Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table below to answer the following question Quantity Total Utility of Cereal Total Utility of Books Total Utility of Clothing 1 50 75 25 2 90 135 45 3 120 175 60 4 140 205 70 5 155 225 78 1. If the price of cereal is $2, the price of books is $3 and the price of clothing is $1, at what point does Douglas maximize his utility? Explain.

Q: The graph illustrates Robert's consumption of cotton candy and mini-cookies. Robert starts at point…

A: The price effect is divided into the substitution effect and income effect. When price changes, it…

Q: alculate marginal utility and marginal utility per dollar for the data provided in the table below:…

A: Price of wine = 4Price of cheese= 0.95Budget= 16.73Marginal Utility: Change in Total utility the…

Q: The table below shows Fiona's marginal utility for hot dogs and peanuts at each quantity. What is…

A: The objective of the question is to calculate Fiona's total utility for consuming 4 hot dogs and 3…

Q: Quantity 1 2 3 4 5 Pizza Total utility 95 180 255 320 375 Quantity 1 2 3 4 5 CDs Total utility 170…

A: The information about the utility table is given below. PizzaCDQuantity Total Utility Quantity Total…

Q: Burritos Quantity per week 0 1 2 3 5 6 Total utility 0 21 39 54 63 69 72 Quantity per week 0 1 2345O…

A: Total utility refers to the overall satisfaction or pleasure that a consumer derives from consuming…

Q: 1. You have a budget of $125 per month that you can spend digital music or eating dinner. Each…

A: The utility of the digital album and dinner is given below:AlbumsDinnerNo per weekTUNo per…

Q: Consider the following budget constraint. Dennis spends all his money on sweaters and sweatshirts.…

A: Following budget constraint is given:Price of sweater = $15

Q: Joe has $62 to spend on apples and oranges. Given the information in the following table, is Joe…

A: Joe's budget for apples and oranges is $62.The marginal utility on the last unit of the apple is 30…

Q: Price of candy New price of Price of ice cream cones = 5.00 2.50 candy = $ 1.25 Quantity of Ice…

A: When price of ice cream cone is $5.00 Price of candy is $2.5 Then the optimum consumption will occur…

Q: 3. You have $10 to spend and the price of root beer is $1 per bottle and the price of a sandwich is…

A: Utility means satisfaction.Marginal utility is the utility derived from the consumption of an…

Q: The following table depicts a consumer's utility from consuming two goods, Fish and Chips. Units of…

A: Total utility refers to the satisfaction that a consumer attains for consuming a good or service.…

Q: Suppose that a consumer has an income of $10 per period, and that he must spend it all on meat or…

A: Ans. The consumer's budget line is the graphical representation of all possible combinations of two…

Q: Quantity of D 10+ 8 6 4 2 02 4 6 8 10 Quantity of C Refer to the budget line shown in the diagram.…

A: The budget constraint represents all the combinations of the goods and services that the consumer…

Q: The table below shows the marginal utility from consuming mini pizzas and sodas. If pizzas and soda…

A: Given: The price of mini pizza is = $1 The price of soda is = $0.50 The total amount to spend is =…

Q: The graph shows the budget line for a consumer who only buys cookies and magazines. If the…

A: Budget line is the graphical representation of different combinations of two goods that a consumer…

Q: Soccer Games $40 Baseball Games $20 Total Marginal Total Marginal Utility Utility Quantity MU/P…

A: We know that the marginal utility is the additional utility gain from consuming one more unit of a…

Q: Using examples, does an increase in income affect a consumer’s budget line? Does it impact their…

A: Suppose, X is an individual consuming Grapes and pineapples. X’s income is 150. X gets utility by…

Q: Bridget has a limited income and consumes only wine and cheese; her current consumption choice is…

A: What is Utility? Utility is a term used in economics to describe satisfaction or happiness. When…

Q: For a consumer, her demand for one of the products is given by x1 = 0.05m-4p. Her income is $420 and…

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A: Utility maximizing condition at given budget constraints Slope of Budget line= Slope of indifference…

Q: hat would be the answer

A: Utility maximising condition: Slope of Indifference Curve = Slope of Price Ratio Marginal Rate of…

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A: Utility maximization is a strategic theme whereby people and firms get to attain the highest level…

Q: Suppose Carlos has a budget of $100 to spend on soft drinks and bottled water. Soft drinks cost $2…

A: Budget line can be defined as a graphical representation of all possible combinations of two items…

Q: Suppose you consume 3 pounds of beef and 5 pounds of pork per month. The price of beef is $1.50 per…

A: Consumer theory investigates how people choose how to allocate their resources to maximize utility.…

Q: Find the missing marginal utility: Quantity 3 8 Total Utility 30 55 67 Marginal Utility 10 5 |12 4…

A: Utility: - Utility is the satisfaction derived by any consumer by consuming a good or service.

Q: The following table shows Madison's utility from consuming popcorn and Coke. Suppose that Madison…

A: Utility refers to the satisfaction or pleasure derived from consuming goods and services.Marginal…

Q: Suppose you get utility from two goods, food and clothing, and have a certain amount income. Explain…

A: This can be defined as the concept that presents the graphical representation of the quantity of the…

Q: Quantity of C Refer to the budget line shown in the diagram. Which of the following combinations of…

A: The budget constraint represents all the combinations of the goods and services that the consumer…

Q: ing ligu K (B) Avocados per week (A) Avocados per week (C) Avocados per week Marginal Utility…

A: Utility refers to the happiness or satisfaction that an individual get from the consumption of a…

Q: Question No. 5| Hafidh's income is $200 a month. The price of watch is $25 a show, and the price of…

A: Given, Income = $200 Price of watch = $25 Price of jeans = $15

Q: Info in images

A: Answer: (1). Given, Lisa's marginal utility per slice of pizza=20 Her marginal utility per…

Q: Did i do this properly?

A: Budget constraints shows the relationship between the two goods , their prices and the income of…

Q: Jessie is attempting to draw her budget constraint for purchasing cookies and strawberries. At a…

A: The budget line depicts the distinct combinations of two consumer commodities that an individual can…

Q: Bob consumes food and housing. Suppose his marginal utility from an additional unit of food is 20…

A: The utility refers to wants  satisfying power of a commodity. Marginal utility is the additional…

Q: The following table reflects the utility one receives from consuming a given product.      Units…

A: Total Utility refers to the total satifaction derived by a consumer from the consumption of a good…