Refer to the table for the next 4 questionsStrawberriesTotalApplesConsumedTotalConsumedUtilityUtility114132261833642244425506.276.542856#12. Assume that strawberries cost $1 and apples cost $2. Which of the following combinationof strawberries and apples satisfies the optimal consumption rule?a. 2 strawberries and 4 apples.b. 6 strawberries and 5 apples.c. 5 strawberries and 5 apples.d. 3 strawberries and 2 apples.e. 6 strawberries and 7 apples.#13. Assume that strawberries cost $1 and apples cost $2. If a consumer has $8, the bundle ofgoods that would maximize her utility per dollar and remain within her budget would bea. O strawberries and 4 apples.b. 6 strawberries and 5 apples.c. 6 strawberries and 1 apple.d. 4 strawberries and 2 apples.e. 2 strawberries and 3 apples.

The following table represents the total utility and marginal utility of consuming strawberries and…

Answered: Refer to the table for the next 4…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Total Utility Total Utility 0 0 15 25 30 35 40 43 48 46 5 55 5 48 Refer to Table 6-3. The table shows Moira's total utility from each chocolate bar and cup of hot chocolate that she consumes. Which cup of hot chocolate has the highest marginal utility? the first the second the fourth the fifth Quantity 0 1 2 3 4 Quantity 0 1 3
The following table describes the utility that Greta gets from consuming Shiner Bock. Her marginal utility is maximized ___.
Refer to the table below, which presents information on the total utility Alice derives (expressed in utils) from consuming different amounts of ice cream. Scoops of ice cream Total utility (utils) 1 10 2 18 3 28 4 38 46 43 B wwww 5 Does Alice's total utility exhibit the law of diminishing marginal utility? There is not enough information to answer this question Yes it does No it doesn't FI 2 W F2 M # 3 JAN 5 20 F3 E $ 4 888 F4 R % 5 T F5 A 6 MacBook Air F6 Y 887 & stv F7 U *8 ► 11 F8 A ►► ( 9 F9 76 1 0 W F10 Aa 4) zoom F11 Next SA F12
Units of the Good 0 1 5678AWN2 3 4 Total Utility Total Utility of X of Y 0 0 620 1740 1120 3030 1500 3960 1820 4710 2080 5280 2300 5730 2460 6060 2580 6300 For the next 3 questions, assume that an individual consumes two goods X and Y. The total utility (assumed measurable) of each good is independent of the rate of consumption of other goods. The prices of X and Y are, respectively, $20 and $30. If the consumer buys the fourth unit of X the Marginal Utility per Dollar Spent on X is 16 I If the consumer has $210 to spend on X and Y, the utility-maximizing bundle is The minimum budget necessary to move to a higher equilibrium consumption of X and Y is $ unit(s) of X and unit(s) of Y.
5. The price of good x increases from 4 to 6. A consumer with an income of 120 buys 15 units of good x before the change and 10 units after. If the same consumer kept their utility constant and minimized expenditure, they would buy 8 units of x after the price change. What are the total effect, substitution effect, and income effect?
15. Answer the following questions based on the table. a) Complete the given table. b) Draw the total and marginal utility curves from the complete table. c) Show the relationship between total and marginal utility curves. Units of goods Total Utility(TU) Marginal Utility (MU) 1 5 2 9 3 12 4 14 5 15 6. 15 7 14
Quèstion 22 Marginal utility is positive and increasing when: O Total utility is increasing in an increased rate O Total utility is increasing in a decreased rate O Total utility is decreasing O Consuming unit 8 of any good
3.5 Marginal Utility and Consumer Choice Participation Question 7: • A consumer derives utility from consuming integer units of Good X and Good Y. See the table below for a total utility level at different consumption levels. What is the marginal utility of the second unit of Good X when the consumption of Good Y is at 3? Total Utility 1 Good X 2 Good X 3 Good X 1 Good Y 1 8. 2 Good Y 8 10 3 Good Y 10 11 A. 10 В. 5 С. 3 D. 2
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.
Complete this table on the picture.

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