Suppose there are two options for dining outin Pleasanton; Gios Pizza and Taco Jalisco. If you have a dining out budget of $180/month and a dinner at Gios Pizza costs $15 and $20 at Taco Jalisco, depict your dining budget constraint. In your graph, depict a change in the budget constraint that occurs if the cost of Gios Pizza increases to $18 per dinner.
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- Consider the following table, which listsJames’s marginal utility schedule for steak andhamburger meals: Given a budget of $45, how many steak and hamburgermeals will James buy per month to maximizehis total utility? What is the total utilityrealized?7. Bob receives utility from days spent traveling on vacation domestically (D) and daysspent traveling in a foreign country (F) as given by the utilityU(D; F) = DFThe price of a day spent traveling domestically is 160 pounds and in a foreigncountry 200 pounds. Bobís annual budget for traveling is 8000 pounds. (a) Find Bobís utility maximising choice of days traveling domestically and of daystravelling in a foreign country. Find also his utility level from consuming thatbundle. Suppose that the price of domestic traveling increases to 250 pounds per day.Denoting his budget for traveling x, (suppose by now that it is unknown) findthe demand for D and F under the new prices as a function of x.The table shows the marginal benefit that Marcus derives by consuming different quantities of hotdog and soda. The price of a hotdog is $3, and the price of a soda is $1. Soda Marginal Benefits ($) Marginal Benefits ($) 10 ITT 8 6 4 2 1 0.6 What is the optimal combination of Soda and Hotdog for Marcus, if his weekly budget for hotdog and soda is $14? Quantity 2 3 4 5 6 O A. 2 sodas, and 4 hotdogs O B. 3 sodas, and 3 hotdogs O C. 5 sodas, and 3 hotdogs O D. 6 sodas, and 5 hotdogs Hotdog 18 12 6 3 1
- alex has a budget of $100 a month for a movie tickets and restaurant meals. A movie ticket will cost $10 and a restaurant meal costs $20. which of the following combinqtions is part of alexs budget constraint?A penurious graduate student has a food budget of $100.00/week. To survive with sufficient energy to attend classes, he knows that he needs to consume 50 protein units per week. The only two foods he can stand to eat on a regular basis are beans and hamburger. He derives twice as ich pleasure per protein unit from eating hamburger as he does from beans. a. Assume that hamburger costs $3.00 per protein unit and beans cost $1.00 per protein unit. Formulate the student's diet problem as a linear program. (You can assume he wants to maximize his "total utility" from his diet and that he gets I utile from each protein unit of beans he consumes and 2 utiles from each pro- tein unit of hamburger.) What is the optimal consumption of beans and ham- burger in this case? b. Plot the student's price-response curve for beans as the price of beans goes from $0.01 to $2.00, assuming that everything else (including the price of hamburger) stays constant. Note that his individual price-response…Five consumers have the following marginal utility ofapples and pears:Marginal Utilityof ApplesMarginal Utilityof PearsClaire 6 12Phil 6 6Haley 6 3Alex 3 6Luke 3 12The price of an apple is $1, and the price of a pear is$2. Which, if any, of these consumers are optimizingtheir choices of fruit? For those who are not, howshould they change their spending?
- The table below demonstrates the total utility Terrence derives from eating differentquantities of plates of thanksgiving dinner. Calculate the marginal utility for each platethen graph the total utility and marginal utility (with total utility graph above the marginalutility graph – lining up the Qty).From the following information, Calculate Marginal Utility for 5th and 6th hour per day. Show workings.1. 2. Suppose Frank enjoys traveling and his utility is a function of the number of airplane trips he takes and the number of bus rides he takes. His utility function is given by U(b,p) = 3b0-4p0.8. A trip on a plane costs $400, a trip on the bus costs $50 and Frank has $3,000 to spend on travel. a. Draw Frank's budget line on a graph with bus trips on the vertical axis. b. Calculate AND INTERPRET the slope of Frank's budget line. c. Draw a representative indifference curve on your graph and provide a function that describes the slope of this indifference curve (i.e., find Frank's marginal rate of substitution). What is the INTERPRETATION of the marginal rate of substitution? d. What two conditions must be met in order for Frank to maximize his utility? e. What are the utility maximizing quantities of plane trips and bus trips for Frank? Given income of $1000, Px = 25 and Py = 40, find (1) a function for the MRS and (2) the utility maximizing consumption bundle for each of the…
- The relationship between the marginal utility that George gets from eating a bag of cookies and the number of bags he eats per month is as follows: Bags of Cookies 1 2 3 4 S 6 Marginal Utility 20 16 12 8 4 0 George receives 2 units of utility from the last dollar spent on each of the other goods he consumes. If cookies cost $4 per bag, how many bags of cookies will he consume per month if he maximizes utility? Add your answer Integer, decimal, or E notation allowed Question 10 If the utility function for the consumer is: U= min{10 x1, 50 x2} P₁= 4, P₂-6 and 1-2,000 What is the optimal amount of x₁? 10 Points10. Deriving demand from an indifference map Valerie lives in San Francisco and enjoys drinking lattes and eating scones. The price of a latte is held constant at $4 throughout this problem. On the following diagram, the purple curves (I and I2) represent two of Valerie's indifference curves. The lines BL₁ and BL2 show two budget lines. Points X and Y show Valerie's consumer equilibriums subject to these budget lines. QUANTITY OF LATTES 20 18 16 14 12 10 8 6 2 0 ہے + 0 2 + 4 BL 6 8 10 12 QUANTITY OF SCONES 14 BL₁ BL₂ BL 16 18 20 Given the previous graph and knowing the price of a latte is $4, Valerie's budget is Using the budget amount you previously computed, complete the following table by finding the price of a scone when BL₁ represents Valerie's budget line and when BL represents her budget line. Then indicate the quantity of scones consumed in each of those scenarios. Price When Valerie's budget line is... (Dollars per scone) Consumption (Scones) Given the price-quantity…Quarts of ice cream Total utility from ice cream 0 0 1 80 2 150 3 210 4 260 From the information in the above table, what is the marginal utility of the third quart of ice cream? A) 80 B) 70 C) 60 D) 230 Pizza Pepsi Slices per week Total utility Quantity per week Total utility 0 0 0 0 1 100 1 70 2 150 2 130 3 175 3 180 4 190 4 220 5 195 5 250 The table shows Elaine's utility from pizza and Pepsi. If Elaine consumes 2 slices of pizza and 3 Pepsis, her marginal utility from the fourth Pepsi is ________ units. A) 60 B) 54 C) 40 D) 220 Fritos Fruit drinks Quantity Total utility Quantity Total utility 0 0 0 0 1 40 1 50 2 75 2 95 3 105 3 135 4 130 4 170 5 150 5 200 6 165 6 225 The table above shows the…
