Refer to Table 7-1. If the price of the product is $122, then the total consumer surplus is Table 7-1 Buyer Willingness To Pay Calvin $180.00 Sam $145.00 Andrew $130.00 Lori $110.00 Next ▸
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- Price per arginal Utility Fron Current Consumption Product Unit $ 10 20 20 30 The table shows the marginal utite derived trom curent consumpton leves of three new products. A B and C at are being sold in the maet at the prces isted The contumer can imniediately gan the most extra total utity by winching spending from Mnple Choce ANEThe rules of politics are not always the same as the rules of economics. In discussions of setting budgets for government agencies, there is a strategy called closing the Washington Monument. When an agency faces the unwelcome prospect of a budget cut, it may decide to close a high-visibility attraction enjoyed by many people (like the Washington Monument). Explain in terms of diminishing marginal utility why the Washington Monument strategy is So misleading. Hint: If you are really trying to make the best of a budget cut, should you cut the items in your budget with tile highest marginal utility or line lowest marginal utility? Does the Washington Monument strategy cut the items with the highest marginal utility or line lowest marginal utility?A friend of yours is off to Paris to eat croissants at Laduree on Rue Royale Croissants Total value. EFTIRER ALLEZ MITS 1 2 3 4 3. Why does she eat more at lower prices? 5 6 7 8 2. How many will she eat at $10? How many at $4? $10.00 $18.50 $25.50 $31.00 $35.00 $37.50 $38.50 $38.00 1. What happens to her total happiness when she eats each additional croissant? Is it increasing/decreasing at an increasing/decreasing rate? Marginal Value
- You have an 8:30 class this morning but you are feeling extremely tired. How do you decide whether toget some extra sleep or go to class?Mike has a decreasing marginal uity of income We know that Mike's income in greater than S10, but we de not know his exact inome Adam offers Mika the folloeing bet Adam wil throw a fair coin (that is, heads and tals have equal probatilty) a heada. Mke pays Adam $10. ta Adam pays Mke S10 What can we conclude from this infonmation? O Mike will reject the bet only it his income is high emought Ob. Mike will reject the bet, independently of how high his income is Oc Mke wil accept the bet independently of how high his income is Od Mke will accept the bet only if his income is high enought O Mka will always be indiferent between accepting and rejecting the betFigure 4.2 P3 P2 P1 A C Q Q2 Q3 Q4 Qs Qs Q7 Refer to Figure 4.2. The demand curve A indicates that O the smallcst price change will cause consumcrs to change their consumption by a large amount, O therc is no change in quantity demandcd as the price changes. consumcrs can purchase any quantity they want regardless of the price, Oithc smalcst price incrcasc wil.causc.consuners to switch to the producer with thc lowest
- What price ÅSsuming do you line and budget that understand by line? Consumer has income of $180, which monthly he Spends Good' X on two commodities and Grood Y. The price l07 Good $13 and price of the is $24. What would ' be Combinations of Crood X is Various Good Y this combinations line regard? and in and write draw various budget according ly?Explain, Why is the marginal utility curve declining with incresed consumpition of burgers?None
- goods, XandY per of good X is N$4 and the price of good Vis No10 Harrys unlity funchon is UCX,)==XY. Harry consumes 2 and he spend's Npbo month The price Find The values of gocal X and Y maximizes Harcys unly illustruate Hary's utlty maximizing.combinason clearly labelled on a graph. Suppose llustrate Harrys price & spod X increased to Ngb effects income and substitution ef the anel laballed graph.Would you expect total utility to rise or fall with additional consumption of a good? Why?I need help quickly