The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $14.00, the price of popcom is $4.00, and the price of Coke is $3.00. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Quantity 1 2 3 Popcorn Marginal Utility 192 144 96 48 24 12 Madison should buy boxes of popcom and cans of Coke. (Enter your responses as integers.) 4 5 Coke Marginal Utility 144 108 72 36 18 9

The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $14.00, the price of popcom is $4.00, and the price of Coke is $3.00. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Quantity 1 2 3 Popcorn Marginal Utility 192 144 96 48 24 12 Madison should buy boxes of popcom and cans of Coke. (Enter your responses as integers.) 4 5 Coke Marginal Utility 144 108 72 36 18 9

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed in the attached table. If the tenants have the right to be free of loud music enforced through a property rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. Zero B. One C. Two D. Three E. It depends on transaction costs
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$ per unit 100.00- 90.00- 80.00 70.00- -00 09 50.00- 40.00- 30.00- 20.00- 10.00- 0 10 20 30 MR 40 50 Quantity OK 09 70 MC=ATC D 09 90 100
B9
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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. If the tenants have the right to be free of loud music enforced through aproperty rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. ZeroB. OneC. TwoD. ThreeE. It depends on transaction costs
Output TFC 0 $500 2 500 4 CO 00 6 8 10 500 500 500 500 TVC $0 200 340 590 1000 1650 TC $500 700 840 1090 1500 2150
e. 0 10 20 11 12 13 14 15 16 17 18 19 20 $160,000 ▼ $160,000 V
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