ne following table shows Madison's uiity krom consuming popcom and Coke Suppose that Madhon has income of S$21 00, the price of popcom is $6.00, and the price of Coke in S4 50 FMadson wants to maiie her w much popcom and Coke should she buy? Popcorn Marginal Uny 192 144 Coke Marginal ny 144 106 72 36 18 Quantity 46 24 12 Madison should buy boes of popcom and cans of Coke (Ender your reponoes an megers)
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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 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.Five consumers have the following marginal utility ofapples and pears:Marginal Utilityof ApplesMarginal Utilityof PearsClaire 6 12Phil 6 6Haley 6 3Alex 3 6Luke 3 12The price of an apple is $1, and the price of a pear is$2. Which, if any, of these consumers are optimizingtheir choices of fruit? For those who are not, howshould they change their spending?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
- ceriuppose that Isaiah has a weekly fixed budget and spends it all on haircuts and ice cream. At his current combination arof consumption, the marginal utility of the last dollar spent on haircuts is greater than the marginal utility of the last dollar spent on ice cream. Has Isaiah maximized his utility? A C E Yes, because changing his current consumption combination will reduce his total utility B No, because he can increase his total utility by purchasing more haircuts and D fewer ice creams Yes, because he has purchased 2 goods in proportion so that he can get- the maximum utility from each Yes, because he purchased the maximum possible with a limited budget No, because he can increase his total utility by purchasing fewer haircuts and more ice creamsThe following table presents information on Angel's marginal utility and price paid for the consumption of Pomegranates and Oranges, which are the only two goods that he consumes. Angel OYes ONO ONot enough information What should Angel do? Pomegranates Price $4 Based on the utility maximizing rule, Is Angel maximizing their utility? OPurchase more Pomegranates and less Oranges OPurchase less Pomegranates and more Oranges OMake no changes Marginal Utility MacBook Air 7 Oranges Price $12 Marginal Utility 31NIVERSITY DURAI Consider the following data describing the change in Nora's utility when she consumes various levels of Nuts and chocolate per week, the price per portion for the considered goods are respectively AED 20 and AED10. Nora has a budget equal to 160 per day to spend on her snack. Q Nuts Total UtilityQ Chocolate Total Utility ChocolateMU Nuts MU ChocolateMU/ AEDMU/AED MRS Chocolate Nuts Nuts 40 1 28 72 52 100 3. 72 4 124 88 144 5. 102 160 6. 114 7 172 122 1. Complete the table above by calculating the marginal utility, the marginal utility per dollar spent and marginal rate of substitution for each good. 2. Identify the potential set of equilibrium points Where MUI/P1=MU2/P2 Nuts Chocolate Income 2. 2. 6.
- Course dashboard Soru 5 Answer the following question according to the information given below: Henüz Suppose that Ayşe allocates all her income on food and shelter. The price of food is 2 TL and cevaplanmadı the price of shelter is 4 TL per unit. Suppose further that the following equations represent the marginal utilities of food and shelter, respectively. 4 üzerinden 13 işaretlenmiş MUF = 24 - 2F 19 P Soruyu işaretle MUS = 80 – 8S 25 where F and S represent the quantity of food and shelter consumed, respectively and MUF and MUs are measured in million utils. Also, Ayşe's income is 48 TL. Uy How many units of shelter should she purchase to maximize her total satisfaction? Kal Lütfen birini seçin: O A. 20 O B.7 O C 12 O D. 16 O E 8 SONRAKİ SAYFA ÖNCEKİ SAYFAFill in the blanks in the table below Quantity of Total Hamburgers Utility Marginal Utility per Week Hamburgers Hamburgers 1 40 60 76 2 3 4 5 6 91 NSS 40 16 10 Quantity of Movies per Week 2 3 4 5 6 Total Utility Movies OC. 25 400 700 850 950 1,025 Marginal Utility Movies 400 300 O 100 50 25 Assume the price of a hamburger is $2 and the price of a movie is $5, and the consumer's income is $29 If the consumer is in equilibrium, what is the marginal utildy per last dollar spent on movies and hamburgers? OA. 10 OB. 20 OD. 50Every day Noora spends her lunch money consuming apples, at RO1 each, and Oranges, at RO2 cach. At her current level of consumption, Noora's marginal utility of apples is 12 and her marginal utility of oranges is 18. If she has already spent all of her lunch honeyỹ, how should Noora change her consumption decision tó maximize utility? She should makeʼno changes: she is consuming the utility maximizing Combination ofapplès and oranges. 6) She should increase her apple consumption and decrease her consumption until the marginal utility per dollar is equal for bóth. c. She should decrease hef apple consumption and increase her orange consumpțion until the marginal utility per dollar is equal for both. d. She should increase her apple consumption and increase her orange consumption until the marginal utility is equal for both: orange
- The table below demonstrates the total utility Terrence derives from eating differentquantities of plates of thanksgiving dinner. Calculate the marginal utility for each platethen graph the total utility and marginal utility (with total utility graph above the marginalutility graph – lining up the Qty).The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison has income of $9.00, the price of popcorn is $3.00, and the price of Coke is $0.75. If Madison wants to maximize her utility, how much popcorn and Coke should she buy? Рорсorn Marginal Utility 192 Coke Quantity Marginal Utility 1 144 144 108 3 96 72 4 48 36 24 18 6. 12 Madison should buy boxes of popcorn and cans of Coke. (Enter your responses as integers.)1 i The total utility schedule of Sharon is given below for the number of shoes sheconsumes.a. Calculate Sharon’s marginal utility schedule. b. Plot a graph of total and marginal utility. c. What is the maximum number of shoes that Sharon will consume?Explain ii.Assume that Mania has $1,200 per month to spend between dinners at aJapanese restaurant and evenings at Cru, a local bar. Assume that going to Crucosts $25 and eating at the restaurant costs $14.a. Draw Mania’s budget constraint with restaurants on the horizontal axis.b. Suppose Mania comes into some money and can now spend an extra$200 per month. Draw her new budget constraint. c. Suppose the price of restaurants decrease to $12, while her income andthe price of Cru is unchanged. Illustrate what happens to her budgetline.