U2U,5A2-UsUE210MealsIn Figure 5.7 the consumer maximizes utility at:4.3.Films O.point B.point E.point C.point A.

Utility refers to the amount of satisfaction received by a consumer from the consumption of a good…

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Us Uz U 3- Us U2 U 2- 10 Meals In Figure 5.7 the consumer maximizes utility at: -8, B. 4. Films

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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U2
U,
5A
2-
Us
U
E
2
10
Meals
In Figure 5.7 the consumer maximizes utility at:
4.
3.
Films

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2. Preferences:a. Suppose Wendy consumes 10 sandwiches and 10 cups of coffee over the course of a week.Her utility at the end of the week is equal to10. Now suppose Amanda consumes the same bundle, but her utility at theend of the week is 20. Can we say that Amanda is twice as happy as Wendy?Why or why not. b. Alex prefers 3 slices of cake to 4 slices,4 slices of cake to 5 slices, and 3 slices of cake to 5 slices. What is so strange about Alex? Are Alex's preferences transitive? Is Alex an irrational consumer? Explain your answers briefly.
31. Every day Noora spends her lunch money consuming apples, at RODeach, and oranges, at RO2 cach. At her current level of consumption, Noora's marginal utility of apples is 12 and her marginal utility of oranges is If she has already spent all of her lunch molfey, how should Noora change her consumption decision to maximize utility? a. She should make no changes; she is consuming the utility maximizing combination of apples and oranges. b.) She should increase her apple consumption and decrease her orange consumption until the marginal utility per dollar is equal for both. c. She should decrease her apple consumption and increase her orange consumption until the marginal utility per dollar is equal for both. d. She should increase her apple consumption and increase her orange consumption until the marginal utility is egual for both.
Marginal utility is negative only when quantity demanded is negative. Select one: O a. True Ob. False Clear my choice 4
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Total Total Utility Utility 6 10 10 14 13 15 15 15 16 7 30. If the consumer has only $8 to spend, what would be the optimal consumption of both goods for this consumer? Githe O HD C Number of Colas 1 2 3 4 D 5 a. 4 colas and 2 burgers. b. 5 colas and 1 burger. c. 2 colas and 3 burgers. d. 4 colas and 4 burgers. MUC 6 4 3 2 1 MU/S 6 4 3 2 1 Number of Burgers 1 2 3 4 5 MUb wwwww 10 4 1 0 -8 MU/$ 5 2 0.5 0 -4
Question 5 Andrew is currently spending all his income on 2 goods, burgers and Pepsi. He buys burgers at 4 L.E. a unit, with a total utility of 1000 and a marginal utility of 24. He buys Pepsi at 1 L.E a unit with a total utility of 800 and a marginal utility of 18. In order of reach consumer equilibrium, he should consume: The same amount of burgers and Pepsi. More Pepsi but the same amount of burgers. More Pepsi and less burgers. More burgers but the same amount of Pepsi. More burgers and less Pepsi.
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If a consumer's marginal utility was 10 utils per unit of meat and 5 utils per unit of potatoes: a. the consumer should purchase less potatoes and more meat to maximize his satisfaction. b. the consumer would be in equilibrium if the per-unit price of meat was twice the price of potatoes. c. the consumer would be in equilibrium if the price per unit of meat was half the price of potatoes. d. the consumer's total utility could be increased by consuming more potatoes and less meat until the marginal utilities of the two goods were equal.
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