In the diagram, assùme the consumer whose indifference curves are shown is currently in consumer equilibrium at point a. Which of the following could lead to an optimal consumption bundle on indifference curve 13? Quantity of restaurant meals 80 70 60 50 40 30 20 10 6. 8. 10 12 14 16 Quantity of rooms O A. an increase in income OB. a decrease in the price of restaurant meals OC. a decrease in the price of rooms ollof the obo

In the diagram, assùme the consumer whose indifference curves are shown is currently in consumer equilibrium at point a. Which of the following could lead to an optimal consumption bundle on indifference curve 13? Quantity of restaurant meals 80 70 60 50 40 30 20 10 6. 8. 10 12 14 16 Quantity of rooms O A. an increase in income OB. a decrease in the price of restaurant meals OC. a decrease in the price of rooms ollof the obo

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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K Paul consumes only books and DVDs. At his current consumption bundle, his marginal utility from DVDS is 25 and from books is 3. Each DVD costs $13, and each book costs $2. Is he maximizing his utility? Explain. Let MUB be the marginal utility of books, MUD be the marginal utility from DVDs, PB be the price of books, Pp be the price of DVDs, and MRS be the marginal rate of substitution. Paul is OA. maximizing his utility because MUB PB = MUD PD MUB MUD OB. not maximizing his utility because < PB PD MUB OC. maximizing his utility because MRS = MUD MUB MUD OD. maximizing his utility because < PB PD MUB O E. not maximizing his utility because MRS < MUD If he is not, how can he increase his utility while keeping his total expenditure constant? Paul could increase utility while keeping total expenditures constant by consuming more and fewer
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31. Every day Noora spends her lunch money consuming apples, at RODeach, and oranges, at RO2 cach. At her current level of consumption, Noora's marginal utility of apples is 12 and her marginal utility of oranges is If she has already spent all of her lunch molfey, how should Noora change her consumption decision to maximize utility? a. She should make no changes; she is consuming the utility maximizing combination of apples and oranges. b.) She should increase her apple consumption and decrease her orange consumption until the marginal utility per dollar is equal for both. c. She should decrease her apple consumption and increase her orange consumption until the marginal utility per dollar is equal for both. d. She should increase her apple consumption and increase her orange consumption until the marginal utility is egual for both.
Complete this table on the picture.
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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' bar
The following table shows Ellie's utility from consuming slices of cake and cans of 7- Up. 5- Marginal Utility from Last Slice Slices Cans Marginal Utility from Last Can 4.5- of of Cake 7- Up 4- - 120 100 1 120 3.5- 2 60 3- 80 45 4 60 4 30 2.5- 40 5 20 6. 20 6 15 2- Suppose Ellie has $3 per week to spend on cake and 7- Up and that the price of a slice of cake is $0.50. 1.5- 1- 1.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $0.50. Label this point 'A'. 0.5- 0- 2.) Use the point drawing tool to plot Ellie's demand for 7- Up at a price of $1.00. Label this point 'B'. 2 3 4 Quantity of 7-Up 3.) Use the line drawing tool to connect the dots to form Ellie's demand curve. Properly label this line. Carefully follow the instructions above, and only draw the required objects. O -2 3 Price of 7-Up
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7
Please assist wirh question d and e
Fill 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