With the aid of an appropriate diagram explain individual utility and social choices

Question 22: Kathy gets utility from three things: the number of flowers in her local park (F), reading books in this park (R), and eating sushi (S). Four utility functions that might describe Kathy's preferences are shown below. In each case, discuss whether reading in the park (R) is non-essential and whether reading (R) and the number of flowers in the park (F) are weak complements. [medium] (a) U(F, R, S) = 2FR+S (b) U(F, R, S) = /2FR+S (c) U(F, R, S) = (V2FR)S (d) U(F, R, S) = v2F + RS

What are the 4 basic assumption of individual preferences?

Dwayne has $800 to spend on lemonade and bread. The price of lemonade is $25 and the price of bread is $10. What is the equation for Dwayneʹs budget constraint?

Question 22: Kathy gets utility from three things: the number of flowers in her local park (F), reading books in this park (R), and eating sushi (S). Four utility functions that might describe Kathy's preferences are shown below. In each case, discuss whether reading in the park (R) is non-essential and whether reading (R) and the number of flowers in the park (F) are weak complements. [medium] (a) U(F, R, S) = 2FR+ S (b) U(F, R, S) = /2FR+ S (c) U(F, R, S) = (V2FR)S (d) U(F, R, S) = /2F+ RS

Alfred marshall concept of marginal utility

A consumer finds only three products, X, Y, and Z, are for sale. The amount of utility which their consumption will yield is shown in the table below.  Assume that the prices of X, Y, and Z are $10, $2, and $8, respectively, and that the consumer has an income of $74 to spend.   Product X   Product Y   Product Z     Quantity     Utility Marginal Utility per $       Quantity     Utility Marginal Utility per $       Quantity     Utility Marginal Utility per $ 1 42 NA   1 14 NA   1 32 NA 2 82 4   2 26 6   2 60 3.5 3 118 3.6   3 36 5   3 84 3 4 148 3   4 44 4   4 100 2 5 170 2.2   5 50 3   5 110 1.25 6 182 1.2   6 54 2   6 116 0.75 7 182 _0   7 56.4 _1.2   7 120 _0.5_ Why would the consumer not be maximizing utility by purchasing 2 units of X, 4 units of Y, and 1 unit of Z?

Use the table below to answer the following question. Number of Units A) 95 B) 47.5 190 (D) 90 1 2 3 4 5 5 What is the marginal utility of the second unit? Total Utility 100 190 270 340 400 450

The table below shows the marginal benefit that Dan derives by consuming different quantities of tacos and soda .The price of a taco is $3 and the price of soda is $1. Quantity  sodas Tacos     Marginal benefits ($) Marginal benefits($)   1 10 18   2 8 12   3 6 6   4 4 3   5 2 1   6 1 0.6           Refer to the table above.If Dan consumes 3 tacos and 0 sodas -not necessary his optical choice- how much consumer surplus is he enjoying? a) $ 24 b) $ 27 c) $ 9 d) $6

The value for X is