The following table shows Ellie's utility from consuming slices of pie and cans of 7 - Up. Slices of Pie 0 12345 6 Marginal Utility from Last Slice 120 100 80 60 40 20 Cans of 7-Up 0 1 7234 5 6 Marginal Utility from Last Can 120 60 45 30 20 15 Suppose Ellie has $6 per week to spend on pie and 7 - Up and that the price of a slice of pie is $1.00. 1.) Use the point drawing tool to plot Ellie's demand for 7-Up at a price of $2.00. Label this point 'A'. 2.) Use the point drawing tool to plot Ellie's demand for 7-Up at a price of $0.50. Label this point 'B'. 3.) Use the line drawing tool to connect the dots to form Ellie's demand curve. Properly label this line. Carefully follow the instructions above, and only draw the required objects. G Price of 7-Up 5- 4.5- 4- 3.5- 3- 2.5- 2- 1.5- 1- 0.5- 0- 0 1 2 4 Quantity of 7-Up 5

The following table shows Ellie's utility from consuming slices of pie and cans of 7 - Up. Slices of Pie 0 12345 6 Marginal Utility from Last Slice 120 100 80 60 40 20 Cans of 7-Up 0 1 7234 5 6 Marginal Utility from Last Can 120 60 45 30 20 15 Suppose Ellie has $6 per week to spend on pie and 7 - Up and that the price of a slice of pie is $1.00. 1.) Use the point drawing tool to plot Ellie's demand for 7-Up at a price of $2.00. Label this point 'A'. 2.) Use the point drawing tool to plot Ellie's demand for 7-Up at a price of $0.50. Label this point 'B'. 3.) Use the line drawing tool to connect the dots to form Ellie's demand curve. Properly label this line. Carefully follow the instructions above, and only draw the required objects. G Price of 7-Up 5- 4.5- 4- 3.5- 3- 2.5- 2- 1.5- 1- 0.5- 0- 0 1 2 4 Quantity of 7-Up 5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

Rohan’s current marginal utility from consuming peanuts is 100 utils per ounce and his marginal utility from consuming cashews is 200 utils per ounce. If peanuts cost $0.10 per ounce and cashews cost $0.50 per ounce, is Rohan maximizing his total utility from the kinds of nuts? Enter your responses as whole numbers. At the current level of peanut consumption, Rohan receives: utils per dollar.At the current level of cashew consumption, Rohan receives: utils per dollar.Therefore, Rohan maximizing his total utility because MUp/Pp is MUc/Pc.
am. 113.
The following table describes the utility that Greta gets from consuming Shiner Bock. Her marginal utility is maximized ___.
5. Jonas purchases only two goods, starfruit (S) and kiwi (K). He has an income of $60 and can buy starfruit at $2 per pound and kiwi at $3 per pound. His utility function is U(S,K)=3S+4K. That is, his (constant) marginal utility for starfruit is 3 and his marginal utility for kiwi is 4. What bundle of starfruit and kiwi should he purchase to maximize his utility? Why?
The table shows Jill’s utility schedule for pancakes and coffee # pancakes total utility from pancakes MU from last pancake # cups of coffee total utility from coffee MU from last cup of coffee 1 10 10 1 12 12 2 18 2 22 3 24 3 30 4 28 4 36 5 30 5 40 6 30 6 42 Suppose that the price of pancakes is $2/pancake, and the price of coffee is $2/cup. She has only $10 to spend on these two goods. What is her utility-maximizing bundle of pancakes and coffee? The table gives a utility schedule for Anton. Number of Doughnuts Total Utility 1 12 2 33 3 43 4 50 5 56 6 60 What important property does Anton's utility exhibit? Group of answer choices additive utility ignoring sunk cost rational optimization diminishing marginal utility
The table shows Jill’s utility schedule for pancakes and coffee # pancakes total utility from pancakes MU from last pancake # cups of coffee total utility from coffee MU from last cup of coffee 1 10 10 1 12 12 2 18 2 22 3 24 3 30 4 28 4 36 5 30 5 40 6 30 6 42 What is Jill’s marginal utility of consuming the 6th pancake? The table shows Jill’s utility schedule for pancakes and coffee # pancakes total utility from pancakes MU from last pancake # cups of coffee total utility from coffee MU from last cup of coffee 1 10 10 1 12 12 2 18 2 22 3 24 3 30 4 28 4 36 5 30 5 40 6 30 6 42 Suppose that the price of pancakes is…
Joe is currently in consumer equilibrium by consuming cheese and crackers, such that the last cracker consumed yielded 8 utils and the last piece of cheese consumed yielded 12 utils. Assume the price of crackers is two cents per cracker and the price of cheese is three cents per piece. If the price of crackers increases to four cents, Joe should his consumption of crackers and his marginal utility from crackers will and also his consumption of cheese and his marginal utility from cheese will (Assume he is in the downward sloping portion of the MU curve.) Ο Ο Ο decrease; increase; increase; decrease increase; increase; increase; increase increase; decrease; increase; decrease increase; increase; decrease; decrease
The following table shows Ellie's utility from consuming slices of cake and cans of 7- Up. 5- Marginal Utility from Last Slice Slices Cans Marginal Utility from Last Can 4.5- of of Cake 7- Up 4- - 120 100 1 120 3.5- 2 60 3- 80 45 4 60 4 30 2.5- 40 5 20 6. 20 6 15 2- Suppose Ellie has $3 per week to spend on cake and 7- Up and that the price of a slice of cake is $0.50. 1.5- 1- 1.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $0.50. Label this point 'A'. 0.5- 0- 2.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $1.00. Label this point 'B'. 2 3 4 Quantity of 7-Up 3.) Use the line drawing tool to connect the dots to form Ellie's demand curve. Properly label this line. Carefully follow the instructions above, and only draw the required objects. O -2 3 Price of 7-Up
ECON Questions 5, 6, 7, and 8 How to solve and answer these economics questions showed in the screenshot?
The table below shows Cedric's marginal utility for soda and cookies at each quantity. What is his total utility if he consumes 6 soda and 3 cookies? Quantity of Soda Marginal Utility Quantity of Cookies Marginal Utility 1 48 1 39 2 46 2 37 3 44 3 35 4 41 4 32 5 37 5 29 6 34 6 25 7 31 7 22 8 25 8 18 9 18 9 14 10 12 10 10 11 5 11 7 Group of answer choices 379 total utility units 66 total utility units 314 total utility units
Question 2
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?