QUESTION 7 Based on your answer from the above question, what combination of Burgers and Pizzas presents the maximum utility, if your budget is only 105 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B IUS Paragraph Arial D V 10pt E A T. L

QUESTION 7 Based on your answer from the above question, what combination of Burgers and Pizzas presents the maximum utility, if your budget is only 105 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B IUS Paragraph Arial D V 10pt E A T. L

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 8RQ: Is it possible for total utility to increase while marginal utility diminishes? Explain.

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Mega Partner is selling two products Marker(m) and Eraser(e) and their budget is given with thefollowing equation: 15Qe+ 30Qm= 3000. Now answer the following questions. I. Draw the budget line for Mega PartnerII. What would be the highest amount spend on Marker with the existing budgetIII. If Total budget increases to 4500 what would be the new budget line (use diagram)IV. If Price of the Marker becomes 15, how this changes the existing budget line keeping allthe values remain same.
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Total utility (utils) 0 80 120 148 160 155 Quantity consumed per day 0 1 2 3 4 5 As shown in Exhibit above, the marginal utility for the second unit consumed is
e1
Graph the following dataQuantity marginal utility1 153 2 112 3 77 4 48 5 25 6 8 7 -3 8 -8
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Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 Total utility of swimming 40 62 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?
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Is it possible for total utility to increase while marginal utility diminishes? Explain.
Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a roundâ€”trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.