solve this correctly For Q4-6:The table below contains information about the total utility you gain from coffee you buy from a coffeeshop.Cups of CoffeeTotal Utility inS amount11.522.733.643.6524. Does this example exhibit the diminishing marginal utility principle? Explain.5. How many cups of coffee will you buy if the price of each cup is $1? Explain.6. At what price, would you buy three cups of coffee? Explain.

The TU {total utility} is described as the total satisfaction that a customer can derive from the…

The table below contains information about the total utility you gain from coffee you buy from a coffee shop. Total Utility in $ amount Cups of Coffee 1 1.5 2 2.7 3 3.6 4 3.6 2 4. Does this example exhibit the diminishing marginal utility principle? Explain. 5. How many cups of coffee will you buy if the price of each cup is $1? Explain. 6. At what price, would you buy three cups of coffee? Explain.

The table below contains information about the total utility you gain from coffee you buy from a coffee shop. Total Utility in $ amount Cups of Coffee 1 1.5 2 2.7 3 3.6 4 3.6 2 4. Does this example exhibit the diminishing marginal utility principle? Explain. 5. How many cups of coffee will you buy if the price of each cup is $1? Explain. 6. At what price, would you buy three cups of coffee? Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You have 5 kids and work 2 jobs to help support your family. You work a day job from 8:00 am to 4:00 pm Monday through Friday. You also cut hair at one of the local barber shops on Saturdays and Sundays. On Saturdays you normally work from 7:00 am to 7:00 pm and make pretty good money because the shop is always full on the weekends. Your wife is concerned that you are not spending enough time with the children because you work all of the time. Using production possibilities analysis, show a situation where you decide to increase the amount of time on Saturdays that you hang out with the kids from 2 to 5 hours.
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Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.