Refer to the accompanying figure to answer the questions that follow. Marginal Utility 30 25 20 15 10 5 0 2 3 4 5 6 7 8 9 Total utility is maximized at the: A) first cupcake. B) seventh cupcake. C) sixth cupcake. D) eighth cupcake. Number of Cupcakes
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- Linda loves buying shoes and going out to dance. 20 Her utility function for pairs of shoes, S, and the number of times she goes dancing per month, T, is: 18- 16- U(S, T) = 2ST 14- It costs Linda $75 to buy a new pair of shoes or to spend an evening out dancing. Assume that she has $750 to spend on shoes and dancing. E 12- 1.) Use the line drawing tool to draw Linda's budget line. Properly label this line. 10- 2.) Use the point drawing tool to locate Linda's optimal consumption bundle. Label this point 'R'. 8- 6- Carefully follow the instructions above, and only draw the required objects. 4- What is Linda's marginal rate of substitution? -. (Enter your response as an 2- integer. Note that the minus sign is already included.) 0- 12 10 Shoes (S) 14 16 18 20 React tv MacBook Air 80 DII F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 @ 23 2$ & 1 3 4 7 8 Q W E T Y { A S F H. J K C V M. く tion command command option ピ ーの Dancing (T) コ B. レI am unsure the direction the utility functions would go in , with this specific scenarioRefer to the information provided in Table 6.1 below to answer the questions that follow. Number of Hamburgers per Day 1 2 3 4 Number of Sodas per Day 1 2 3 4 Total Utility 30 52 67 76 Total Utility 20 35 47 57 Marginal Utility Marginal Utility Question #33: Refer to Table 6.1. The marginal utility of the second soda per day is A) 10. B) 15. C) 35. D) 55. Question # 34: Refer to Table 6.1. The marginal utility of the third hamburger per day is A) 5. B) 15. C) 22.33. D) 119. Question # 35: Refer to Table 6.1. Diminishing marginal utility sets in after the A) first B) second C) third D) fourth Question # 36: Refer to Table 6.1. The total utility of five hamburgers per day is A) 80. B) 81. C) 96. D) indeterminate from this information. Question #37: Refer to Table 6.1. The total utility of five sodas per day is A) 35. B) 64. C) 92. D) indeterminate from this information. soda perday.
- After Marc consumed his second cup of coffee, which gave his 15 units of satisfaction, his total utility is 40. From this we can deduce that Marc’s marginal utility is a) zero b) positibe c) negative d) increasingMylie’s total utility from singing the same song over and over is 50 utils after one repetition, 90 utils after two repetitions, 120 utils after three repetitions, 80 utils after four repetitions, 20 utils after five repetitions, and -60 utils after six repetitions, as shown in the table below. a. Write down her marginal utility for each repetition. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Repetitions Total Utility Marginal Utility 0 0 — 1 50 2 90 3 120 4 80 5 20 6 -60Refer to the accompanying figure. The marginal utility of the 6th pizza is: Total Utility 105 100 90 75 55 30 1 Multiple Choice O95 100 51 2 3 4 Quantity (pizzas/week) 5 9 7
- Question 1 The daily utility of Emefa from smoking packs of cigarettes (C) and drinking bottles of beer (B), is given as U (C, B) = 12C - C² + 18B - 3B² a) Find the number of packs of cigarettes and bottles of beer that maximize Emefa's daily utility b) Emefa's doctor advised him to limit the number of packs of cigarettes and bottles of beer consumed in a day to 5. Find her new utility maximizing bundle of cigarettes and beer c) Briefly explain why the short run average variable cost of production is U-shaped d) Can a monopoly firm make losses? Explain e) Why is the monopoly firm considered less efficient than the competitive firm? €Only typed answer Oscar makes purchases of an existing product (X) such that the marginal utility of the last unit he consumes is 10 utils and the price is $5. He also tries a new product (Y) and the marginal utility of the last unit he consumes is 8 utils and the price is $1. The equal marginal principle suggests that Oscar should Multiple Choice increase his consumption of product X and decrease his consumption of product Y. increasetodd is a cattle rancher in june and july he spent his clothing budget on jeans and cowboy hats. each pair of jeans cost $56 and each hat cost $41. At Todd's optimal choice, his marginal utility from the last pair of jeans purchased is 592. This means that his marginal utility from the last cowboy hat purchased is: Round the final answer to the whole number
- Please no written by hand and no emage Consider a consumer that consumes 2 teaspoons of sugar with each cup of coffee. For each cup of coffee with sugar the consumer gains 10 utils.a) Write down the utility function that gives the total utility if the consumer consumes S teaspoons of sugar and C cups of coffee. The consumer has assigned £7 per week to be spent on drinking coffee with sugar. The current price of coffee is £0.50 per cup and each spoon of sugar costs £0.10. b) Calculate the optimal weekly consumption bundle for this consumer.c) Does the consumer view C and S as complements or substitutes?Mylie's total utility from singing the same song over and over is 70 utils after one repetition, 110 utils after two repetitions, 140 utils after three repetitions, 160 utils after four repetitions, 120 utils after five repetitions, and 60 utils after six repetitions, as shown in the table below. a. Write down her marginal utility for each repetition. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Repetitions 0 1 2 3 4 5 6 Total Utility Marginal Utility 0 70 110 140 160 120 60 b. Once Mylie's total utility begins to decrease, does each additional singing of the song hurt more than the previous song or less than the previous song? O More than the previous song O Less than the previous songif the total utility of consuming the first three pieces of pizza were 50,80, and 95 respectively , the marginal utility of the third silce of pizza is?