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- Don Trump, a consumer in Washington, D.C. purchases a combination of products Y and Z and that the MU/Py=25/5 and MUZ/P₂=40/8. To maximize utility, without spending more money, Mr. Trump shouldTrue/False Utility refers to the total satisfaction or happiness that an individual get from consuming a product.Good X 10 IC 8 ICZ 10 12 Good Y The utility a person gets from consuming an additional unit of Good Y at point A is greater on IC1 vs. IC2. The utility a person gets from consuming an additional unit of Good Y at point A is greater on IC2 vs. IC1.
- Find the change in the amount of good X Jenny buys.Distinguish between cardinal and ordinal utilityJeremy 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 round-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,figureoutthepointsonJeremy’sconsumptionchoicebudgetconstraint(itmaybehelpfultodoasketch) and identify his utility-maximizing point. 3. Explain all the reasons why a decrease in a product's price would lead to an increase in purchases. 4. Asacollegestudentyouworkatapart-timejob,butyourparentsalsosendyouamonthly“allowance.” Suppose onemonthyourparentsforgottosendthecheck.Showgraphicallyhowyourbudgetconstraintisaffected.Assuming you only buy normal goods, what would happen to your purchases of goods?
- A negative marginal utility implies that the consumer has reached a point of satiation.Total utility is the addition of all the marginal utilities that an individual derives from successive units. True or False?Answer all 3 parts plz. Cole splits his time between running and acting. He makes $10/hr for acting. Cole loves running so he thinks its the same as having fun. Part a) Cole acts 4 hours each day. This is his utility maximizing choice. Draw this on a graph (with hours of fun, which is running per day on the x axis, and income per day on the y-axis). Make sure to label all of the curves. Part b) Cole gets a bigger role for acting and his wage goes to $20/hr for acting. He acts 2 hours every day now. Show this change on the graph and illustrate the income and substituion effect on the graph. Which one is dominating? Explain. Part c) Cole earns a grant that gives him an additional $15 per day on top of his wage of $20/hr. Show this change on your graph. Will Cole most likely act more hours or less hours per day? Explain.