(Table) In the table, assume that a consumer has a budget of $75. Movies cost $15 per movie (with popcorn), and dinner costs $15 per dinner. Utility will be maximized by buyingHint: You will need to create a few extra columns to solvePrice Movie = $15.00Price Dinner = $15.00Movies per Total UtilitymonthEating out Total Utilityper month51355041252901101252904155155175O A. 2 movies /3 dinnersO B. 1 movie / 4 dinnersO C.4 movies / 1 dinners.O D.3 movies /2 dinnersO E. there is no combination of goods that maximize utilityMoving to another question will save this response.Question 1 of 75PrivTerrMacBook Pro吕0DIIDDescF4F5F6F7F8F9F10F11F12F1F2F3%2324&124578.{QWERYtabDFGつKcaps lockP# 3

Utility is the want satisfying power of a commodity. It refers to the number of units consumed by an individual to attain maximum satisfaction. Utility is measured as total utility and marginal utility. Total utility is sum of all the units consumed by the individual or group to attain maximum satisfaction, i.e., TU. Marginal utility is the the additional unit consumed by the individual to reach maximum satisfaction, i.e., MU. Given in the question : Budget = $75 Price of the movie = $15 Price of dinner = $15 The tables represents the Total Utility received with every unit and to find the maximum utility received we need to calculate the marginal utility of both the table, as follow: Maximum Utility is achieved when the Total utility and maximum and marginal utility is zero. As seen , in neither of the tables MU is reaching zero. Therefore, there is no combination of TU an NU for the between movies and eating outside which can reach mazimum satisfaction thus providing Maximum Utility. CONCLUSION: The answer is: Option E: There is no combination of goods that maximize utility.

Business

Economics

(Table) In the table, assume that a consumer has a budget of $75. Movies cost $15 per movie (with popcorn), and dinner costs $15 per dinner. Utility will be maximized by buying Hint: You will need to create a few extra columns to solve Price Movie = $15,00 Price Dinner = $15.00 Movies per Total Utility month Eating out Total Utility per month 135 1. 50 4. 125 2. 90 110 3. 125 90 155 55 175 OA. 2 movies /3 dinners O B. 1 movie / 4 dinners O C.4 movies/1 dinners. O D.3 movies /2 dinners O E, there is no combination of goods that maximize utility A Moving to another question will save this response. Question 1 of 75

(Table) In the table, assume that a consumer has a budget of $75. Movies cost $15 per movie (with popcorn), and dinner costs $15 per dinner. Utility will be maximized by buying Hint: You will need to create a few extra columns to solve Price Movie = $15,00 Price Dinner = $15.00 Movies per Total Utility month Eating out Total Utility per month 135 1. 50 4. 125 2. 90 110 3. 125 90 155 55 175 OA. 2 movies /3 dinners O B. 1 movie / 4 dinners O C.4 movies/1 dinners. O D.3 movies /2 dinners O E, there is no combination of goods that maximize utility A Moving to another question will save this response. Question 1 of 75

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

15. Answer the following questions based on the table. a) Complete the given table. b) Draw the total and marginal utility curves from the complete table. c) Show the relationship between total and marginal utility curves. Units of goods Total Utility(TU) Marginal Utility (MU) 1 5 2 9 3 12 4 14 5 15 6. 15 7 14
Quantity of Hot Marginal Utility from Cocoa Hot Cocoa 1 2 3 4 5 4 8 2 8 7 16 Utility of Hot Cocoa and Donuts. 5 4 1 2 3 4 5 Quantity of Marginal Utility from Donuts Donuts The price of hot cocoa is $2 and the price of a donut is $1. What is the marginal utility per dollar for two donuts? 10 8 6 3
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
through 6. Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 Answer here 1 Total utility of swimming 40 22666 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?
Suppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $4.00 and $2.00 respectively. What is the marginal utility per dollar spent for the fourth burger?
1. Carefully explain how consumers maximize utility of all the products they could possibly purchase.
4.
ECON Questions 5, 6, 7, and 8 How to solve and answer these economics questions showed in the screenshot?
The table shows the total utility (TU) that James receives from consuming different amounts of two goods X and Y, per month. Quantity TUx MUx MUx/Px TUy MUy MUy/Py 0 0 0 0 0 0 0 1 50 50 16.67 75 75 25.00 2 88 38 12.67 117 42 14.00 3 121 33 11.00 153 36 12.00 4 150 29 9.67 181 28 9.33 5 175 25 8.33 206 25 8.33 6 196 21 7.00 225 19 6.33 7 214 18 6.00 243 18 6.00 8 229 15 5.00 260 17 5.67 9 241 12 4.00 276 16 5.33 d.How much total utility will James experience by buying the utility-maximizing combination? e.Suppose the price of good Y increases to $6. How many units of X and Y will he buy to maximize his utility now?
Calculate marginal utility and marginal utility per dollar for the data provided in the table below: (round to two decimal places) The Price of wine is 4 The Price of Cheese is 0.58 The Consumer's budget for wine and Cheese is 14.91 GLASSES (WINE) (WINE) WEDGES (CHEESE) TOTAL UTILITY OF WINE TOTAL UTILITY (WINE) MARGINAL UTILITY/dollar MARGINAL UTILITY OF CHEESE 1 60 15 Number Number 144 2 45 55 Number 199 56 Number Number 4 252 65 51 Number 5 303 73 The Quantity of Wine this consumer would buy to maximize utility is: Number The Quantity of Cheese this consumer would buy to maximize utility is: Number What is the consumer's Total Utility when optimized: Number 2 3 3 A 5 (CHEESE) MARGINAL UTILITY Number 11 Number 8 (CHEESE) MARGINAL UTILITY/dollar Number Number Number Number
Q4-From the blow table discuss the following with the help of graph. a) Trend of total utility b) Trend of marginal utility c) Law of diminishing marginal utility Units of X Total Utility Marginal Utility 1 10 10 2 18 8 3 24 6 4 28 4 5 30 2 6 30 0 7 28 -2