Quantity of D 10+ 8 6 4 2 02 4 6 8 10 Quantity of C Refer to the budget line shown in the diagram. Which of the following combinations of goods is unattainable for this consumer? O 1 unit of C and 8 units of D 8 units of C and 4units of D 6 units of C and 2 units of D 2 units of C and 6 units of D

Quantity of D 10+ 8 6 4 2 02 4 6 8 10 Quantity of C Refer to the budget line shown in the diagram. Which of the following combinations of goods is unattainable for this consumer? O 1 unit of C and 8 units of D 8 units of C and 4units of D 6 units of C and 2 units of D 2 units of C and 6 units of D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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. TOTAL AND MARGINAL UTILITY E UTILITY CALCULATIONS Reset Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 2 40 10 14 3 4 6 8 3 54 Quantity Consumed Marginal Utility 10 20 4 64 6. 10 70 4 6. -10 72 -20 -2 Quantity Consumed 70 Quantity Consumed -6 8 64 2. 4 6 8
Name: Maximizing Utility The following table shows represents the utility received by Sharon for cookies and pretzels. Fill in the missing data. Total Marginal Utility Utility # of pretzels # of Marginal Utility Utility Total cookies --- --- 1 20 1 12 2 10 2 8 3 5 3 4 4 4 5 32 5 20 28 -10 Use the above completed table to answer the folloiwng questions. If your budget is $ 5.00 and both cookies and pretxels cost $1.00 each, how many cookies and pretzels will you buy to maximize your utility? а. What will your total utility be?
stion 51 The following marginal utility data is for products X and Y. Assume that the prices of x and Y are 54 and $2 respectively and that the consumer's income is $18 wet ered d out of Units Marginal Units Marginal utility, Y of X utility, X of Y ove fiag 20 16 2 16 2. 14 3 12 3 12 4 8. 4 10 5. 8. 6 4. 6 Which of the following shows the price and quantity demanded of X? (A) (B) (C) (D) Qd P Qd Qd Qd P. $4 $4 2 $4 3 $4 3. 2 5. 2. 4 2 9. Select one: O a. column (B) O b. column (A) O c. column (C) O d. column (D)
Table A – Faris Daily Consumption Dozens of Oysters Total Utility Marginal Utility per Day 1 60 104 3 134 4 152 5 160 Number of Total Utility Marginal Utility Root Beers per Day 1 40 70 3 94 4 114 5 128 Refer to Table A shows Faris's consumption on the oysters and root beers per day for a total five days; i. Compute Faris's marginal utility of for consumption of dozens of oyster and number of root beers per day ii. At what units per day Faris's Diminishing Marginal Utility sets in for consumption of dozens of oyster and number root beers per day. iii. Please briefly explain why Faris will experience the Diminishing Marginal Utility as he consumes more unit of oysters and root beers.
As more of a good is consumed in a given period, its... total utility remains constant total utility decreases then increases O marginal utility decreases O marginal utility increases
26. Danny has $12 to spend on two goods: pies and soda. The price of a pie is $4, and the price of a can of soda is $2. To maximize his utility, Danny buys A) the combination that gives him equal total utility from pies and soda B) 2 pies and 2 cans of soda C) oniy sodas because they are iess expensive D) the combination that gives him the same marginai utility per doillar spent on pies as on soda
Pls answer quickly
5. The elasticity of substitution will be a lower number: (a) The less curved is the indifference curve (b) The more curved is the indifference curve (c) The greater the income elasticity of demand of the good on the horizontal axis (d) The greater the degree of substitutability between the two goods (e) If tastes are both homothetic and quasilinear
Consider the following chart. What is the marginal utility per the price for the fourth unit of Chicken Fajitas? The price of a Chicken Fajita is $10. Quantity of Chicken Fajitas (1) 0 2 3₂ 4 5 6 7 O a.) +14 utils per dollar O b.) 1.9 utils per dollar Oc.) +1.0 utils per dollar d.) +16 utils per dollar Total Utility (2) 0 25 48 67 81 89 90 83 Marginal Utility (3) 25 23 19 8 1 -7
Units of the Good 0 1 5678AWN2 3 4 Total Utility Total Utility of X of Y 0 0 620 1740 1120 3030 1500 3960 1820 4710 2080 5280 2300 5730 2460 6060 2580 6300 For the next 3 questions, assume that an individual consumes two goods X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods. The prices of X and Y are, respectively, $20 and $30. If the consumer buys the fourth unit of X the Marginal Utility per Dollar Spent on X is 16 I If the consumer has $210 to spend on X and Y, the utility-maximizing bundle is The minimum budget necessary to move to a higher equilibrium consumption of X and Y is $ unit(s) of X and unit(s) of Y.
If you were deciding which pizza place to eat at by comparing your enjoyment of pizza and price at two different restaurants, what would you be calculating? a. Marginal utility per dollar of pizza O b. Total Utility per slice of pizza Oc. Marginal Utility per slice of pizza Od. Diminishing Marginal Utility per slice of pizza
5. The price of good x increases from 4 to 6. A consumer with an income of 120 buys 15 units of good x before the change and 10 units after. If the same consumer kept their utility constant and minimized expenditure, they would buy 8 units of x after the price change. What are the total effect, substitution effect, and income effect?