utility from consuming integer units of Good X and Good Y. See the table below for a total utility level at different consumption levels. What is the marginal utility of the second unit of Good X when the consumption of Good Y is at 3? Total Utility 1 Good X 2 Good X 3 Good X 1 Good Y 1 8. 2 Good Y 5 8 10 3 Good Y 8. 10 11 A. 10 В. 5 С. 3 D. 2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6) A consumer has to choose the optimal number of slices of pizza and bottles of water to purchase. Which of the following is not a necessary condition for his or her chosen consumption bundle to be optimal? OOO His or her budget constraint has to hold. Marginal utility (MU) on the two goods has to be the same. Marginal utility per dollar spent on the two goods has to be equal. The total he or she spends on slices of pizza plus the total he or she spends on bottles of water must be lower than or equal to the total amount he or she has allocated to spend on these two goods.
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
Suppose you are thirsty and you want to quench your thirst with water. You observe that the first mouthful of water you drink gives you the most satisfaction, but subsequent mouthfulls satisfy you less and less until you finally decide you have had enough water to quench your thirst. We are describing a phenomenon we named __________. A.decreasing consumption. B.marginal analysis. C.diminishing marginal utility. D.utility.
part B C D urgently
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9. Refer to the following table to ANSWER the following question: The marginal utility of the third soda is Units of Soda Consumed Total Utility (Utils per SodA. 1 35 2 60 3 80 4 90 5 90 6 75 7 50 8 20 Select one: A. 10 utils. B. 20 utils. C. 60 utils. D. 80 utils.
1. Suppose you consume two goods: x and y. Your marginal utility of x is 20 and your marginal utility of y is 24 at your utility-maximizing combination. The current price of x is $5. (a) What is the marginal rate of substitution at your utility-maximizing combination? (b) What is the price of y at your utility-maximizing combination?
Refer to the following table. Suppose strawberries cost $1 and apples cost $2. SHow all the formulas used and your calculations. What is marginal utility (MU) of the 3rd apple? What is marginal utility (MU) of 6th strawberry? What is the marginal utility per dollar spent on the 3th apple? What is the marginal utility per dollar spent on the 6th strawberry? Which of the combinations of strawberries and apples satisfies the following rule? How do you know?
6.
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Exhibit 1 Total Utility for Hamburgers, Fries, and CokesTotal Utility from Hamburgers Total Utility from Fries Total Utility from Coke 1 hamburger (100 utils) 1 order of fries (30 utils) 1 Coke (40 utils) 2 hamburgers (180 utils) 2 orders of fries (50 utils) 2 Cokes (60 utils) 3 hamburgers (240 utils) 3 orders of fries (60 utils) 3 Cokes (70 utils) 3- In Exhibit1 assume that the price of hamburgers is $2 each, fries cost 50 cents each, and Cokes cost $1 each. What is the marginal utility of having a second order of fries? In Exhibit 1, assume that the price of hamburgers is $2 each, fries cost 50 cents each, and Cokes cost $1 each. Suppose the consumer has $6 to spend on hamburgers, fries, and Cokes. Which of the following meals gives the consumer the mostutility? Given a…
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