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 sessions

Q: Bamian Matthews is busy. He allocates his free time between watching movies and working out at the…

A: Marginal utility is the additional utility gained in total utility when one extra unit is consumed.…

Q: Explain and differentiate preference and utility.

A: Definitions: Financial specialists utilize the term utility to portray the satisfaction that a buyer…

Q: Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table…

A: Utility maximization was first developed by utilitarian philosophers Jeremy Bentham and John Stewart…

Q: The table below shows the quantity of goods consumed and the total utility of two goods. Total…

A: Marginal Utility is the change in Total Utility when an additional quantity is produced.

Q: Using the chart below, what is the marginal utility of consuming the third slice of pizza. Slices of…

A: wants satisfying power known as utility , total utility refers that when you consume all commodity…

Q: The table shows Wanda's total utility from ice cream and nuts. Ice Cream Nuts The price of an ice…

A: Total utility is the total satisfaction derived from consuming the good. Marginal utility is the…

Q: Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table…

A: Utility is maximised at a point where marginal utility per dollar for all the goods are equal.

Q: 1. You have a budget of $125 per month that you can spend digital music or eating dinner. Each…

A: Utility maximizes when:-                                MUxPx=MUyPy where;  MUx=Marginal utility of…

Q: The table below shows the total utility and marginal utility for ice cream consumption. The value…

A: Utility refers to the satisfaction derived by the consumer from the consumption of a good or…

Q: Douglas allocates his budget of $24 per week to 3 goods, cereal, books and clothing. Use the table…

A: Since you have asked multiple questions, we will answer the first question for you. If you require…

Q: Quantity of bottled water Marginal utility from bottled Quantity of hamburgers Marginal utility from…

A: A person can maximize his utility at the point where the marginal utility per dollar derived from…

Q: At a certain pizza shop, a single customer could order a pizza dine-in for $12 but he could get a…

A:

Q: Every Friday for two months, Shelley visits her favorite pizza place and buys a large pepperoni and…

A: Answer: Shelly eats pizza for 9 Fridays which leads to a decrease in the marginal utility of pizza…

Q: Marginal utility Quantity of bottled water Quantity of hamburgers Marginal utility from from bottled…

A: Law of Equi-Marginal Utility: When there are two commodities x and y, the condition of the…

Q: Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers.…

A:

Q: Louis is trying to decide what combination of cups and plates to buy. His budget is $12. Plates cost…

A: Total utility is the whole sense of fulfilment or happiness a consumer has after using a particular…

Q: Sketch Praxilla’s budget set between poems and cucumbers, placing poems on the vertical axis and…

A: Praxilla being a rational consumer will allocate her budget (18 bronze coins) among two commodities…

Q: g Ford, a consumer from Toronto, is in equilibrium and spending income so that the marginal utility…

A:

Q: Based on the table below, what is the marginal utility from the 2nd unit? UNITS TOTAL UTILITY 1…

A: Marginal utility =change in the total utility from that unit of consumption  Marginal utility from…

Q: Shiela bought a new phone and paid $10,000. This means that her marginal utility from this new phone…

A: Here, it is given that Shiela bought a phone and she paid $10,000 for the phone.

Q: The following table shows the total utility gained from the consumption of Fanta Lemon in a week.…

A: The utility is the want satisfying power of the goods and services.  Marginal utility is the change…

Q: George  drinks 5 cans of beer, his total utility of bear can be calcualted by   A. summing the…

A: The sum of the utility obtained from every unit of consumption is the total utility. If more units…

Q: Kim has $24 per week in her entertainment budget. She splits her time between going to the movies…

A: A budget is an estimate of revenue and expenses for a specific future period of time that is…

Q: Q.24 Following schedule shows total utility. If the price per unit is 3, then how many units of the…

A: Meaning of Utility Function: The term utility function refers to the total utility for a consumer…

Q: Amy is currently spending all of her budget and she finds that the marginal utility per dollar from…

A: We are going to discuss significance of marginal utility pe dollar to answer the question.

Q: Tom likes to collect Batman and Superman comic books. The table below presents his total and…

A: We are going to perform Marginal Utility analysis to answer this question.

Q: Movies Total Utility Yoga Classes Total Utility 1 75 30 90 55 3 100 3. 76 108 92 5 113 106 6. 114 7…

A: A rational consumer always tries to maximize his/her utility. The utility of a customer gets…

Q: Refer to the table below. If the subscription price for a sports app is $2 per week, the…

A: Given,The subscription price for a sports app Ps is $2 per week.The subscription price for a game…

Q: utility

A: Total utility(TU) is the satisfaction that a person gains from consuming a unit of a good.  Marginal…

Q: Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers.…

A: It is given in the above question Paxilla derives utility by consuming two goods that are Poems and…

Q: Louis is trying to decide what combination of cups and plates to buy. His budget is $12. Plates cost…

A: The information given is as follows:- Louis is trying to decide what combination of cups and plates…

Q: Rubyhas just finished her economics exam and must decide whether to spend two hours going to the…

A: Given the marginal utility of beauty parlor = 36 utils Marginal utility from pizza = 24 utils…

Q: budget constraint, with movies on the x-axis and yoga on the y-axis.

A: Budget constraint represents all the combination of goods baskets that a person can purchase within…

Q: Assume Tom's utility for tacos is as follows: Tom's utility from consuming tacos Total Utility 0 35…

A: Answer: The formula to find the marginal utility (MU) from 3rd taco is given below: MU3rd…

Q: Lilly Davis has $5 per week to spend on any combination of ice cream and candy. The price of an ice…

A: MU is the change in utility received by consuming one extra unit of the commodity.