Question 3 This schedule relates to celebration of 25th birthday of Lovina, a student of Valley View University. She has only a purse of $38 for the celebration of the event given the prices of ice-cream and chocolate as $2 and 4 respectively. Quantity Total Utility Marginal Utility Total Utility Marginal Utility Chocolate Ice-cream Ice-cream Chocolate 1 18 30 2 32 56 3 44 78 4 54 96 5 62 110 6 68 118 7 72 124 a. Copy and complete the utility schedule 1 b. State mathematically the condition for attainment of maximum satisfaction by this student c. State the law of diminishing marginal utility

Question 3 This schedule relates to celebration of 25th birthday of Lovina, a student of Valley View University. She has only a purse of $38 for the celebration of the event given the prices of ice-cream and chocolate as $2 and 4 respectively. Quantity Total Utility Marginal Utility Total Utility Marginal Utility Chocolate Ice-cream Ice-cream Chocolate 1 18 30 2 32 56 3 44 78 4 54 96 5 62 110 6 68 118 7 72 124 a. Copy and complete the utility schedule 1 b. State mathematically the condition for attainment of maximum satisfaction by this student c. State the law of diminishing marginal utility

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Refer 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
6
through 6. Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 Answer here 1 Total utility of swimming 40 22666 72 76 76 Jenny spends an average of $3 each hour she plays video games. What is her marginal utility per dollar for the second half hour?
You have 6 hours to study for 2 exams tomorrow. The relationship between the time studying and test scores is shown below. Economics Psychology Hours 0 1 2 3 134 4 5 6 Score 55 3 70 70 63 76 81 85 88 Hours 0 1 2 3 4 5 6 Score 55 16 70 73 75 75 66 76 a. Use the rule for determining optimal purchases to decide how many hours you should study each subject. Treat each point on an exam like 1 unit of utility and assume you are equally interested in doing well in economics and psychology. You should study economics for hours and psychology for hours.
Question 16 The first slice of pizza yields Ali 18 units of utility and the second yields him an additional 12 units of utility. His total utility from three slices is 38 units of utility. The marginal utility of the third slice is: 26 units of utility. 8 units of utility. 38 units of utility. 6 units of utility.
Only typed answer and please don't use chat gpt and don't use table
Question 4 Explain the concept of utility, what its purpose is with regard to consumers and define the concepts cardinal utility, ordinal utility, marginal utility and total utility.
ECON Questions 5, 6, 7, and 8 How to solve and answer these economics questions showed in the screenshot?
example of Diminishing Marginal Utility and briefly explain why?
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
The table below shows Cedric's marginal utility for soda and cookies at each quantity. What is his total utility if he consumes 6 soda and 3 cookies? Quantity of Soda Marginal Utility Quantity of Cookies Marginal Utility 1 48 1 39 2 46 2 37 3 44 3 35 4 41 4 32 5 37 5 29 6 34 6 25 7 31 7 22 8 25 8 18 9 18 9 14 10 12 10 10 11 5 11 7 Group of answer choices 379 total utility units 66 total utility units 314 total utility units
Question 23 Assume Tom's utility for tacos is as follows: Tom's utility from consuming tacos # tacos Total Utility 1 35 2 47 3 57 4 63 5 65 What is the marginal utility Tom gets from eating the 3rd taco?