Sean is arguing with his girlfriend, Yvette. They have been going out for a little more than two years.YVETTE: I'm leaving you, Sean. Get over it.SEAN: Are you saying that being single will make you happier than you've been with me? Speaking personally, I think theutilitywe've had in this relationship was much more than you could have had if you'd been single this whole time!YVETTE: I had taken an economics class and the word "utility" rings a bell. It's not that at all. We've had a fine time. It's that theutility I would get by continuing our relationship isn't worth it anymore.SEAN: I've never been dumped by someone citing the law ofbefore. You're a piece of work, you know that?Yvette doesn't hear. She has already walked off, leaving Sean feeling like something of a sunk cost.

Answered: Image /qna-images/answer/a1fb8962-2cce-4b5a-a4fb-f36964d4dfcc.jpg

Answered: YVETTE: I'm leaving you, Sean. Get over…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Today, you've decided to treat yourself to some dessert, so you go to the store to buy a doughnut or a cupcake. The utilities of one doughnut and one cupcake are 1212 and 2424, respectively.Given that the price of one doughnut is $6$⁢6, what should be the price of a cupcake to get the same utility per dollar spent? Enter your answer in the box below and round to two decimal places if necessary.
Refer to the table below. If the subscription price for a sports app is $2 per week, the subscription price of a game app is $1 per week, and a student has $9 per week to spend, what quantities will she purchase at a consumer optimum? Quantity of Sports Apps per week Marginal Utility (utils) Quantity of Game Apps per Week Marginal Utility (utils) 1 1,200 1 1,700 2 1,000 2 1,400 3 800 3 1,100 4 600 4 800 5 400 5 500 6 100 6 200
Can you help me answer these questions it's macroeconomics theory
Question 22: Kathy gets utility from three things: the number of flowers in her local park (F), reading books in this park (R), and eating sushi (S). Four utility functions that might describe Kathy's preferences are shown below. In each case, discuss whether reading in the park (R) is non-essential and whether reading (R) and the number of flowers in the park (F) are weak complements. [medium] (a) U(F, R, S) = 2FR+S (b) U(F, R, S) = /2FR+S (c) U(F, R, S) = (V2FR)S (d) U(F, R, S) = v2F + RS
On Sundays, people in Los Angeles consider a boat to Catalina Island to spend the day on the beach there. The utility that a person gets from visiting Catalina is 1-[n/10] – p , where n is the number of visitors on the island and p is the price of round-trip transportation (by boat). (Note that a visitor obtains more satisfaction if there are fewer other visitors on the island). The utility of staying home is zero. In equilibrium, how many people visit the island on a given Sunday? ( Your answer should depend on p.)
Every month, a family of three spends $2,000 on food (F) and other items (O). The family’s preferences are represented by the utility function U(F,O) = F1/5O4/5. The unit price of food and the unit price of other items are both $1. Find this family’s monthly food expenditure.The family could join a consumers’ club. At the club, food costs 20% less than in other stores (i.e., at the food club PF = $0.8)
Question 22: Kathy gets utility from three things: the number of flowers in her local park (F), reading books in this park (R), and eating sushi (S). Four utility functions that might describe Kathy's preferences are shown below. In each case, discuss whether reading in the park (R) is non-essential and whether reading (R) and the number of flowers in the park (F) are weak complements. [medium] (a) U(F, R, S) = 2FR+ S (b) U(F, R, S) = /2FR+ S (c) U(F, R, S) = (V2FR)S (d) U(F, R, S) = /2F+ RS
You have preferences u(x,y) = xy over games (X) and videos (Y) you can buy on a platform and a $360 budget, with prices px = 9 and py = 6. How much would you be willing to pay (at most) as a subscription fee for each of the following plans (you can buy any amount of Y in each plan at the original price, unless otherwise stated): (a) Plan A : You can buy (any amount of) X at a discounted price px = 4(b) Plan B : You are given 40 units of X for free, but you cannot buy any more of X. (surely can buy any amount of Y)(c) Plan C : You are given 30 units of X for free, but you cannot buy any more of X; you also have a discounted price for good Y; py = 4.
Kai spends his income on lime (L) and ginger water (G). Lime is priced at $2, while ginger water costs $1. Suppose Kai has $30 to spend and his utility function can be represented as U(L,G) = L0.5 G0.5 What is the optimal number of lime and ginger water for Kai to purchase? b. How much utility does this combination bring him?
Please see below. I need help with this.
Another instance when people are likely not to spend a dime (or a minute) on an item is when they have a dislike for mixing the item with other items available. In this case, we say the consumer has ‘non-convex preferences’ and indifference curves are bowed out from the origin. In plain language, the consumer has a preference for binging. We often feel this way towards our favorite social media app. Consider a kid who has four hours a day to spend on social media. They enjoy spending time on Snapchat (x) or spending time on Twitter (y). a) Write the kid’s time constraint and illustrate it in a graph where you measure time spent on Snapchat along the horizontal axis and time spent on Twitter along the vertical axis. This kid’s utility from time spent on Snapchat and time spent on Twitter is U(x,y) = 4x2+ y2. b) In your graph, draw a couple of the kid’s indifference curves. Notice how the kid’s |MRSY,X| increases along each curve as he spends more time on Snapchat and less time on…
Clarice has a utility function: U(Y) = 1000 - (100/Y), where Y is her income. clarice has just graduated from college and has a career choice for her first job of either working as a teacher and earning $40,000 or trying to become a theatre lighting director and earning $70,000 (if there is growth in the demand for theatre) or $20,000 (if there isn't growth in the demand for theatre). there is a 50% probability of growth. a consulting firm guarantees Clarice that it already knows whether there will be growth in the demand for theatre next year. what is the maximum amount Clarice should be willing to pay for this information?

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