Janelle loves sashimi. Her first piece of sashimi usually gives her a marginal benefit of $5. Each additional piece yields a marginal benefit that declines by $0.25 per piece. If her favorite sushi bar charges $2.75 per piece of sashimi, how many pieces should she eat? [1]
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- Quantity of gasoline Marginal utility from gasoline Quantity of hamburgers Marginal utility from hamburgers 1 35 1 20 2 25 2 18 3 16 3 17 4 10 4 10 5 5 5 8 6 4 6 7 d. Given the data in the above table, income of $13, a price of $1 for a gallon of gasoline and $2.00 for a hamburger, what is the marginal utility per dollar spent on the fifth hamburger?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?This week you have gone to two parties. Assume the total utility you gained from these parties is 100 utils. Then you go to a third party, and your total utility rises to 110 utils. What is the marginal utility of the third party attended per week? Given the law of diminishing marginal utility, what will happen to total utility and marginal utility when you go to a fourth party this week? Consider the table below which lists John's marginal utility schedule for steak and hamburger meals: Steak meals per month MU of steak meals Price per steak meal Hamburger meals per month MU of hamburger meals Price per hamburger meal 1 20 $10 1 15 $5 2 15 10 2 8 5 3 12 10 3 6 5 4 10 10 4 4 5 5 8 10 5 2 5 Given a budget of $45, how many steak and hamburger meals will James buy per month to maximize his total utility? What is the total utility realized?
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- Describe in detail, explaining detail, and provide a matching drawing of your own budget constraint.Anne has a job that requires her to travel three out of every four weeks. She has an annual travel budget and can travel either by train or by plane. The airline on which she typically flies das a frequent-travel program that reduces the cose of her tickets according to the number of miles she has flown in a given year. When she reaches 25,000 miles, the airline will reduce the price of her tickects by 25 percent for the remainder of the year. when she reaches 50,000 miles, the airline will reduce the price by 50 percent for the remainder of ther year. Graph Anne's budget line with train miles on the vertical axis and plan miles on the horizontal axis Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Your total benefits from spending time with your spouse are shown in the following table. Hours per Day Total Benefit 0 0 1 20 2 38 3 54 4 68 5 80 6 90 7 98 8 104 Alternatively, you have the option of working as many hours as you want, earning $11 per hour. Assume this is the next best use of your time. Use the marginal principle to find your optimal number of hours to spend with your spouse per day. The optimal amount of time for you to spend with your spouse is hours per day Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.