(Table) Referring to the table, which shows the total utility and marginal utility for ice cream cone consumption, the marginal utility for consuming the third ice cream cones will be: TU MU 25 2. 30 3 53 63 5. 71
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- What is the rule relating the ratio of marginal utility to prices of two goods at the optimal choice? Explain why, if this rule does not hold, the choice cannot be utility-maximizingWould you expect marginal utility to rise or fall with additional consumption of a good? Why?Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.
- If people do not have a complete mental picture of total utility for every level of consumption, how can they find their utility-maximizing consumption choice?Is it possible for total utility to increase while marginal utility diminishes? Explain.stion 20 "When you refuse to drink one more cup of coffee, you are making the statement that the marginal utility of this additional cup is:" O Positive but increasing O Positive but decreasing O Negative O Zero
- Quèstion 22 Marginal utility is positive and increasing when: O Total utility is increasing in an increased rate O Total utility is increasing in a decreased rate O Total utility is decreasing O Consuming unit 8 of any good. TOTAL AND MARGINAL UTILITY E UTILITY CALCULATIONS Reset Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 2 40 10 14 3 4 6 8 3 54 Quantity Consumed Marginal Utility 10 20 4 64 6. 10 70 4 6. -10 72 -20 -2 Quantity Consumed 70 Quantity Consumed -6 8 64 2. 4 6 8Use the information in the following table to calculate the marginal utility from consuming the second ice cream cone. OA. 8 OB. 9 C. 10 18 O D. Ice Cream Cones 1 2 3 4 5 Total Utility 10 18 ? 28 ? Marginal Utility ? ? 6 ? 2
- Quèstion 19 Total utility of a product is calculated by: O Summing the marginal utility for the first and the last unit consumed Summing the marginal utilities for each successive unit consumed O Multiplying marginal utility for each unit with its price O Dividing marginal utility by its priceSubmit All Question 26 of 60 Suppose the price of mobile apps increases. As a result, Khalil decreases the number of mobile apps he purchases. This will lead to O higher marginal utility from the last mobile app purchased. O lower marginal utility. O no change in total utility for each mobile app purchased. O an increase in total utility for each mobile app purchased. Activate Windows Go to Setti To activa Show all 7:22 PM 12/9/2021 APTOP LOGIN USERNAME Student t PASSWORD: BrowardCarl's marginal utility for consuming beer and hotdogs with $8.00 in income is given in the table at right. In the table, Carl experiences diminishing marginal utility after consuming how many hotdogs? O A. 1 O B. 4 OC. 2 O D. 3 Quantity of Hotdogs 12345 Marginal Quantity of Utility 45 40 1055 30 15 -5 Beer 1 234N. 5 Marginal Utility 40 品 40 35 100
