14. What assumption is important in using economic model to make predicitons? a) the law of demand b) the rationality assumption c) ceteris paribus/ other things being equal d)evryone being a price taker

. TOTAL AND MARGINAL UTILITY E UTILITY CALCULATIONS Reset Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 2 40 10 14 3 4 6 8 3 54 Quantity Consumed Marginal Utility 10 20 4 64 6. 10 70 4 6. -10 72 -20 -2 Quantity Consumed 70 Quantity Consumed -6 8 64 2. 4 6 8

Name: Maximizing Utility The following table shows represents the utility received by Sharon for cookies and pretzels. Fill in the missing data. Total Marginal Utility Utility # of pretzels # of Marginal Utility Utility Total cookies --- --- 1 20 1 12 2 10 2 8 3 5 3 4 4 4 5 32 5 20 28 -10 Use the above completed table to answer the folloiwng questions. If your budget is $ 5.00 and both cookies and pretxels cost $1.00 each, how many cookies and pretzels will you buy to maximize your utility? а. What will your total utility be?

- Cons X ∞ Chapter 6 - Cons X sments/632bc3fe081cee0063847766 00 Course Catalog - X ∞o Exam 1 - Chapter X = 6.2 How Changes X Chapter 6 - Consumer Choice OPEN OFirst Class Economy What is the Marginal Utility per Dollar for an economy ticket? Will Ari be better off booking a first class or an economy ticket? 00 Course Catalog - x + Ari needs to book a flight between Minneapolis and Los Angeles and has a choice between flying in first class or economy. A first class ticket costs $1140 and an economy ticket costs $200. The first class ticket generates $1430 of utility and the economy ticket generates $380 value of utility. Note: A purchase generating utility tells us the marginal utility of the good. What is the Marginal Utility per Dollar for a first class ticket? I 12 ☆ 9- la

4: What are five fundamental questions (and answers) in economics? Five fundamental questions How do market system answer the question? 1. 2. 3. 4. 5. Chapter 3 starts here. Define "demand" and State the law of demand. Demand is a (s (w_ specified period of (t d ) or a curve which shows the various amounts of a product buyers are ) to purchase at each price in a series of possible prices during a ) and (a ). Demand portrays relationship between ), they are (positively, negatively) related either in the table or in the ( graph ). The law of demand states that, other things being equal, as price increases, the corresponding quantity demanded (rises, falls). Restated, there is a (an) ( direct, inverse ) relationship between price and ) and ( q. quantity demanded with everything else held constant.

Number of Sodas per day Total Utility Marginal Utility 1 20 2 35 3 47 12 4 10 5 7 Diminishing marginal utility sets in after the per day. O First Second O Third O Fourth Fifth

5. The elasticity of substitution will be a lower number: (a) The less curved is the indifference curve (b) The more curved is the indifference curve (c) The greater the income elasticity of demand of the good on the horizontal axis (d) The greater the degree of substitutability between the two goods (e) If tastes are both homothetic and quasilinear

Answer "What is the steady-state level of output"

Consider the following chart. What is the marginal utility per the price for the fourth unit of Chicken Fajitas? The price of a Chicken Fajita is $10. Quantity of Chicken Fajitas (1) 0 2 3₂ 4 5 6 7 O a.) +14 utils per dollar O b.) 1.9 utils per dollar Oc.) +1.0 utils per dollar d.) +16 utils per dollar Total Utility (2) 0 25 48 67 81 89 90 83 Marginal Utility (3) 25 23 19 8 1 -7

I need answer typing clear urjent no chatgpt used i will give 5 upvotes.