Marginal Units of Utility, X Product (Price = $1) First 12 Second 10 Third 8 Fourth 6 Fifth 4 Sixth 2 Seventh 0 Multiple Choice four units of Z. six units of Z. Marginal Utility, Y (Price = $1) three units of Z. 16 14 12 10 8 6 4 Refer to the data for a consumer whose income = $14. Suppose the price of product Z is $2 rather than $1. This consumer would purchase Marginal Utility, New Product, Z (Price = $1) 20 18 16 14 12 10 more of X, Y, and Z than if the price were $1 for Z. 8

70- 60- B 50- 40- 30- Suppose Naomi consumes two goods: good 1 and good 2. Last year, the price of good 1 was $2.00 and the price of good 2 was $3.20. Given these prices, Naomi maximized satisfaction consuming bundle A, as indicated in the figure to the right. However, this year, the price of good 1 has increased to $6.00 and the price of good 2 has changed to $2.40. Given these prices, Naomi would be equally well off at consumption bundle B. Calculate a Laspeyres cost-of-living index for Naomi using 100 as the base for last year. In particular, the Laspeyres index for this year is ☐. (Enter your response rounded to two decimal places.) The Laspeyres index suggests inflation has been percent over the year. (Enter your response rounded to two decimal places.) The Laspeyres cost-of-living index overstates the rate of inflation because it assumes that consumers do not alter their consumption patterns as prices change. Naomi's true cost-of-living increase has been ☐ percent. (Enter your…

The figure below shows a consumer maximizing utility at two different prices (the left panel) and the consumer's demand for good X at the same two prices of good X (the right panel). The price of good Yis $4.50. The equation of the budget line passing through point r is R B 60 48 Demand for X Q. 24 18 24 Quantity of X Quantity demanded of X Multiple Choice Y-80 - (10/3)X Y 90 - (10/3)x Y=80 -0.3X Y= 90 - 0.3X Quantity of Y Price of X

Question 16     The first slice of pizza yields Ali 18 units of utility and the second yields him an additional 12 units of utility. His total utility from three slices is 38 units of utility. The marginal utility of the third slice is:            26 units of utility.            8 units of utility.            38 units of utility.             6 units of utility.

can you show how they got this answer

s) Using the indifference curves, a budget line and a price change, show how we can derive an individual's demand curve for a product..

Refer to the graph below Quantity of Y 160 0 Multiple Choice The consumer's income is $1,000 Why doesn't the consumer choose the combination at point B O Quantity of X 200 O The marginal utility of Y exceeds the marginal uplity of X O The consumer is willing to give up more X for an additional unit of Y than must be given up given the relative prices of X and Y. The marginal utility per dollar spent on X exceeds the marginal utility per dollar spent on Y The consumer is willing to give up more Y for an additional unt of X than must be given up given the relative prices of X and Y

See the attached and help

Larry and Teri allocate their consumption between two goods: hats and bats. The price of hats is €5 each, and the price of bats is €10 each. For Larry, the marginal utility of the last hat consumed was 8, and the marginal utility of the last bat was 24. For Teri, the marginal utility of the last hat was 6, and the marginal utility of the last bat was 12. Which consumer is not maximizing his/her utility? How can you tell? How should he/she change their allocation?

The table shows the total utility data for products S and T. Assume that the prices of S and T are $3 and $5, respectively, and that consumer income is $22. Total Utility 12 27 39 48 51 Units of S 1 2 3 4 5 Multiple Choice If the price of T decreases from $5 to $3, while the price of S and the consumer's income stay the same, then the utility-maximizing combination is such that the quantity of T increases from 2 to 4. Units of T 1 2 3 4 5 Total Utility 20 35 45 50 52 decreases from 4 to 3. stays the same at 2, but the consumer has $1 remaining. increases from 2 to 3, but the consumer has $1 remaining.