Suppose Monty has $60 to spend on treats (x) and toys (y). The price of toys is p, = $2 and the price of treats is p, = $1. Monty's utity functon for toys and treats is uộx y)=2. Answer the following questons about Monty's deduthatduanddy1) The equation for Monty's budget constraint can be written asO A.30-zx=yOC. Bx+ 10y = 300OD. All other choices are correct2) Suppose Monty consumes x=16 and ym4. Monty's marginal utility for x at thes90 values is MU, = OMonty's marginal utility fr y at these values is MU, =0

Given that Monty's utility function is ux,y=2xy ................(1) Marginal utility from good…

Suppose Monty has 860 to spend on treats () and toys (9). The price of toys is p, -$2 and the price of treats is p, -S1. Monty's utity functon for toys and treats is upx y)=2. Answer the followng questons about Mont/'s that - ana - 1) The equation for Montys budget constraint can be written as OA. 30-x=y OC. B + 10y = 300 OD. All other choices are correct 2) Suppose Monty consumes x16 and ym4. Monty's marginal utity for x at theso values is MU,O Monty's marginal utility fr y at these values is MU, =0

Suppose Monty has 860 to spend on treats () and toys (9). The price of toys is p, -$2 and the price of treats is p, -S1. Monty's utity functon for toys and treats is upx y)=2. Answer the followng questons about Mont/'s that - ana - 1) The equation for Montys budget constraint can be written as OA. 30-x=y OC. B + 10y = 300 OD. All other choices are correct 2) Suppose Monty consumes x16 and ym4. Monty's marginal utity for x at theso values is MU,O Monty's marginal utility fr y at these values is MU, =0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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14
QUESTION 9 Refer to the information provided in Figure 6.5 below to answer the question(s) that follow. Molly's montly budget constraint Number of CDs per month 0 F Number of DVDs per month Figure 6.5 Refer to Figure 6.5. Molly's budget constraint is EF. If her income decreases and the price of CDs increases, her new budget constraint could be O CD. BD. O AD. O Both BD and AD are correct.
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The following graph lustrates the combination of apples and oranges (point A) that maximizes Yolanda's total utility, given her budget. Suppose the price of oranges doubles, while the price of apples and Yolanda's income both stay the same. 55 Use the line drawing tool to drawa new budget constraint to reflect the increase in the price of oranges. Label this line BC 50 45- Recal the assumptions regarding consumer preferences listed at the beginning of the appendix 40 35 8 30 Assume that consumers are able to rank difforent combinations of goods and services in terms of how much utility they provide. Also, assume that the consumer's preferences are transitive. A 25 20- IC Use the three point drawing tool to draw a new indifference curve to refiect the new optimal combination of goods apples and oranges now that the price of oranges has doubled. Label this line 1C 15- 10- Carefully follow the instructions above, and only draw the required objects. 19 s 20 2 30 3s 40 45 so 5s 60 Quantity…
If Porsha view 3 glasses of juice as a perfect substitute for one cup of soda and vice versa, what is her marginal rate of substitution between juice and soda?
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. Matilda is downloading music and videos from an online site. She is currently buying three music downloads that cost $3 each and two video downloads that also cost $3 each. The table below indicates what she reports as the marginal utility of the last music download and of the last video download in this combination of purchases. Quantity Price per Download MU per download Music downloads 3 $3 60 Video downloads 2 $3 45 As an assignment for her Microeconomics course, Matilda used the marginal utilities that she gave to her 3rd music download and her 2nd video download to complete the Experiment Tally Sheet below. Her available budget was $19.00. Downloads of mu (score) from 1 to 100 Price of each $3.00 Money spent on Downloads of mu (score) from 1 to 100 Price of each $3.00 Money spent on Total Money Total Budget music mu mu/$ music videos mu mu/$ videos Spent Remaining 1st ? ?…