If a consumer's marginal utility was 10 utils per unit of meat and 5 utils per unit of potatoes:   a. the consumer should purchase less potatoes and more meat to maximize his satisfaction. b. the consumer would be in equilibrium if the per-unit price of meat was twice the price of potatoes. c. the consumer would be in equilibrium if the price per unit of meat was half the price of potatoes. d. the consumer's total utility could be increased by consuming more potatoes and less meat until the marginal utilities of the two goods were equal.

12. Five consumers have the following marginal utility of apples and pears: Marginal Utility Marginal Utility of Apples of Pears Claire 6 12 Phil 6 6 Haley 6 3 Alex 3 6 Luke 3 12 The price of an apple is $1, and the price of a pear is $2. Which, if any, of these consumers are optimizing their choices of fruit? For those who are not, how should they change their spending?

According to the law of diminishing marginal utility, marginal utility of a good declines as more of it is consumed in a given time period. According to this law, which of the following statement is true? a. The more I go to school, the more I want to do something else b. Since we need gasoline more than we need paper, gasoline is more valuable c. Peas give me no satisfaction, so I won't buy any d. The more coffee I drink, the more I want to drink

As organic vegetables increase in popularity, Marcy finds herself eating more and more organic kale. Use the table to answer the two questions. Units of organic kale consumed by Marcy Total utility of the units consumed Marginal utility of each additional unit consumed 1 10 – 2 18 8 3 – 6 4 28 4 5 30 – 6 28 −2 What is the total utility that Marcy obtains from consuming three units of organic kale? total utility:     What is Marcy's marginal utility for the fifth unit of organic kale? marginal utility:

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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.

The following table reflects the utility one receives from consuming a given product.      Units Consumed   Total Utility (TU)       Marginal Utility (MU)           0                                     0                              -------           1                                    60                              60           2                                  ____                            50           3                                  150                              ____           4                                  175                              ____           5                                  ____                            20           6                                  210                              ____   Complete the table solving for the missing total utility or marginal utility values in each           row. Total utility increases throughout the table. What rate does total utility increase?  In other       words, is it rising at an increasing rate, a…

Lisa consumes only two goods, pizzas and burritos. In equilibrium, her marginal utility per slice of pizza is 10 and her marginal utility per burrito is 8. Instructions: Enter your answer rounded to two decimal places. If a slice of pizza costs $3, then the price of a burrito must be $

How can one's choice of purchases/consumption be infuenced by utility or marginal utility?

Question 2