Suppose you have $20 to spend on pizza and coke. Suppose you spent all your money and that the marginal utility per dollar of the last slice of pizza you ate was 0 utils per dollar and the marginal utility per dollar of the last coke you drank was 8 utils per dollar. Subject to your budget constraint, you likely could have achieved a higher utility if you _____. a. ate more pizza and drank more coke. b. ate fewer pizzas and drank fewer cokes. c. ate fewer pizzas and drank more coke. d. ate more pizza and drank fewer cokes.

Q: Assume that a consumer has a given budget or income of $10 and that she can buy only two goods,…

A: Given information:- Given income     = $ 10 Apple price         = $ 2 each        Banana price…

Q: 6. The law of diminishing marginal utility can be stated as follows: a. as the amount of a good…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Quanity Utility from Video Games Utility from Novels Marginal Utilty  Video Games Marginal…

A: Utility: Utility is the wants satisfying power of a good, which can be measured numerically. It is…

Q: Livi consumes both sushi (s) and green tea (t).  The following table shows her marginal utility…

A: The utility is the amount derived by consuming a product, which can satisfy human wants.Although the…

Q: Assume that a consumer has a given budget or income of $12 and that she can buy only two goods,…

A: Budget is the amount of income that a consumer has to spend on goods and services.

Q: Q2. You drink only Coffee or Orange juice Price of Coffee Marginal Utility of Coffee (for (dollars…

A: Part a) MU per dollar for coffee = MU of coffee / price of coffee = 60/3= 20.

Q: 3. Susan has the following utility function U(x,y) = xy, where x represents food and y represents…

A: *SOLUTION :-  * (3)

Q: 3. Finding the optimal combination of two goods - $2. Suppose that Larry buys Larry enjoys consuming…

A: Marginal utility is the additional utility that a consumer derives while consuming an additional…

Q: You have $16 to spend purchasing Krystal burgers ("good X") and tallboy cans of PBR ("good Y"),…

A: Hi! thanks for the question but as per the guidelines, we answer up to three parts at one time.…

Q: Give typing answer with explanation and conclusion  Suppose that a consumer's utility function is…

A: Given  Consumer utility function: U=x5y3z3 Here x is the consumption of mineral water, y is the…

Q: The nearby graph shows Claudia's budget constraint for purchases of shoes and purses. Claudia's…

A: A budget line is the graphical representation of different combinations of goods to be purchased for…

Q: 24. Binita has a limited income and consumes only juice and pasta; her current consumptio hoice is…

A: The utility is maximized where the Budget line of consumer tangents the slope of indifference curve…

Q: 5. Janice consumes two goods, X and Y. Janice has a utility function given by the expression:…

A: Indifference curves are the graphical representation of various levels of utility. A budget line…

Q: s Dr. Gonzalez drinks five beers, his total utility rises from 5 to 45 when he drinks one beer. His…

A: Marginal utility is the utility gained by consuming one extra unit of a good. Given  Dr. Gonzalez's…

Q: Annie's current level of consumption, let MUp denote Annie's marginal utility from an additional…

A: Marginal utility (MU) is a concept in economics that implies the additional satisfaction or benefit…

Q: The law of diminishing marginal utility says that.... ........... as a person consumes more and more…

A: The consumers, or the individuals, or the households purchase goods, and services in order to…

Q: 2. Tom spends all his $100 weekly income on two goods, apples and bananas. His utility function is…

A: Utility maximization problem : With the given prices and the income, a consumer chooses his…

Q: Christoph, who consumes only luxury bacon sandwiches and luxury sausage rolls, has a weekly income…

A: Marginal utility (MU) is the concept in economics that shows the additional utility (satisfaction)…

Q: 3. The law of diminishing marginal utility means: The marginal utility of consuming successive units…

A: Total utility refers to the satisfaction of the consumer that is attained after consuming a…

Q: 12. Wayne has $2,000 dollars to spend on Grey Cup football tickets (measured in numbers along the…

A: Answer -

Q: Suppose Joe's utility for lobster (L) and soda (S) can be represented as U = L0.5 S0.5. Joe…

A: ***Since the student has posted multiple questions, the expert is required to solve only the first…

Q: a)Assume that the typical consumer always spends a small share of her overall budget on Vietnamese…

A: Total customers = 120,000 Price of other products = Pm= $1 Price of Vietnamese Meals = Pv The…

Q: Jill likes to consume coffee and cream in a very particular way: with every cup of coffee she…

A: Jill is a utility maximizer. She decides to spend her income is $120 per month on coffee and cream.…

Q: "Ella consumes positive quantities of both jam and juice. The price of jam is 5 cents per unit and…

A: Price of jam = 5 cents  Price of juice = 10 cents  Marginal utility of jam = 10 Marginal utility of…

Q: 8. Suppose that you are able to consume only two goods, coffee and donuts. Use a graphical and…

A: The consumer is in equilibrium when he gets maximum satisfaction out of his expenditure. When the…

Q: 4. Assume that the following graph show the indifference curve and budget line for a consumer who is…

A: In economics, an indifference curve represents a series of combinations of two goods that a consumer…

Q: The table shows Elaine's total utility from pizza and hamburgers. Elaine spends $10 a week on pizza…

A: A consumer will consume that bundle where the law of equi marginal utility is satisfied. The law of…

Q: 5. Reggie consumes only two goods: food and shelter. On a graph with shelter on the horizontal axis…

A: A consumer's desired varied possible pairing of two commodities is represented by the indifference…

Q: 2. Leyla has a budget of €120 which she spends only on cocktails (C) and sushi boxes (S). The price…

A: Total utility and marginal utility are two related concepts in microeconomics that describe the…

Q: 5) Given the data in the below table, income of $13, a price of $1 for a gallon of gasoline and…

A: Utility is the satisfaction that a consumer obtains after consumption of goods and service. It is…

Q: lives on an island economy and consumes only coconuts. Her utility function is given by u= √C, C is…

A: Utility is the satisfaction which is derived from consumption of good.

Q: A consumer currentiy spends a gven budget on two goods, Xand Y, In such quantitles that the marginal…

A: Given information MU of X=10 and price of X=$5 MU of Y=8 and price of Y=$2 Consumer maximizes its…

Q: The table below shows the per unit prices and marginal utility for the last unit of waffles and…

A: In economics, it is assumed that individuals are rational and take the decision which is in their…

Q: The law of diminishing marginal utility says that...   A. as a person consumes more and more of a…

A: The marginal utility is the satisfaction derived from the consumption of an additional unit. The…

Q: Carl has $8 to spend on some combination of apples, bananas, and coconuts. Apples and bananas cost…

A: In economics, utility refers to the level of satisfaction or benefit that a person derives from…

Q: Utility is a type of function that occurs in economics. When a consumer receives x unils of a…

A: The utility function provides a measure of the overall satisfaction (denoted by 'U') that an…

Q: Consumer spends $450 per week on two goods, X and Y. PX= $5 and PY=$3. His utility function is U=…

A: Given,  U= 0.5xy2

Q: Assume that a consumer has a given budget or income of $12 and that she can buy only two goods,…

A: To determine how many apples or bananas the consumer can buy with a budget of $12, we can calculate…

Q: 12. Wayne has $2,000 dollars to spend on Grey Cup football tickets (measured in numbers along the…

A: Wayne has $2,000 He wants to buy The grey cup football box office tickets and also he wants to buy…

Q: Question 5 The following schedules show the amounts of additional satisfaction (marginal utility)…

A: Unit of X TU MU MU/$2 Unit of Y TU MU MU/$4 0 0     -     - 0 0    -    - 1 20 20-0 =20 20/2…

Q: . What are the mathematical steps in deriving demand and indirect utility

A: This can be defined as a mathematical representation of the relation between the quantity demanded…

Q: When deciding which goods to consume, you should choose to consume the good with the highest…

A: Marginal utility describes the additional satisfaction or benefit (utility) that a consumer derives…

Q: A consumer has to choose the optimal number of slices of pizza and bottles of water to purchase.…

A: Optimal decisions will be reached at the margin. The main approach on making the best decision on…

Q: Suppose you have a budget of 30 to spend on two goods: pizzas and burgers. Each pizza is $5 while…

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

Q: According to the law of diminishing marginal utility:   a. as you consume less of something, your…

A: In economics, utility is a measure of the satisfaction or usefulness that a consumer derives from…

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.