If this consumer has $13.00 to spend on cans of beer and slices of pizza in any given week, then what is the optimal combination of beer and pizza for the consumer to buy to maximize utility?
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If this consumer has $13.00 to spend on cans of beer and slices of pizza in any given week, then what is the optimal combination of beer and pizza for the consumer to buy to maximize utility?
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- Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a round—trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.For Unit 4 Learning Journal, you will use the marginal utility formula to choose between two products. Catherine is having dinner at the Yellow Restaurant. She wants desert after eating her entree. She is trying to decide between a cookie or a slice of pie. The cost of a cookie is $5 and the cost of a slice of pie is $8. Refer to the Unit 4 Learning Journal Marginal Utility spreadsheet Compute the marginal utility for cookie and slice of pie Compute the marginal utility per dollar What is the utility maximizing choice for a cookie and slice of pie? Explain what the utility maximizing choice means. Discuss how you could use marginal utility to make consumer choicesCalculate the marginal utility .. # of cookies per day Total Utility per Day 0 0 1 100 2 200 3 275 4 325 5 350 6 360 7 360
- Michelle has $7 to spend on makeup and clothes and wants to maximize her utility on her purchase. Based on the data in the table, how much makeup and clothes should Michelle purchase to maximize her utility. Show all working Makeup= $1 Clothes = $0.50Quantity Total Utility Quantity Total Utility1 28 1 122 52 2 223 72 3 304 88 4 365 100 5 406 108 6 427 112 7 428 112 8 40abby is a single mom with a weekly budget of $100. She can spend her weeklyincome on food and diapers for her son. Price of food is $1 and price of a diaperis 50 cents. Her son needs at least 5 diapers a day, therefore she must purchaseat least 35 diapers weekly. Jennifer’s utility function is U (f, d) = f 0.9d0.1,where f and d represent quantity of food and diapers, respectively.Question 1 Part aFind abbys optimal consumption bundle. Make sure to draw her budgetconstraint and indifference curves and clearly demonstrate your solution.Total utility (utils) 0 80 120 148 160 155 Quantity consumed per day 0 1 2 3 4 5 As shown in Exhibit above, the marginal utility for the second unit consumed is
- state the law of diminishing marginal utility Q Total Utility Marginal utility Average utility 0 0 ∞ 0 1 10 10 10 2 18 8 9 3 24 6 8 4 28 4 7 5 30 2 6 6 30 0 5 7 29 -1 4.14 8 26 -3 3.25Choose the best/correct answer. ___1. Anything that satisfied someone. A. Needs C. Desires B. Wants D. Willingness ___2. A place where buyers and sellers interact together. A. Social media C. Market B. Business Area D. Classified Ads ___3. It is the satisfaction derived from the consumption of a commodity. A. Total utility C. Disutility B. Marginal utility D. Utility ___4. It is the change of total utility over the change of quantity. A. Total utility C. Disutility B. Marginal utility D. Utility ___5. It is the foregone value when a firm is engaged in production. A. Cost C. Revenue B. Profit D. InterestUnits Consumed Total Utility Marginal Utility 0 0 — 10 93 9.3 20 10.7 30 298 40 392 50 8.8 60 547 Complete the following table.
- You were promoted as the manager of a new Clean-Well Sanitary Store that sell cleaning andsanitation products wholesale. You recently read in an article that there the price of vitamins isexpected to increase by 20 percent. How will this affect your store’s sales of sanitationproducts?Mylie’s total utility from singing the same song over and over is 50 utils after one repetition, 90 utils after two repetitions, 70 utils after three repetitions, 20 utils after four repetitions, −50 utils after five repetitions, and −200 utils after six repetitions. Write down her marginal utility for each repetition. Once Mylie’s total utility begins to decrease, does each additional singing of the song hurt more than the previous one or less than the previous one?suppose the price per gallon of water is 1 cent and the price per carat of diamond is $10,000. Is the total utility of diamonds 10,000 times as great as the total utility received from water?