Suppose the seventh carrot you consume provides a marginal utility of 1 util andafter eating the eighth carrot, you would have a total of 5 utils. If you consumethe eighth carrot your marginal utility willO decrease by 4O increase by 4decrease by 1increase by 1O not enough information to determine the answer.

Utility refers to the amount of satisfaction received by a consumer from the consumption of a good…

Answered: Suppose the seventh carrot you consume…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What are the two conditions that are met if a consumer is maximizing utility?
Good X 10 IC 8 ICZ 10 12 Good Y The utility a person gets from consuming an additional unit of Good Y at point A is greater on IC1 vs. IC2. The utility a person gets from consuming an additional unit of Good Y at point A is greater on IC2 vs. IC1.
would you rather maximize your total utility or your marginal utility?
Question 15 Nadia says, "You would have to pay me L.E. 600 for me to be willing to attend that concert." For Nadia, the marginal utility of the concert is: positive, but declines rapidly. negative. zero. positive, but less than the ticket price.
Justin Barlow, a careful maximizer of utility, consumes only two goods, Krispy Kreme Doughnuts and coffee. He has just achieved the utility-maximizing solution in his consumption of the two goods when the price of Krispy Kreme Doughnuts falls by 50%. As he adjusts to this event, he will most likely * consume more of both Krispy Kreme Doughnuts and coffee consume less of both Krispy Kreme Doughnuts and coffee consume more Krispy Kreme Doughnuts and less coffee consume less Krispy Kreme Doughnuts and more coffee O consume the same amount of Krispy Kreme and coffee
Number of Units 1 23 4 5 6 Total Utility 40 80 140 182 222 230 Refer to the table. What is the marginal utility of the third unit?
What are the 4 forms of utility? And explain what each one is.
Positive marginal utility is when the marginal utility increases the total utility whereas negative marginal utility is when the consumption of an additional unit reduces the amount of the total utility. Is it true or false?
Explain the difference between marginal utility and total utility
Amy is currently spending all of her budget and she finds that the marginal utility per dollar from dresses is less than the marginal utility per dollar from hats. To maximize her utility, Amy should buy fewer dresses and hats. more hats and fewer dresses. more dresses and fewer hats. more dresses and hats. probably change her purchases but more information is needed to determine if she should buy more or fewer dresses and hats.
U(x, y) = xayb A consumer maximises utility subject to a budget constraint M = Pxx+Pyy Where px is the price of good x, py is the price of good y and M is the budget available. a. Derive an expression for the marginal utility of x. Under what condition is the marginal utility diminishing. b. Derive an expression for the marginal utility of y. Under what condition is the marginal utility diminishing.
Mylie's total utility from singing the same song over and over is 70 utils after one repetition, 110 utils after two repetitions, 140 utils after three repetitions, 160 utils after four repetitions, 120 utils after five repetitions, and 60 utils after six repetitions, as shown in the table below. a. Write down her marginal utility for each repetition. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Repetitions 0 1 2 3 4 5 6 Total Utility Marginal Utility 0 70 110 140 160 120 60 b. Once Mylie's total utility begins to decrease, does each additional singing of the song hurt more than the previous song or less than the previous song? O More than the previous song O Less than the previous song

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