equilibrium, if a consumer gets 4 units of marginal utility from a pear and the price of a pear is 2 TL per kg, if he gets 6 units of marginal benefit from an apple, how much should the kg price of an apple be? a) 6
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24-
In equilibrium, if a consumer gets 4 units of
a)
6
B)
2nd
NS)
5
D)
3
TO)
4
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- 17 - Assume that a consumer has a given budget or income of $12 and that she can buy only two goods, apples or bananas. The price of an apple is $2.00 and the price of a banana is $1.00. If the consumer spent all of her budget on just apples or just bananas, how many apples or bananas maximum would she be able to buy?31- : If the total utility increases from 32 to 34 when the consumption of good X increases by one unit, what is the marginal utility? a) 5 B) 6 NS) 2nd D) 4 TO) 31-The marginal utilities associated with the first 5 units of consumption of good Y are 15, 15, 10, 7, and 3, respectively. What is the total utility associated with those 5 units? 50 5 12 35 2-Consumer equilibrium occurs when: 1. the entire budget is spent; 2. marginal utility from each good should be equal; 3. marginal utility per dollar from each good should be equal. only 3 is correct only 1 and 2 are correct only 1 and 3 are correct all 1, 2 and 3 are correct
- 1. A consumer consumes two kinds of goods, namely X and Y. The total satisfaction (TU) obtained in consuming both kinds of goods is shown in the equation; (Unit of money in thousands of dollars).TU = 10X + 24Y - 0.5X2 - 0.5Y2TU is the total satisfaction in consuming goods X and YX is the number of items X consumedY is the number of items Y consumedThe price of item X is known to be $ 2, the price of item Y is $ 6 and the budget available to buy item X and item Y is $ 44.Question:a. Determine how many goods X and the number of goods Y must be consumed so that the consumer gets maximum total satisfaction. Determine the total satisfaction that can be obtained from consuming item X and item Y.b. If the price of item X drops from $ 2 to $ 1, determine the quantity of item X and the number of items Y must consume to obtain maximum total satisfaction. Determine the total satisfaction that can be obtained from the consumption of item X and item Y. 2. A producer has a total cost function: TC =…Suppose that Marissa is interested in buying some beers and hamburgers. Her budget constraint for these two goods is given below: If beers cost $6/beer, how much income does she have to spend on beer and hamburgers? Group of answer choices $24 $18 $12 not enough information to answer the question12. What are the mathematical steps in deriving demand and indirect utility?
- 29. A consumer is trying to decide between purchasing one smoothie or one cappuccino. They get 30 utils of enjoyment from cappuccino and the cappuccino cost $5 and they get 40 utils of enjoyment from the smoothie. Below what price will they decide to buy the smoothie? This cannot be solved unless we are given the price of the smoothie. $8.00 $6.00 $6.677) Suppose that upon solving for optimal bundles of hamburgers and french fries, we determine that when the price of hamburgers is $5 and the price of fries is $2, that we consume 2 hamburgers and 5 orders of fries. Suppose further that, upon changing the price of fries to $4, we only consume 3 orders of fries. Draw out a demand curve for fries, labeling two points. This is not a trick question, this one is supposed to be easy.12)Suppose a consumer has $100 to spend on two goods, shoes and shirts. If the price of a pair of shoes is $20 per pair and the price of a shirt is $15 each, which of the following combinations is unaffordable to the consumer? A) 0 pairs of shoes and 0 shirts B) 2 pairs of shoes and 4 shirts C) 5 pairs of shoes and 0 shirts D) 0 pairs of shoes and 7 shirts E) 2 pairs of shoes and 3 shirts
- 10) Suppose that the utility function of an individual can be described as U(X,Y) = 4X +2Y. For this utility function the MRSA) is always X*YB) is always constantC) is always X/YD) is always X+YE) is always X-Y.14) An Indifference curve slope down towards right since more of one commodity and less of another result in which of the following? A) Decreasing expenditure B) Maximum satisfaction C) Greater satisfaction D) Same satisfactiona) The demand and supply functions of a particular good are given by the equations 5pq = 10 5p + 5q +15
