Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly pays the $20 entry fee. Biff realizes there is very little chance that he will actually win the contest. He just likes the idea of being able to eat all the hot dogs he wants. The table below shows Biff's utility from eating hot dogs. Instructions: Enter your answers as a whole number. If you are entering a negative number include a minus sign. a. Use the table below and fill in the values for marginal utility. Hot Dogs and Biff's Utility Hot Dogs 1 2 3 4 5 6 Total Utility Marginal Utility (utils) (utils) 56 60 63 65 64 61 b. If Biff is rational, and has no intention of winning the hot dog eating contest, what is the optimal number of hot dogs he will eat? What is the maximum level of utility Biff can reach from eating that number of hot dogs? Optimal number of hot dogs: [ Maximum utility: [

Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly pays the $20 entry fee. Biff realizes there is very little chance that he will actually win the contest. He just likes the idea of being able to eat all the hot dogs he wants. The table below shows Biff's utility from eating hot dogs. Instructions: Enter your answers as a whole number. If you are entering a negative number include a minus sign. a. Use the table below and fill in the values for marginal utility. Hot Dogs and Biff's Utility Hot Dogs 1 2 3 4 5 6 Total Utility Marginal Utility (utils) (utils) 56 60 63 65 64 61 b. If Biff is rational, and has no intention of winning the hot dog eating contest, what is the optimal number of hot dogs he will eat? What is the maximum level of utility Biff can reach from eating that number of hot dogs? Optimal number of hot dogs: [ Maximum utility: [

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

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Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a roundâ€”trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.
Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly pays the $20 entry fee. Biff realizes there is very little chance that he will actually win the contest. He just likes the idea of being able to eat all the hot dogs he wants. The table below shows Biff's utility from eating hot dogs. Instructions: Enter your answers as a whole number. If you are entering a negative number include a minus sign. a. Use the table below and fill in the marginal utility. Hot Dogs and Biff's Utility Hot DogsTotal Utility (utils)Marginal Utility (utils) ues for 7 8 9. 10 11 42 46 49 51 50 47 b. If Biff is rational, and has no intention of winning the hot dog eating contest, what is the optimal number of hot dogs he will eat? What is the maximum level of utility Biff can reach from eating that number of hot dogs? Optimal number of hot dogs: Maximum utility:
Suppose that Biff enters a hot dog eating contest. He enjoys hot dogs, so he gladly pays the $20 entry fee. Biff realizes there is very little chance that he will actually win the contest. He just likes the idea of being able to eat all the hot dogs he wants. The table below shows Biff’s utility from eating hot dogs. a. Use the table below and fill in the values for marginal utility. Hot Dogs and Biff's Utility Hot Dogs Total Utility (utils) Marginal Utility (utils) 5 48 — 6 52 7 54 8 55 9 54 10 51 b. Use the table to graph Biff's total utility and marginal utility for hot dogs. c. If Biff is rational, and has no intention of winning the hot dog eating contest, what is the optimal number of hot dogs he will eat? What is the maximum level of utility Biff can reach from eating that number of hot dogs? Optimal number of hot dogs: Maximum utility:
9/15/22, 9:52 AM Print Assessment The marginal utility per dollar spent on the last banana consumed is 75. If the price of an apple is $.50, how many apples would Kevin have to consume before he considers purchasing another banana? 7100 2000 199 A C E Number of Apples 2 3 4 5 6 7 6 3 4 QUESTION 3 Total Utility A320 130 180 220 qurum ont 250 270 280 B D 2 5 ob The villu lanipismodi 02.2ai elggs ne to song Cr 081 129T1inU 0136101 023 OTS aslgqA to 19dmul
The table below represents how Marco feels about chocolate candy bars. a. Fill in the missing values for total utility and marginal utility. Instructions: Enter your answers as a whole number. Chocolate Candy Bars and Marco's Utility Chocolate Candy Total Utility Bars (utils) 0 0 1 27 2 3 4 5 6 (Click to select) 60 ♦ 76 Marginal Utility (utils) 27 19 Suppose Marco currently has two candy bars. You tell Marco you will give him either a soda, which gives him 28 utils of happiness, or two additional candy bars. b. Which is he likely to prefer? 6 1
Matt has $14 to spend on fruit today at the grocery store. The only fruits he likes are apples and oranges. Both cost $2 per pound. Matt's preferences between these fruits are presented in the table below. How many apples and oranges will he buy if he were a utility maximizer? a b с Pounds of Apples 1 2 3 4 5 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. d Pounds of Oranges 1 2 3 4 5 Apples = 1 pound, Oranges = 2 pounds Apples = 2 pound, Oranges = 5 pounds Apples = 1 pound, Oranges = 1 pound Marginal Utility from Apples Apples = 3 pounds, Oranges = 3 pounds. 200 300 380 440 480 Marginal Utility from Oranges 100 200 250 280 300
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 song
Choose the best answer using the utility chart below. What is the total utility for five snow cones? A. 50 B. 60 C. 45 D. 75
If something has negative marginal utility, what happens to your total utilitywhen you consume it?
how do you find the marginal utilities of the goods with the information provided?
39. The following chart shows the total utility that Ammar receives from conşuming various amounts of chocolate candy bars each day: Number candy bars consumed per day Total utility 40 2. 70 3. 90 100 80 Which of the following statements about Ammar's marginal utility is correct? a) His marginal utlty from the first candy bar is greater than his marginal utility from the second candy bar b. His marginal utility from the fourth candy bar is greater than his marginal utility from the third candy bar c. His marginal utility increases at a constant rate d. His greatest marginal utility comes from his consumption of the fourth candy bar
DmISIIng Margifal Otmty n. TOTAL AND MARGINAL UTILITY Reset E UTILITY CALCULATIONS Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 40 10 14 2 3 4 54 Quantity Consumed 10 Marginal Utility 4 64 20 6. 10 70 3. 6. -10 6. 72 -20 -2 7 70 Quantity Consumed Quantity Consumed -6 8. 64 8 Prev 1 of 3 Score answer > ...