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As organic vegetables increase in popularity, Marcy finds herself eating more and more organic kale. Use the table to answer the two questions.
Units of organic kale consumed by Marcy | Total utility of the units consumed | |
---|---|---|
1 | 10 | – |
2 | 18 | 8 |
3 | – | 6 |
4 | 28 | 4 |
5 | 30 | – |
6 | 28 | −2 |
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- Refer to the following figure. Marginal Utility Marginal Utility (A) Avocados per week (C) Avocados per week Marginal Utility (B) Avocados per week Marginal Utility (D) Avocados per week Geri likes avocados; each additional avocado she consumes adds as much to her total utility as did the previous one. Which of the four graphs best represents Geri's marginal utility curve for avocados?If at a quantity consumed of 1 unit, total utility equals 25 and marginal utility equals 25, and at a quantity consumed of 2 units, total utility is unknown and marginal utility is 20, and at a quantity consumed of 3 units, total utility is 57 and marginal utility is unknown, what is marginal utility of the third unit?Tom likes to collect Batman and Superman comic books. The table below presents his total and marginal utilities for both types of comic books. Instructions: Be sure to scroll down and answer all questions. Enter your answers as a whole number. Batman Comics, Superman Comics, and Tom's Utility Batman Comic Books Superman Comic Books Quantity Total Utility Marginal Utility Quantity Total Utility Marginal Utility 0 0 — 0 0 — 1 40 40 1 58 58 2 68 28 2 92 34 3 88 20 3 106 14 4 94 6 4 110 4 5 94 0 5 112 2 6 84 –10 6 112 0 7 64 –20 7 104 –8 a. Assume the price of a Batman comic book is $1, and the price of a Superman comic book is $2. Fill in the values for the marginal utility per dollar for Batman and Superman comic books in the table below. Batman Comics, Superman Comics, and Tom's Marginal Utility per Dollar Batman Comic Books Superman Comic Books Quantity Marginal Utility per Dollar Quantity Marginal Utility per Dollar 0 —…
- QUESTION 79 1. You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. You still enjoy Ramen noodles very much and buy even more, but your roommate plans to buy fewer Ramen noodles. You and your roommate consider Ramen noodles as a normal good You and your roommate consider Ramen noodles as an inferior good You consider Ramen noodles as an inferior good but your roommate considers it as a normal good You consider Ramen noodles as a normal good but your roommate considers it as an inferior good QUESTION 80 1. You own a deli. Which of the following is most likely a fixed input at your deli? the dining room the bread used to make sandwiches the tomato sauce used to make soups the employeesQuantity of Hot Marginal Utility from Cocoa Hot Cocoa 1 2 3 4 5 4 8 2 8 7 16 Utility of Hot Cocoa and Donuts. 5 4 1 2 3 4 5 Quantity of Marginal Utility from Donuts Donuts The price of hot cocoa is $2 and the price of a donut is $1. What is the marginal utility per dollar for two donuts? 10 8 6 3The table shows Jill’s utility schedule for pancakes and coffee # pancakes total utility from pancakes MU from last pancake # cups of coffee total utility from coffee MU from last cup of coffee 1 10 10 1 12 12 2 18 2 22 3 24 3 30 4 28 4 36 5 30 5 40 6 30 6 42 What is Jill’s marginal utility of consuming the 6th pancake? The table shows Jill’s utility schedule for pancakes and coffee # pancakes total utility from pancakes MU from last pancake # cups of coffee total utility from coffee MU from last cup of coffee 1 10 10 1 12 12 2 18 2 22 3 24 3 30 4 28 4 36 5 30 5 40 6 30 6 42 Suppose that the price of pancakes is…
- Bob consumes food and housing. Suppose his marginal utility from an additional unit of food is 20 and his marginal utility from an additional unit of housing is 180. Furthermore, suppose the price of a unit of food is $1.00 and the price of a unit of housing is $2.00. Can Bob increase his utility without changing his total expenditures on food and housing? Holding expenditures constant, A. Bob can increase utility by spending more on food and less on housing. B. Bob can increase utility by spending more on food and the same amount on housing. C. Bob can increase utility by spending less on food and more on housing. D. Bob cannot increase his utility. E. Bob can increase utility by spending more on food and more on housing.The following table reflects the utility one receives from consuming a given product. Units Consumed Total Utility (TU) Marginal Utility (MU) 0 0 ------- 1 60 60 2 ____ 50 3 150 ____ 4 175 ____ 5 ____ 20 6 210 ____ Complete the table solving for the missing total utility or marginal utility values in each row. Total utility increases throughout the table. What rate does total utility increase? In other words, is it rising at an increasing rate, a…Kenji enjoys buying shoes. The following table contains information on Kenji's utility from shoes each month. Fill in the two missing cells of the table. Total Utility (Utils) 0 35 Shoes (Pairs) ON 36 90 110 125 135 Marginal Utility (Utils per pair) 35 30 25 15 10
- You have 6 hours to study for 2 exams tomorrow. The relationship between the time studying and test scores is shown below. Economics Psychology Hours 0 1 2 3 134 4 5 6 Score 55 3 70 70 63 76 81 85 88 Hours 0 1 2 3 4 5 6 Score 55 16 70 73 75 75 66 76 a. Use the rule for determining optimal purchases to decide how many hours you should study each subject. Treat each point on an exam like 1 unit of utility and assume you are equally interested in doing well in economics and psychology. You should study economics for hours and psychology for hours.The table below shows Cedric's marginal utility for soda and cookies at each quantity. What is his total utility if he consumes 6 soda and 3 cookies? Quantity of Soda Marginal Utility Quantity of Cookies Marginal Utility 1 48 1 39 2 46 2 37 3 44 3 35 4 41 4 32 5 37 5 29 6 34 6 25 7 31 7 22 8 25 8 18 9 18 9 14 10 12 10 10 11 5 11 7 Group of answer choices 379 total utility units 66 total utility units 314 total utility units
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