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- If the price pf pasta increases and a consumer buys more pasta, we can infer that a. pasta is a normal good and the income effect is greater than the substitution effect. b. pasta is a normal good and the substitution effect is greater than the income effect. c. pasta is an an inferior good and the income effect is greater is greater than the substitution effect. d. pasta is an inferior good and the substitution effect is greater than the income effect.Bob consumes food and housing. Suppose his marginal utility from an additional unit of food is 20 and his marginal utility from an additional unit of housing is 180. Furthermore, suppose the price of a unit of food is $1.00 and the price of a unit of housing is $2.00. Can Bob increase his utility without changing his total expenditures on food and housing? Holding expenditures constant, A. Bob can increase utility by spending more on food and less on housing. B. Bob can increase utility by spending more on food and the same amount on housing. C. Bob can increase utility by spending less on food and more on housing. D. Bob cannot increase his utility. E. Bob can increase utility by spending more on food and more on housing.George drinks 5 cans of beer, his total utility of bear can be calcualted by A. summing the marginal utility from the first can of of beer and the 5th can of beer B. Summing up the marginal utilities of each successive can consumed C. multiplying price times quanitity and dividing by the marginal utility D. multiplying the marginal utility from the first can by 5
- John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 40 utils. After three Cokes, he has a total utility of 90 utils. a. Complete the table below to show John's marginal utility for each Coke. Instructions: Enter your answers as a whole number. Cokes Consumed Marginal Utility First Coke Second Coke Third CokeThe table below represents how Marco feels about chocolate candy bars. a. Fill in the missing values for total utility and marginal utility. Instructions: Enter your answers as a whole number. Chocolate Candy Bars and Marco's Utility Chocolate Candy Total Utility Bars (utils) 0 0 1 27 2 3 4 5 6 (Click to select) 60 ♦ 76 Marginal Utility (utils) 27 19 Suppose Marco currently has two candy bars. You tell Marco you will give him either a soda, which gives him 28 utils of happiness, or two additional candy bars. b. Which is he likely to prefer? 6 1If Edna buys more pasta when the price of pastaincreases, we can infer that for Ednaa. pasta is a normal good for which the incomeeffect exceeds the substitution effect.b. pasta is a normal good for which the substitutioneffect exceeds the income effect.c. pasta is an inferior good for which the incomeeffect exceeds the substitution effect.d. pasta is an inferior good for which thesubstitution effect exceeds the income effect.
- Column Column2 Column3 Column Columns Columns Column7 Column Column9 Column10 income =$32 Beer and Steak Medallions Number 1 You are given the data in the table below. First complete the table knowing the prices are: Price of beer = $4.00 Price of steak -56 O Quantity TU N Beer O 32 60 124 132 Pb-54 MU 24 20 MU/P Steak medalion Pum-56 Quantity TU 7 a 186 228 306 MU 72 60 36 24 MU/P Pom-$10 MU/PIf milk and Cheerios are such known to be complements the consumer consumes either one of this goods or the other Is it true or false?The table below shows Daniel's demand for glant slurpees. a. Complete the table below. Quantity 1 2 3 4567 DO G 8 9 10 55 units 35 28 4 TU 105 218 223 227 194 b. At what quantity is total utility maximized? c. What is marginal utility at this quantity? Marginal utility:
- 24. What is the difference between total utility and marginal utility? Explain.FritosFruit drinks Quantity Total utility Quantity Total utility 0 0 0 0 1 40 1 50 2 75 2 95 3 105 3 135 4 130 4 170 5 150 5 200 6 165 6 225 3. The table above shows the total utility from the two goods Freddy likes to consume. The marginal utility Freddy receives from consuming an extra bag of Fritos A) depends on the quantity of fruit drinks consumed. B) decreases as he consumes more bags of Fritos. C) decreases as he consumes more fruit drinks. D) equals 75 when he consumes 2 bags of Fritos.Soccer Games $40 Total Marginal Baseball Games $20 Total Marginal Quantity MU/P Quantity MU/P Utility Utility Utility Utility | 1 240 1 330 380 2 510 480 630 4 560 4 690 540 720 The table details the total utility thatJ.J. gets from going to see soccer and baseball games during a month. J.J. had $200 to spend. Calculate the marginal utility and the marginal utility per dollar spent for both soccer and baseball games, given that the price is $40 and $20 respectively. Based on your calculations: how many soccer games would he attend? how many baseball games would he attend? A> 1 22