The price of a cup of coffee is $2.00. Alternatively you could spend your money on granola bars which are $0.50. What is the opportunity cost of purchasing coffee? A.) Health risks from drinking coffee B.) The tea you could have drank instead C.) 4 granola bars D.) 2 dollars
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The
A.) Health risks from drinking coffee |
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B.) The tea you could have drank instead |
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C.) 4 granola bars |
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D.) 2 dollars |
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- You have 6 hours to study for 2 exams tomorrow. The relationship between the time studying and test scores is shown below. Economics Psychology Score Hours Score Hours 58 58 66 1 64 2 73 2 69 3 79 3 73 84 76 88 5 78 91 6 79 a. Use the rule for determining optimal purchases decide how many hours you should study each subject. Treat each point on an exam like 1 unit of utility and assume you equally interested in doing well in economics and psychology. You should study economics for hours and psychology for hours.If 2 tacos and 3 drinks cost $12, and 3 tacos and 2 drinks cost $13, how much does a taco cost?Question 32 The last unit purchased of good "X" gave you marginal utility = 3 and cost $10/unit. The last unit purchased of good "Y" gave you marginal utility = 1 and cost $4/unit. To maximize your utility you should: do nothing since you are already maximizing. O buy more of good "X" and less of good "Y." O buy less of good "X" and more of good "Y."
- Which of the following scenarios best depicts a rational buyer? Select one: a. Damien chooses to buy a sandwich for $5 when the marginal benefit of the sandwich to him is $7. b. Darwin ignores factual information given to him and makes a decision based only on how feels that day. c. Mary values a bag of salad at $2, but she buys the bag of salad when the price is $4. d. John walks into a grocery store and purchases monthly groceries without paying attention to the prices of groceries.Refer to the graph below: Quantity of Y 160 B 200 X Quantity of X Why doesn't the consumer choose the combination at point A?If the average utility of good A is 15 and the average utility of good B is 25, you should: A. keep consuming the current amounts of both good A and good B. B. consume more of good B and less of good A. C. consume more of good A and less of good B. D. realize that you don't have enough information to answer the question.
- 1. Using the consumer choice theory, explain how an individual decides what combinations of different products to buy.Boris budgets $18/wk for his morning coffee with milk. He likes it only if it is prepared with 2 parts coffee, 1 part milk. Coffee costs $1.50/100oz, milk $ 1.00/100oz. a. How much coffee and how much milk will Boris buy per week? b. How will your answers change if the price of coffee rises to $3.00/100oz?what are the units of a good? what are the units of b good? what are the units of c good? the total utility of consuming five units of the b good is what utils? the total utility of consuming three units of the a good is what utils?
- 1. Suppose you earn $1500 per week and you consume only two types of goods per week- sandwiches and orange juice, which you purchase at a mini mart. Each sandwich cost $150 and an orange juice is $75 per cup. a) Construct a table showing the alternative combinations of the two products that are available. b)Plot the data in your table on a budget line. What is the slope of the budget line? What is the opportunity cost of one more cup of orange juice? And what is opportunity cost of one more sandwich? Do these opportunity cost rise, fall or remain constant as you purchase an additional unit of the product? c)Suppose the price of a cup of orange juice increased to $150. Construct a new table showing alternative combinations of sandwiches and orange juice. Construct the new budget line.According to the law of diminishing marginal utility, marginal utility of a good declines as more of it is consumed in a given time period. According to this law, which of the following statement is true? a. The more I go to school, the more I want to do something else b. Since we need gasoline more than we need paper, gasoline is more valuable c. Peas give me no satisfaction, so I won't buy any d. The more coffee I drink, the more I want to drink25. What does a negative marginal utility means? Why does it happen? Explain.