EBK PRINCIPLES OF MICROECONOMICS (SECON
2nd Edition
ISBN: 9780393616149
Author: Mateer
Publisher: W.W.NORTON+CO. (CC)
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Chapter 16.A, Problem 3SP
To determine
Find the number of times Person F goes for bowling and goes to movies
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The table details the total utility that J.J. gets from going to see basketball and hockey games during a month. J.J. had $120 to spend. Calculate the marginal utility and the marginal utility per dollar spent for both basketball and hockey given that the price is $20 and $30 respectively. Based on your calculations:
how many basketball games would he attend?
how many hockey games would he attend?
Ji - ho watches both movies and sports. He likes variety and prefers to watch a
balanced mix of both movies and sports rather than just one game. What do Ji - ho's
indifference curves look like, with movies on the y - axis and sports on the x - axis?
Draw the curves.
How do your total and marginal utility change as you stay at home watching the same TV show (not necessarily the same episode) alone all day?
Chapter 16 Solutions
EBK PRINCIPLES OF MICROECONOMICS (SECON
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- How does a consumer’s optimal choice of goods change if all prices and the consumer’s income double?arrow_forwardHow do indifference curves represent the consumer's preferences?arrow_forwardSuppose you had a budget of $20.00 and the prices of a burger and a slice of pizza are $4.00 and $2.00 respectively. What is the marginal utility per dollar spent for the fourth burger?arrow_forward
- The above figure shows your budget line and indifference curves. What quantities of gasoline and movie rentals would you choose?arrow_forwardAnatoly's marginal utility for DVDs (D) is MUD= X and his marginal utility for Xbox games (X) is MUx=D. Anatoly's incomes is $240, the price of a DVD is $40 and the price of an Xbox game is $20. How many DVDs and Xbox games does Anatoly consume to maximize his satisfaction? Give your response in integers.arrow_forwardBrenda wants to buy new car and has a budget of $25,000. She has just found a magazine that assigns each car an index for styling and an index for gas mileage. Each index runs from 1 to 10, with 10 representing either the most styling or best gas mileage. While looking at the list of cars, Brenda observes that on average, as the style index increases by one unit, the price of the car increases by $6,250. She also observed that as the gas-mileage index rises by one unit, the price of the car increases by $5,000. Illustrate the various combinations of style (S) and gas mileage (G) that Brenda could select with her $25,000 budget. Using the line drawing tool, illustrate Brenda's budget line. Label this line 'Budget Line'. Carefully follow the instructions above, and only draw the required object. Suppose Brenda's preferences are such that she always receives two times as much satisfaction from an extra unit of styling as she does from gas mileage. What type of car will Brenda choose?…arrow_forward
- Louis is trying to decide what combination of cups and plates to buy. His budget is $12. Plates cost $4 each and cups cost $2 each. The numbers in the table represent total utility. Given his budget, which combination will maximize total utility? number of plates and cups.arrow_forwardRick eats only french fries and burgers at his office cafeteria. His weekly lunch budget is $48. Each burger costs $6 and each order of fries costs $3. When deciding how much of each good to buy, Rick knows that 2 burgers and 4 orders of french fries will give him a utility of 8. At his utility-maximizing point, Rick's utility is:arrow_forwardStyles 15. Damian Matthews is busy. He allocates his free time between watching movies and working out at the gym. The table below shows his utility from the number of times per week he watches a movie or goes to the gym. Damien has 14 hours a week to spend on movies or the gym (think of hours like $ of income here). Each movie takes 2 hours. Each gym trip takes 2 hours. Q of Gym Total Q of Movie Total Utility visits Utility from visits from Gym Visits movies 100 1 60 180 110 3 240 3 150 4 280 4 180 310 190 330 195 340 7 197 a) What bundles of gym visits and movies can Damien consume if he spends 1) all his time in the gym or 2) all his time watching movies? b) Calculate the marginal utility of each gym visit'and movie. Then calculate the Marginal Utility per hour of each activity. c) How should he allocate his time to maximize his utility? 12arrow_forward
- Bob budgets $12 a week for entertainment. He splits his time between going to the movies and going to the gym. Each movie costs $3 and each session at the gym also costs $3. The total utility from each of these activities is shown in the table below. Bob’s utility maximizing point is: Movies Total Utility Gym Costs Total Utility 0 0 0 0 1 30 1 50 2 55 2 85 3 76 3 115 4 92 4 107 5 103 5 111 6 114 7 115 Group of answer choices 3 movies; 3 gym workout sessions 4 movies; 0 gym workout sessions 4 movies; 2 gym workout sessions 1 movie; 5 gym workout sessionsarrow_forwardBob budgets $12 a week for entertainment. He splits his time between going to the movies and going to the gym. Each movie costs $3 and each session at the gym also costs $3. The total utility from each of these activities is shown in the table below. Bob’s utility maximizing point is: Movies Total Utility Gym Costs Total Utility 0 0 0 0 1 30 1 50 2 55 2 85 3 76 3 115 4 92 4 107 5 103 5 111 6 114 7 115arrow_forwardSuppose that Jones and Smith have each decided to allocate $1000 per year to an entertainment budget in the form of hockey games or rock concerts. They both like hockey games and rock concerts and will choose to consume positive quantities of both goods. However, they differ substantially in their preferences for these two forms of entertainment. Jones prefers hockey games to rock concerts, while Smith prefers rock concerts to hockey games. a. Draw a set of indifference curves for Jones and a second set for Smith. b. Using the concept of marginal rate of substitution, explain why the two sets of curves are different from each other.arrow_forward
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