1. Suppose you are considering to make a decent holiday dinner. In this year, to be creative, you are thinking to put Copper River Salmon from Alaska (fillet) and fresh Atlantic Lobsters from Maine as entrée on the table. Use the information given, to finish the questions below. (1) The table following provides you total utility (U) and marginal (MU) from consuming Salmon and Lobster. Suppose your total utility of Salmon consumption (U1) is a function of the units (Q as pound or lbs.) of salmon consumed, as U1 = 400Q. Similarly, your total utility of Lobster (U2) has the form as units (Q as lbs.) of lobster consumed, which is U2 = Now fill the empty spots in the table using the information given. %3D 36Q + 40. %3D Total utility and marginal utility of Salmon and Lobster. Copper River Salmon Atlantic Lobster Q (Ibs.) U1 MU1 U2 MU2 1 20.00 20.00 8.72 8.72 3 4. 8 9. 10 (2) With a certain amount of budget, you are going to purchase both Salmon and Lobsters. To maximize your total satisfaction (utility), how you will make your decisions? If the market price of Copper River Salmon (fillet) is $85.00/lb., you find that your best option is to buy three pounds salmon and ten pounds of lobster. Then, how much is the price of lobster ($/lb.)? 67

Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has answered 50 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 20 10:00 AM 35 11:00 AM 45 Noon 50   Use the table to answer the following questions. The marginal, or additional, gain from Alex’s second hour of work, from 9:00 AM to 10:00 AM, is   problems.   The marginal gain from Alex’s fourth hour of work, from 11:00 AM to noon, is   problems.   Later, the teaching assistant in Alex’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 7.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…

W ECON 2100 Compatibility Mode Home Insert Draw Design Layout References Mailings Review View Share O Comments v A^ A^ Аa v E - E v E v E E Times New... 12 AaBbCcDdE AaBbCcDdE AaBbCcDc AaBbCcDdE AaBbCcDc AaBbCcDdEe > AaBbCcDdEe Paste A A Subtle Emph... Styles Pane Sensitivity В U v ab X2 Normal No Spacing Heading 1 Heading 2 Title Subtitle 4. Exhibit 17-8 represents the consumer market for higher education. Exhibit 17-8 dollars per year marginal cost 45,000 40,000 35,000 30,000 5,000 20,000 marginal social benefit 15,000 10,000 marginal private lubdnefit 1 3 4 7 years of higher education a. If people base their education decisions only on the marginal private benefit of education, how many years of education will they choose to get? Page 7 of 7 1692 words English (United States) Focus 225%

17th Assignment You have 10 posters. You know 10 people such that 1 person is willing to pay $9 for the poster, another $8, another $7, each successive person is willing to pay a dollar less all the way down to a 10th person willing to take the poster for free. Everyone want's only one poster. If you can only charge one price, what price do you charge?