Homework Help is Here – Start Your Trial Now!
Business
Economics
a. Write down her marginal utility for each repetition. Instructions: Enter your answers as a whole number. If you are entering any negative numbe front of those numbers. Repetitions Total Utility Marginal Utility 1 80 2 120 3 150 4 170 5 130 70

a. Write down her marginal utility for each repetition. Instructions: Enter your answers as a whole number. If you are entering any negative numbe front of those numbers. Repetitions Total Utility Marginal Utility 1 80 2 120 3 150 4 170 5 130 70

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter4: Utility Maximization And Choice
Section: Chapter Questions
Problem 4.12P
See similar textbooks
icon
Related questions
Question

Info in images

Mylie's total utility from singing the same song over and over is 80 utils after one repetition, 120 utils after two repetitions, 150 utils after three repetitions, 170 utils after four repetitions, 130 utils after five repetitions, and 70 utils after six repetitions, as shown in the table below. a. Write down her marginal utility for each repetition. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Repetitions Total Utility Marginal Utility 1 80 120 3. 150 4 170 5. 130 6. 70
Transcribed Image Text:Mylie's total utility from singing the same song over and over is 80 utils after one repetition, 120 utils after two repetitions, 150 utils after three repetitions, 170 utils after four repetitions, 130 utils after five repetitions, and 70 utils after six repetitions, as shown in the table below. a. Write down her marginal utility for each repetition. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Repetitions Total Utility Marginal Utility 1 80 120 3. 150 4 170 5. 130 6. 70
The following table shows the amounts of additional satisfaction (marginal utility) that Ross would get from consuming successive quantities of products A and B. a. Fill in the MU/P column for each product. Instructions: Enter your answers rounded to one decimal place. Price of Good A = $8 Price of Good B = $4 Units of MU of Good A, Units of MU of Good B, MU/P for A MU/P for B Good A utils Good B utils 1 56 1 32 2 48 2 28 3 32 3 24 4 24 4 20 20 12 16 10 7 12 7 8 If Ross has an income of $64, how many units of each good will he purchase to maximize his utility? Instructions: Enter your answers as a whole number. units of good A units of good B CO
Transcribed Image Text:The following table shows the amounts of additional satisfaction (marginal utility) that Ross would get from consuming successive quantities of products A and B. a. Fill in the MU/P column for each product. Instructions: Enter your answers rounded to one decimal place. Price of Good A = $8 Price of Good B = $4 Units of MU of Good A, Units of MU of Good B, MU/P for A MU/P for B Good A utils Good B utils 1 56 1 32 2 48 2 28 3 32 3 24 4 24 4 20 20 12 16 10 7 12 7 8 If Ross has an income of $64, how many units of each good will he purchase to maximize his utility? Instructions: Enter your answers as a whole number. units of good A units of good B CO
Expert Solution
(Question 1) Step 1.

Marginal utility (MU) = Change in Total utility (TU) / Change in repetition (Q)

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Rental Agreement
Learn more about
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.
Recommended textbooks for you
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS