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 UtilityChocolate Candy Total UtilityBars(utils)0012723456(Click to select)60♦76Marginal Utility(utils)2719Suppose Marco currently has two candy bars. You tell Marco you will give him either a soda, which gives him 28 utils of happiness, ortwo additional candy bars.b. Which is he likely to prefer?61

Total utility is the total satisfaction a consumer is getting from consumption of a…

Candy Chocolate Candy Total Utility (utils) 0 27 Bars 0 1 2 3 4 5 6 60 76 Marginal Utility (utils) 27 19 E 6 1 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?

Candy Chocolate Candy Total Utility (utils) 0 27 Bars 0 1 2 3 4 5 6 60 76 Marginal Utility (utils) 27 19 E 6 1 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?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter10: Consumer Choice Theory

Section: Chapter Questions

Problem 6P

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Define Economic utility
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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 first 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 cucumbers consumed. A poem costs three bronze coins but 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…
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 first 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 cucumbers consumed. A poem costs threebronzecoinsbutacucumbercostsonlyonebronze coin. Praxilla has 18 bronze coins. Sketch Praxilla’s 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…
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 first 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 cucumbers consumed. A poem costs three bronze coins but a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxilla’s 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…
Praxilla who lived in ancient Greece derives utility from Reading poems and from eating cucumbers. Priscilla gets 30 units of marginal utility from her first poem, 27 units of marginal utility from her second poem, and so on with marginal utility declining by 3 units for each additional poem. Praxilla get 6 units of marginal utility for each of her first three cucumbers consumed, 5 units of marginal utility for each of her next three cucumbers consumed and so on with marginal utility declining by one for every three cucumbers consumed. A poem costs 3 Bronze coins but a cucumber cost only one bronze coin. Praxilla has 18 bronze coins. Create a table and identify her 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.