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 OC. 25 OD. 50
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- Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a round—trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.Would you expect total utility to rise or fall with additional consumption of a good? Why?The rules of politics are not always the same as the rules of economics. In discussions of setting budgets for government agencies, there is a strategy called closing the Washington Monument. When an agency faces the unwelcome prospect of a budget cut, it may decide to close a high-visibility attraction enjoyed by many people (like the Washington Monument). Explain in terms of diminishing marginal utility why the Washington Monument strategy is So misleading. Hint: If you are really trying to make the best of a budget cut, should you cut the items in your budget with tile highest marginal utility or line lowest marginal utility? Does the Washington Monument strategy cut the items with the highest marginal utility or line lowest marginal utility?
- DmISIIng Margifal Otmty n. TOTAL AND MARGINAL UTILITY Reset E UTILITY CALCULATIONS Total Utility Quantity Consumed Total Marginal Utility 70 Utility 60 50 22 40 1 22 30 18 20 40 10 14 2 3 4 54 Quantity Consumed 10 Marginal Utility 4 64 20 6. 10 70 3. 6. -10 6. 72 -20 -2 7 70 Quantity Consumed Quantity Consumed -6 8. 64 8 Prev 1 of 3 Score answer > ...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 19dmulFill 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. 50
- NIVERSITY 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. 6.39. The following chart shows thec total utility-that Ammar receives from çonşuming various amounts-of chocolate.candy bars each day: Number candy, bars consumed për đay Total'utility 1' 40- 2 70 90 100 4. 80 Which of the following statements about Ammar's marginal utility is correct? Hiş marginal utility from the first candy bar is greater-than his marginalutility from the second candy' barQuantity Total utility Marginal utility 1 250 180 580 4 700 100 The above table gives some of Tammy's total and marginal utilities from comedy videos. Which of the following statements is TRUE? A. Tammy's marginal utility from the first comedy video is less than her marginal utility from the third comedy video. B. Tammy's total utility from five comedy videos is 800. C. Tammy's marginal utility from the third comedy video is equal to 580/3. D. None of the above answers are correct. Reset Selection
- The following table shows Madison's utility from consuming popcom and Coke Suppose that Madison han income of $21.00, the price of popcom is 6.00 and the price of Coke in $4 50 FMadson wants to maiire her y how much popcom and Coke should she buy? ITT Popcorn Marginal Unity 192 144 Coke Marginal Uity 144 100 72 36 18 Quantity 48 24 12 Madison should buy boxes of popcom and cans of Coke Enter your reponses as negers)39. The following chart shows the total utility that Ammar receives from conşuming various amounts of chocolate candy bars each day: Number candy bars consumed per day Total utility 40 2. 70 3. 90 100 80 Which of the following statements about Ammar's marginal utility is correct? a) His marginal utlty from the first candy bar is greater than his marginal utility from the second candy bar b. His marginal utility from the fourth candy bar is greater than his marginal utility from the third candy bar c. His marginal utility increases at a constant rate d. His greatest marginal utility comes from his consumption of the fourth candy barthrough 6. Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 Answer here 1 Total utility of swimming 40 22666 72 76 76 Jenny spends an average of $3 each hour she plays video games. What is her marginal utility per dollar for the second half hour?