Assume that you are a rational person and that you visit a grocery store to buy bananas. Use the marginal benefit and marginal cost (utils) principle, described in Unit 1, to explain how many bananas you will ultimately buy.
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Assume that you are a rational person and that you visit a grocery store to buy bananas. Use the marginal benefit and
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- Hours Playing Video Games Total Benefit Marginal Benefit Total Cost Marginal Cost 1 $20 MB1 $7 MC1 $35 MB2 $15 MC2 $45 MB3 $25 MC3 4 $50 MB4 $40 MC4 $53 MB5 $60 MC5 The above table is the same table from question 1. Enter your answer as a whole number and do not write out the number as a word (ie. 6 not "Six") How many hours should this individual spend playing video games? [Hours] 2.(9) What determines the utility an individual receives from consuming a good? Select one: a. The individual’s own preferences. b. The demand and supply curves for that good. c. The producers conducting customer feedback surveys of that good and the feedback provided. (10) Denzel bought headphones two months ago, Solo2 Beats by Dre, for $130. He gives them to his little brother and goes online to buy another for himself but they are now $160. What is the percentage change in the headphone’s price? Select one: a. 23% b. 30% c. 21%Explain how changes in income (budget constraint) and prices affect consumer consumption choices. Think back to a purchase that you made recently. How did you evaluate whether or not you would be purchasing the item?
- 7. How does economic conditions effect consumer behavior?Which of the following defines marginal utility? a. the maximum amount of satisfaction from consuming a product b. the change in total utility divided by the price of a product c. the total satisfaction received from consuming as much of the product that is available for consumption d. the additional satisfaction received from consuming one more unit of a product4. If TC = 12q 12q? +32g + 32 and have a budget of 100000$, how many units we can produce and stay below our budget? (Excel)
- Can you please show the detailed steps involved that took you to the final answers so that I can understand? 1.Suppose the marginal costs (MC) of reading are constant & the marginal benefits (MB) of reading decline (over time). Initially, the MB of Reading are greater than the MC. Draw the MB curve and MC curve of studying, & identify the efficient amount of reading. Then explain why the efficient point is the point at which the net benefits of reading are maximized. ________________________________________________2. Using the diagram you drew in question 1, lower the marginal costs of reading and identify the new efficient amount of reading. Also, identify the additional net benefits derived as a result of the lower marginal cost of reading.Economics Your car gets 28 miles per gallon (mpg) at 55 miles per hour (mph) and 22 mpg at 65 mph. At what speed should you make a 500-mile trip:- If gas costs $ 2.50 per gallon and your time is worth $18 per hour? If gas costs $3.25 per gallon and your time is worth $15 per hour? If gas costs $3.75 per gallon and your time is worth $12 per hour? Build a spreadsheet to calculate the total trip cost for gas costs of $2.50, $3.25, and $3.75, and values of time of $10, $12, $15, 18 and $20 per hour. Do two tables: one at 55mph and one at 65 mphYou have 6 hours to study for 2 exams tomorrow. The relationship between the time studying and test scores is shown below. Economics Psychology Score Hours Score Hours 58 58 66 1 64 2 73 2 69 3 79 3 73 84 76 88 5 78 91 6 79 a. Use the rule for determining optimal purchases decide how many hours you should study each subject. Treat each point on an exam like 1 unit of utility and assume you equally interested in doing well in economics and psychology. You should study economics for hours and psychology for hours.
- 1. Using the consumer choice theory, explain how an individual decides what combinations of different products to buy.1 As a principal trying to determine whether to spend $20 per student for access to an online textbook program, all I need to know is whether the marginal benefit for each student is greater than $20. Explain.Marginal benefit and marginal cost (dollars per swim) 50 MC 40 30 20 10 MB D 2 3 4 5 Manatee swims (per week) The figure above shows Kaley's marginal benefit from swimming with manatees and Scott's marginal cost of providing manatee swimming tours. At 1 manatee swim per week, Kaley's marginal benefit is __ and Scott's marginal cost is A) $40; $10 B) $40; $40 C) $90; $50