The table below indicates the utility which Jing gets from eating cookies: Cookies consumed Total utility 0 1 2 3 0 5 9 12 4 13 If a cookie costs 99p but Jing is willing to pay £1.10, what is the value of the marginal consumer surplus from buying a cookie, and what is the marginal utility of the 3rd cookie? O a. 11p, 3 O b.£1.10, 12 O c. 99p, 3 O d. 11p, 12

The table below indicates the utility which Jing gets from eating cookies: Cookies consumed Total utility 0 1 2 3 0 5 9 12 4 13 If a cookie costs 99p but Jing is willing to pay £1.10, what is the value of the marginal consumer surplus from buying a cookie, and what is the marginal utility of the 3rd cookie? O a. 11p, 3 O b.£1.10, 12 O c. 99p, 3 O d. 11p, 12

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

18
am. 130.
Question 3 Gabriel the consumer, has preferences over goods x and y that are perfect substitutes, where utility is u(x,y) = x+y. He has an income of $152. The price of y is $12. If the price of x falls from $8 to $2, then Gabriel's, optimal choice for good x should rise by units. O 51 O53 55 O 57 --
Suppose that you have utility function U(x, y) = x2y2, What happens to the share of income spent on each good (, ) when the 1/2 P.X P,y price of x increases? O a. Share spent on x increases O b. Share spent on y increases O c. Both shares stay the same O d. Both shares decrease O e. Not enough information ge Next page
Refer to the graph below. Assume that the initial equilibrium in the market for bus rides is point A (30 rides per week). The price of bus rides increases and the equilibrium shifts to point B (20 rides per week). The income effect of the change in consumer behavior is the $ of other consumption 45 40 35 30 25 20 15 10 5 T T T T T T L B C A 5 10 15 20 25; 30 35 40 45 26 # of bus rides per week decrease of consumption by 4 decrease of consumption by 6 increase of consumption by 6
Assume that Robyn wants to buy socks and once she finds out that the price per pair is $5. she decides to buy 4 pairs of socks. Which of the following is true? O a) The marginal benefit (or marginal utility) of the 5th pair is higher than the marginal cost of the Sth pair O b) The marginal benefit (or marginal utility) of the 4th pair must be equal to $20 O O The marginal benefit (or marginal utility) of the Sth pair must be lower than $5 O d) The marginal benefit (or marginal utility) of the first pair must be lower than 55
Kalia receives 20 utils from her first hamburger, 10 utils from her second hamburger, and 5 utils from her third hamburger. Kalia's marginal utility from her third hamburger is O A. 5 O O B. 15 C. 10 D. 35 E. Marginal utility cannot be determined from the information given.
Typed plz and Asap thanks
QSHAKES 1 4 2 3 5 6 7 8 1 shake and 1 burger Select one: O a. 6 shakes and 0 burgers O b. 5 shakes and 1 burger Ос O d. 6 shakes and 2 burgers MUSHAKES 36 32 elevision programs are non-rival because 28 24 20 16 12 8 QBURGERS 1 2 3 4 5 6 7 8 MUBURGERS 45 40 35 30 25 David's marginal utilities for milkshakes and burgers are given in the accompanying table. The price of milkshakes is $2, and the price of burgers is $5. If David's income is $22, how many milkshakes and how many burgers does he buy to maximize his utility? 20 15 10
Suppose that at a price of 25 cents per orange, 300 consumers each demand 2 oranges, and at a price of 20 cents per orange, 400 consumers each demand 4 oranges. Therefore, the market demand for oranges is at a price of 25 cents per orange and at a price of 20 cents per orange. Multiple Choice 300; 400 O 1,200; 3,200 600; 1,600 O 2; 4
Q37
17