The following table shows the total utility that Antonio receives from consuming differentnumber of apples per week. What is his marginal utility from consuming the second apple?Quantity ofApples01234TotalUtility0203444503414440610

Marginal utility is the extra utility received from purchasing one extra unit. Marginal utility of…

Answered: The following table shows the total…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.
Question 5 The following schedules show the amounts of additional satisfaction (marginal utility) that a consumer derives from successive quantities of products X and Y, if this consumer has an income of $18 and the prices of X and Y are $2 and $4 respectively Units of X TUMU MU /SUnits of Y TUMUMU /S 00 20 48 38 2 88 120 144 160 168 172 3 54 3 4 68 4 5 80 90 6 7 98 7 FIND: 1- The consumer maximize utility by purchasing If the consumer income changed to $26 -2
Find the missing marginal utility: Quantity 3 8 12 Total Utility 30 55 67 Marginal Utility 10 4 5.6 12
The table below shows the total utility from consuming different amounts of Grapefruits. Use the information below to calculate the Marginal Utility for each quantity. Quantity Total Utility 0 0 2 8 10 48 % 116 132 138 Marginal Utility 9-
The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $30.00, the price of popcorn is $6.00, and the price of Coke is $9.00. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Coke Marginal Utility 144 108 72 36 18 9 Quantity 2 3 4 5 6 Popcorn Marginal Utility 96 72 48 24 12 6 Madison should buy boxes of popcorn and cans of Coke. (Enter your responses as integers.)
Consider a consumer that consumes 2 teaspoons of sugar with each cup of coffee. For each cup of coffee with sugar the consumer gains 10 utils. a)Write down the utility function that gives the total utility if the consumer consumes S teaspoons of sugar and C cups of coffee. The consumer has assigned £7 per week to be spent on drinking coffee with sugar. The current price of coffee is £0.50 per cup and each spoon of sugar costs £0.10. b)Calculate the optimal weekly consumption bundle for this consumer. c)Does the consumer view C and S as complements or substitutes?
Complete the following table. Instructions: Enter your answer for total utility as a whole number and your answer for marginal utility rounded to one decimal place. Units Total Marginal Utility Consumed Utility 10 32 3.2 20 2.8 30 86 40 111 50 2.4 60 158
Number of Units 1 23 4 5 6 Total Utility 40 80 140 182 222 230 Refer to the table. What is the marginal utility of the third unit?
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Tom has a budget of $44 per week that he can spend on Ramen and/or steak burritos. Each burrito costs $10 and each bowl of Ramen is $6. Using the table below, what combination of these two goods will maximize Tom’s utility given his budget constraint?
. TOTAL AND MARGINAL UTILITY E UTILITY CALCULATIONS Reset Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 2 40 10 14 3 4 6 8 3 54 Quantity Consumed Marginal Utility 10 20 4 64 6. 10 70 4 6. -10 72 -20 -2 Quantity Consumed 70 Quantity Consumed -6 8 64 2. 4 6 8
If this good is available for $0 (a free good), what is the maximum amount an individual would consume? _____ units. What is the marginal utility of this last unit? 0 untils.

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The following table shows the total utility that Antonio receives from consuming different number of apples per week. What is his marginal utility from consuming the second apple? Quantity of Apples 01234 Total Utility 0 20 34 44 50 34 14 44 06 10