EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 3.8P
To determine
It is to be determined that the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Anatoly's marginal utility for DVDS (D) is MU
X and his marginal utility for Xbox games (X) is MUx D. Anatoly's income is $120, the price of a DVD is $20.00, and the price of an
Xbox game is $10.00. How many DVDS and Xbox games does Anatoly consume to maximize his satisfaction?
Anatoly consumesDVDs andXbox games. (Enter your responses using integers.)
2. Suppose John's utility function is UX,Y) = 4/XY , where X is consumption of beer and
Y is consumption of pizza. For this utility function,
( Calculus Kahuna say: MUx = 2Y/X and MUy = 2\X/Y )
a) Suppose Y=3. Calculate John's utility for X=4,9,16, and 25. For a given level of
Y, does good X display diminishing marginal utility?
Biwei’s utility function U=4XY, where X is consumption of beer and Y is consumption of pizza.
For this utility function, the marginal utility of X is MUx = 4Y; the marginal utility of Y is MUY = 4X.
1) Suppose Y = 3. Calculate Biwei’s utility for X = 2, 3, 10, and 11. For a given level of Y, does good
X display diminishing marginal utility?
2) Suppose X = 3. Calculate Biwei’s utility for Y = 2, 3, 10, and 11. For a given level of X, does good
Y display diminishing marginal utility?
Chapter 3 Solutions
EBK MICROECONOMICS
Ch. 3 - Prob. 1RECh. 3 - Prob. 2RECh. 3 - Prob. 3RECh. 3 - Prob. 4RECh. 3 - Prob. 5RECh. 3 - Prob. 6RECh. 3 - Prob. 7RECh. 3 - Prob. 8RECh. 3 - Prob. 9RECh. 3 - Prob. 10RE
Ch. 3 - Prob. 11RECh. 3 - Prob. 3.1PCh. 3 - Prob. 3.2PCh. 3 - Prob. 3.3PCh. 3 - Prob. 3.4PCh. 3 - Prob. 3.5PCh. 3 - Prob. 3.6PCh. 3 - Prob. 3.7PCh. 3 - Prob. 3.8PCh. 3 - Prob. 3.9PCh. 3 - Prob. 3.10PCh. 3 - Prob. 3.11PCh. 3 - Prob. 3.12PCh. 3 - Prob. 3.13PCh. 3 - Prob. 3.14PCh. 3 - Prob. 3.15PCh. 3 - Prob. 3.16PCh. 3 - Prob. 3.17PCh. 3 - Prob. 3.18PCh. 3 - Prob. 3.19PCh. 3 - Prob. 3.20PCh. 3 - Prob. 3.21PCh. 3 - Prob. 3.22PCh. 3 - Prob. 3.23PCh. 3 - Prob. 3.24PCh. 3 - Prob. 3.25PCh. 3 - Prob. 3.26P
Knowledge Booster
Similar questions
- Five consumers have the following marginal utility of apples and pears: The price of an apple is $1, and the price of a pear is $2.Which, if any,of these consumers are optimizing over their choice of fruit? For those who are not,how should they change their spending?arrow_forwardFive consumers have the following marginal utility of apples and pears The price of an apple is $1, and the price of a pear is $2.Which, if any, of these consumers are optimizing over their choice of fruit? For those who are not, how should they change their spending?arrow_forwardMariah consumes music downloads (M) and concert tickets (C). Her utility function is giveh by U = 0.5M? + 2C². a. Using calculus, what is the marginal utility of music downloads? b. Using calculus, what is the marginal utility of concert tickets? Write the equation for the MRSMC (i.e., the MRS of C for M; M is increasing, C is С. decreasing). d. Would the bundles of (M = 4 and C = 1) and (M = 2 and C = 2) be on the same %3D %3D %3D %3D indifference curve? How would you know? e. Calculate the MRSMC when M = 4 and C =1 and when M = 2 and C = 2. Explain why the %3D %3D values of MRSMC differ across these two bundles. f. Based on your answers above, are Mariah's indifference curves convex? Explain using the values calculated. er thisarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc