The following table shows represent the utility received by Sharon for cookies and pretzels. Fill in the missing data 6:35a pilot.wright.eduJO>,Utility MaximizationWorksheetName:Maximizing UtilityThe following table shows represents the utility received by Sharon for cookies and pretzels.Fill in the missing data.Total MarginalUtility Utility# ofpretzels# ofTotalMarginalUtilitycookiesUtility201927264434528518624-10Use the above completed table to answer the folloiwng questions.If your budget is $ 5.00 and both cookies and pretxels cost $1.00 each,a.how many cookies and pretzels will you buy to maximize your utility?What will your total utility be?b.If your budget decreases to $3.00 and the prices of cookies and pretzelsdo not change, what combination of cookies and pretzels will maximizeyour utliity?What will your total utility be?If your budget remains at $3.00 but the price of pretzels increases to $2.00while the price of cookies stays at $1.00.What you will buy to maximize your utility?C.What willl your total utility be?II

Utility refers to the amount of satisfaction that a consumer receives from the consumption of goods…

Answered: The following table shows represent the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Suppose someone's budget is $780, and it is fully spent on buying Product A. The price of this product is $26. Calculate the price change of Product A if there is a 1.3 times increase in the quantity available to purchase. Enter your answer in the box below, use a minus sign to show a decrease in price, and round to the nearest whole number if necessary. 2. Consider the spending choices of the following consumer: Emily's income is spent on colas and orange sodas, as well as other goods. She considers colas to be a normal good and orange sodas to be a normal good. What will happen to Emily's purchases of these goods if her income decreases? Select the best answer. She will buy more colas and fewer orange sodas.She will buy fewer colas and fewer orange sodas.She will buy more colas and more orange sodas.She will buy fewer colas and more orange sodas. Is the following statement true or false? Select the best answer. The price ratio of coffee to cookies is 1.5, so the marginal utility…
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